Note 4 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

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 June 30, 2018:



(In thousands)	Level I		Level II		Total
Assets at Fair Value
Investment Portfolio:
U.S. government and agency securities	$	137,749	$	19,457	$	157,206
State and municipal obligations	—		351,085		351,085
Money market instruments	211,348		—		211,348
Corporate bonds and notes	—		2,331,887		2,331,887
RMBS	—		268,449		268,449
CMBS	—		527,098		527,098
Other ABS	—		693,672		693,672
Foreign government and agency securities	—		50,433		50,433
Equity securities	139,637		5,269		144,906
Other investments (1)	—		172,993		172,993
Total Investments at Fair Value (2)	488,734		4,420,343		4,909,077		(3)
Total Assets at Fair Value	$	488,734	$	4,420,343	$	4,909,077	(3)

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


(2)	Does not include certain other invested assets ($3.2 million), primarily invested in limited partnership investments valued using the net asset value as a practical expedient. Includes cash collateral held under securities lending agreements ($39.2 million) reinvested in money market instruments.


(3)	Includes $38.4 million of securities loaned to third-party Borrowers under securities lending agreements, classified as other assets in our consolidated balance sheets. See Note 5 for more information.

The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2017:



(In thousands)	Level I		Level II		Total
Assets at Fair Value
Investment Portfolio:
U.S. government and agency securities	$	124,969	$	8,023	$	132,992
State and municipal obligations	—		386,111		386,111
Money market instruments	213,357		—		213,357
Corporate bonds and notes	—		2,304,017		2,304,017
RMBS	—		216,749		216,749
CMBS	—		503,955		503,955
Other ABS	—		676,158		676,158
Foreign government and agency securities	—		36,448		36,448
Equity securities	175,205		860		176,065
Other investments (1)	—		25,720		25,720
Total Investments at Fair Value (2)	513,531		4,158,041		4,671,572		(3)
Total Assets at Fair Value	$	513,531	$	4,158,041	$	4,671,572	(3)

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


(2)	Does not include certain other invested assets ($0.3 million), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value. Includes cash collateral held under securities lending agreements ($19.4 million) reinvested in money market instruments.


(3)	Includes $28.0 million of securities loaned to third-party Borrowers under securities lending agreements, classified as other assets in our consolidated balance sheets. See Note 5 for more information.

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 in our condensed consolidated balance sheets were as follows as of the dates indicated:



	June 30, 2018				December 31, 2017
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Other invested assets (1)	$	—	$	—	$	334	$	3,226
Liabilities:
Senior notes	1,028,687		1,040,249		1,027,074		1,093,934

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(1)	As a result of implementing the update to the standard for the accounting of financial instruments effective January 1, 2018, other invested assets are no longer carried at amortized cost.