Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 and December 31, 2019 (in thousands):


	As of March 31, 2020
	Quoted Prices in
	Active Markets for
	Identical Assets		Other Observable		Unobservable
	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
U.S. Treasury securities and obligations of U.S. Government	$	—	$	155,287	$	-	$	155,287
Corporate bonds		—		298,563		278		298,841
Collateralized corporate bank loans		—		57,164		-		57,164
Municipal bonds		—		70,528		-		70,528
Mortgage-backed		—		7,563		-		7,563
Total debt securities		—		589,105		278		589,383
Total equity securities		14,139		—		—		14,139
Total other investments		168		—		—		168
Total investments	$	14,307	$	589,105	$	278	$	603,690


	As of December 31, 2019
	Quoted Prices in
	Active Markets for
	Identical Assets		Other Observable		Unobservable
	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
U.S. Treasury securities and obligations of U.S. Government	$	—	$	66,600	$	—	$	66,600
Corporate bonds		—		300,486		339		300,825
Collateralized corporate bank loans		—		115,757		—		115,757
Municipal bonds		—		83,270		—		83,270
Mortgage-backed		—		7,827		—		7,827
Total debt securities		—		573,940		339		574,279
Total equity securities		99,215		—		—		99,215
Total other investments		2,169		—		—		2,169
Total investments	$	101,384	$	573,940	$	339	$	675,663

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, 2020 and 2019 (in thousands):


Beginning balance as of January 1, 2020	$	339
Sales		—
Settlements		—
Purchases		—
Issuances		—
Total realized/unrealized losses included in net income		(61)
Net gain included in other comprehensive income		—
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2020	$	278


Beginning balance as of January 1, 2019	$	291
Sales		—
Settlements		—
Purchases		—
Issuances		—
Total realized/unrealized gains included in net income		—
Net gains included in other comprehensive income		—
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2019	$	291