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Note 4 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019:



(In thousands)	Level I		Level II		Total
Assets at Fair Value
Investment Portfolio:
U.S. government and agency securities	$	178,908	$	33,610	$	212,518
State and municipal obligations	—		233,827		233,827
Money market instruments	174,541		—		174,541
Corporate bonds and notes	—		2,485,463		2,485,463
RMBS	—		368,495		368,495
CMBS	—		549,986		549,986
Other ABS	—		675,477		675,477
Equity securities	136,107		4,998		141,105
Other investments (1)	—		653,905		653,905
Total Investments at Fair Value (2)	489,556		5,005,761		5,495,317		(3)
Total Assets at Fair Value (4)	$	489,556	$	5,005,761	$	5,495,317	(3)

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


(2)	Does not include certain other invested assets of $3.1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. Includes cash collateral held under securities lending agreements of $6.2 million that is reinvested in money market instruments.


(3)	Includes $22.6 million of securities loaned to third-party Borrowers under securities lending agreements, classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.


(4)	Does not include the fair value of an immaterial embedded derivative, which we have accounted for separately as a freestanding derivative and classified in other assets in our condensed consolidated balance sheet. See Note 7 for more information.

The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2018:



(In thousands)	Level I		Level II		Total
Assets at Fair Value
Investment Portfolio:
U.S. government and agency securities	$	199,302	$	28,412	$	227,714
State and municipal obligations	—		324,742		324,742
Money market instruments	95,132		—		95,132
Corporate bonds and notes	—		2,564,068		2,564,068
RMBS	—		353,224		353,224
CMBS	—		591,393		591,393
Other ABS	—		705,468		705,468
Equity securities	136,662		3,958		140,620
Other investments (1)	—		175,113		175,113
Total Investments at Fair Value (2)	431,096		4,746,378		5,177,474		(3)
Total Assets at Fair Value (4)	$	431,096	$	4,746,378	$	5,177,474	(3)

______________________


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


(2)	Does not include certain other invested assets of $3.4 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. Includes cash collateral held under securities lending agreements of $11.7 million that is reinvested in money market instruments.


(3)	Includes $27.9 million of securities loaned to third-party Borrowers under securities lending agreements, classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.

(4)

Does not include the fair value of an immaterial embedded derivative, which we have accounted for separately as a freestanding derivative and classified in other assets in our condensed consolidated balance sheet. See Note 7 for more information.

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

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



	March 31, 2019				December 31, 2018
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Senior notes	$	1,031,197	$	1,051,418	$	1,030,348	$	1,007,687
FHLB advances	108,532		109,097		82,532		82,899

The fair value of our senior notes is estimated based on the quoted market prices for the same or similar instruments. The fair value of our FHLB advances is estimated based on expected cash flows for similar borrowings. These liabilities are categorized in Level II of the fair value hierarchy.