Note 4 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30, 2017:



(In thousands)	Level I		Level II		Total
Assets at Fair Value
Investment Portfolio:
U.S. government and agency securities	$	137,606	$	12,217	$	149,823
State and municipal obligations	—		385,486		385,486
Money market instruments	155,957		—		155,957
Corporate bonds and notes	—		2,291,267		2,291,267
RMBS	—		207,150		207,150
CMBS	—		495,229		495,229
Other ABS	—		620,441		620,441
Foreign government and agency securities	—		36,684		36,684
Equity securities	187,642		860		188,502
Other investments (1)	—		39,620		39,620
Total Investments at Fair Value (2)	481,205		4,088,954		4,570,159
Total Assets at Fair Value	$	481,205	$	4,088,954	$	4,570,159

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


(2)	Does not include certain other invested assets ($0.6 million), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value. Also does not include cash collateral held under securities lending agreements reinvested in short-term investments, and includes securities loaned to third-party borrowers under securities lending agreements.

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



(In thousands)	Level I		Level II		Level III		Total
Assets at Fair Value
Investment Portfolio:
U.S. government and agency securities	$	237,479	$	—	$	—	$	237,479
State and municipal obligations	—		358,536		—		358,536
Money market instruments	431,472		—		—		431,472
Corporate bonds and notes	—		2,024,205		—		2,024,205
RMBS	—		388,842		—		388,842
CMBS	—		507,273		—		507,273
Other ABS	—		450,128		—		450,128
Foreign government and agency securities	—		32,807		—		32,807
Equity securities	—		830		500		1,330
Other investments (1)	—		28,663		500		29,163
Total Investments at Fair Value (2)	668,951		3,791,284		1,000		4,461,235
Total Assets at Fair Value	$	668,951	$	3,791,284	$	1,000	$	4,461,235

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(1)	Comprising short-term certificates of deposit and commercial paper, included within Level II, and convertible notes of non-public company issuers, included within Level III.


(2)	Does not include certain other invested assets ($1.2 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:



	September 30, 2017				December 31, 2016
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Other invested assets	$	599	$	3,404	$	1,195	$	3,789
Liabilities:
Long-term debt	1,026,806		1,095,409		1,069,537		1,214,471