Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents, for each of the fair value hierarchy levels, assets that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 (in thousands):

	As of March 31, 2021
	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	$	—	$	45,407	$	—	$	45,407
Corporate bonds		—		191,186		354		191,540
Corporate bank loans		—		59,600		—		59,600
Municipal bonds		—		48,588		—		48,588
Mortgage-backed		—		3,390		—		3,390
Total debt securities		—		348,171		354		348,525
Total equity securities		53,621		—		—		53,621
Total investments	$	53,621	$	348,171	$	354	$	402,146

	As of December 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	$	—	$	179,746	$	—	$	179,746
Corporate bonds		—		219,020		348		219,368
Corporate bank loans		—		52,782		—		52,782
Municipal bonds		—		50,539		—		50,539
Mortgage-backed		—		4,844		—		4,844
Total debt securities		—		506,931		348		507,279
Total equity securities		29,388		—		—		29,388
Total investments	$	29,388	$	506,931	$	348	$	536,667

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, 2021 and 2020 (in thousands):

Beginning balance as of January 1, 2021	$	348
Sales		—
Settlements		—
Purchases		—
Issuances		—
Total realized/unrealized losses included in net income		6
Net gain included in other comprehensive income		—
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2021	$	354

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