Note 4 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following is a list of assets that are measured at fair value by hierarchy level as of March 31, 2016:



(In thousands)	Level I		Level II		Level III		Total
Assets at Fair Value
Investment Portfolio:
U.S. government and agency securities	$	316,621	$	7,500	$	—	$	324,121
State and municipal obligations	—		386,939		—		386,939
Money market instruments	579,874		—		—		579,874
Corporate bonds and notes	—		1,713,117		—		1,713,117
RMBS	—		376,820		—		376,820
CMBS	—		636,071		—		636,071
Other ABS	—		406,969		—		406,969
Foreign government and agency securities	—		38,661		—		38,661
Equity securities	—		—		500		500
Other investments (1)	—		5,518		—		5,518
Total Investments at Fair Value (2)	896,495		3,571,595		500		4,468,590
Total Assets at Fair Value	$	896,495	$	3,571,595	$	500	$	4,468,590

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(1)	Comprising short-term certificates of deposit and commercial paper.


(2)	Does not include certain other invested assets ($1.6 million), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value.

At March 31, 2016, total Level III assets of $0.5 million accounted for less than 0.01% of total assets measured at fair value. This investment was purchased during the three months ended June 30, 2015, and there were no related gains or losses recorded during the quarter. There were no Level III liabilities at March 31, 2016.

The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2015:



(In thousands)	Level I		Level II		Level III		Total
Assets at Fair Value
Investment Portfolio:
U.S. government and agency securities	$	670,328	$	8,000	$	—	$	678,328
State and municipal obligations	—		341,845		—		341,845
Money market instruments	443,272		—		—		443,272
Corporate bonds and notes	—		1,383,186		—		1,383,186
RMBS	—		297,097		—		297,097
CMBS	—		544,588		—		544,588
Other ABS	—		371,625		—		371,625
Foreign government and agency securities	—		37,576		—		37,576
Equity securities	74,930		25,016		500		100,446
Other investments (1)	—		99,009		—		99,009
Total Investments at Fair Value (2)	1,188,530		3,107,942		500		4,296,972
Total Assets at Fair Value	$	1,188,530	$	3,107,942	$	500	$	4,296,972

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(1)	Comprising short-term certificates of deposit and commercial paper.


(2)	Does not include certain other invested assets ($1.7 million), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated:



	March 31, 2016				December 31, 2015
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Other invested assets	$	1,582	$	4,759	$	1,714	$	4,901
Liabilities:
Long-term debt	1,286,466		1,371,684		1,219,454		1,414,875