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Fair Value (Tables)
3 Months Ended
Mar. 31, 2018
Fair Value [Abstract]  
Fair Value, Assets Measured on Recurring Basis















The following table presents for each of the fair value hierarchy levels, our assets that are measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017 (in thousands):





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

As of March 31, 2018



 

Quoted Prices in

 

Other

 

 

 

 



 

Active Markets for

 

Observable

 

Unobservable

 

 



 

Identical Assets

 

Inputs

 

Inputs

 

 



 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

U.S. Treasury securities and obligations of U.S. Government

 

$

 -

 

$

49,418 

 

$

 -

 

$

49,418 

Corporate bonds

 

 

 -

 

 

255,880 

 

 

305 

 

 

256,185 

Collateralized corporate bank loans

 

 

 -

 

 

138,407 

 

 

 -

 

 

138,407 

Municipal bonds

 

 

 -

 

 

134,292 

 

 

2,896 

 

 

137,188 

Mortgage-backed

 

 

 -

 

 

14,648 

 

 

 -

 

 

14,648 

      Total debt securities

 

 

 -

 

 

592,645 

 

 

3,201 

 

 

595,846 



 

 

 

 

 

 

 

 

 

 

 

 

      Total equity securities

 

 

52,194 

 

 

 -

 

 

621 

 

 

52,815 



 

 

 

 

 

 

 

 

 

 

 

 

      Total other investments

 

 

3,461 

 

 

 -

 

 

 -

 

 

3,461 

Total investments

 

$

55,655 

 

$

592,645 

 

$

3,822 

 

$

652,122 









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

As of December 31, 2017



 

Quoted Prices in

 

Other

 

 

 

 



 

Active Markets for

 

Observable

 

Unobservable

 

 



 

Identical Assets

 

Inputs

 

Inputs

 

 



 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

U.S. Treasury securities and obligations of U.S. Government

 

$

 -

 

$

49,947 

 

$

 -

 

$

49,947 

Corporate bonds

 

 

 -

 

 

278,760 

 

 

313 

 

 

279,073 

Collateralized corporate bank loans

 

 

 -

 

 

125,937 

 

 

 -

 

 

125,937 

Municipal bonds

 

 

 -

 

 

131,433 

 

 

2,823 

 

 

134,256 

Mortgage-backed

 

 

 -

 

 

16,533 

 

 

 -

 

 

16,533 

      Total debt securities

 

 

 -

 

 

602,610 

 

 

3,136 

 

 

605,746 



 

 

 

 

 

 

 

 

 

 

 

 

      Total equity securities

 

 

51,142 

 

 

 -

 

 

621 

 

 

51,763 



 

 

 

 

 

 

 

 

 

 

 

 

      Total other investments

 

 

3,824 

 

 

 -

 

 

 -

 

 

3,824 

Total investments

 

$

54,966 

 

$

602,610 

 

$

3,757 

 

$

661,333 



Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value for all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2018 and 2017 (in thousands): 







 

 

 

Beginning balance as of January 1, 2018

 

$

3,757 

Sales

 

 

 -

Settlements

 

 

 -

Purchases

 

 

 -

Issuances

 

 

 -

Total realized/unrealized gains included in net income

 

 

65 

Net gains included in other comprehensive income

 

 

 -

Transfers into Level 3

 

 

 -

Transfers out of Level 3

 

 

 -

Ending balance as of March 31, 2018

 

$

3,822 



 

 

 



 

 

 

Beginning balance as of January 1, 2017

 

$

5,945 



 

 

 

Sales

 

 

 -

Settlements

 

 

 -

Purchases

 

 

775 

Issuances

 

 

 -

Total realized/unrealized gains included in net income

 

 

 -

Net gains included in other comprehensive income

 

 

200 

Transfers into Level 3

 

 

 -

Transfers out of Level 3

 

 

 -

Ending balance as of March 31, 2017

 

$

6,920