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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2016
Fair Value Disclosures [Abstract] |
Fair value measurements for items measured at fair value | Fair value measurements for assets measured at fair value included the following as of September 30, 2016 and December 31, 2015:
September 30, 2016
(In thousands) |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 42,256 |  |  | $ | 8,755 |  |  | $ | 33,501 |  |  | $ | — |
Obligations of U.S. states and political subdivisions |  | 2,132,669 |  |  | — |  |  | 2,131,839 |  |  | 830 |
Corporate debt securities |  | 1,749,869 |  |  | — |  |  | 1,749,869 |  |  | — |
Asset-backed securities |  | 79,182 |  |  | — |  |  | 79,182 |  |  | — |
Residential mortgage-backed securities |  | 243,436 |  |  | — |  |  | 243,436 |  |  | — |
Commercial mortgage-backed securities |  | 350,213 |  |  | — |  |  | 350,213 |  |  | — |
Collateralized loan obligations |  | 121,000 |  |  | — |  |  | 121,000 |  |  | — |
Total debt securities |  | 4,718,625 |  |  | 8,755 |  |  | 4,709,040 |  |  | 830 |
Equity securities (1) |  | 7,218 |  |  | 2,950 |  |  | — |  |  | 4,268 |
Total investment portfolio |  | $ | 4,725,843 |  |  | $ | 11,705 |  |  | $ | 4,709,040 |  |  | $ | 5,098 |
Real estate acquired (2) |  | $ | 10,564 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,564 |
(1) | Equity securities in Level 3 are carried at cost, which approximates fair value.
(2) | Real estate acquired through claim settlement, which is held for sale, is reported in Other assets on the consolidated balance sheets.
December 31, 2015
(In thousands) |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 160,584 |  |  | $ | 46,197 |  |  | $ | 114,387 |  |  | $ | — |
Obligations of U.S. states and political subdivisions |  | 1,792,527 |  |  | — |  |  | 1,791,299 |  |  | 1,228 |
Corporate debt securities |  | 2,004,763 |  |  | — |  |  | 2,004,763 |  |  | — |
Asset-backed securities |  | 116,617 |  |  | — |  |  | 116,617 |  |  | — |
Residential mortgage-backed securities |  | 257,648 |  |  | — |  |  | 257,648 |  |  | — |
Commercial mortgage-backed securities |  | 233,491 |  |  | — |  |  | 233,491 |  |  | — |
Collateralized loan obligations |  | 60,200 |  |  | — |  |  | 60,200 |  |  | — |
Debt securities issued by foreign sovereign governments |  | 31,731 |  |  | 31,731 |  |  | — |  |  | — |
Total debt securities |  | 4,657,561 |  |  | 77,928 |  |  | 4,578,405 |  |  | 1,228 |
Equity securities (1) |  | 5,645 |  |  | 2,790 |  |  | — |  |  | 2,855 |
Total investment portfolio |  | $ | 4,663,206 |  |  | $ | 80,718 |  |  | $ | 4,578,405 |  |  | $ | 4,083 |
Real estate acquired (2) |  | $ | 12,149 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,149 |
(1) | Equity securities in Level 3 are carried at cost, which approximates fair value.
(2) | Real estate acquired through claim settlement, which is held for sale, is reported in Other assets on the consolidated balance sheets.
Reconciliation of beginning and ending balance for assets and liabilities measured at fair value with significant unobservable inputs (level 3) | For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three and nine months ended September 30, 2016 and 2015 is shown in the following tables. There were no transfers into or out of Level 3 in those periods and there were no losses included in earnings for those periods attributable to the change in unrealized losses on assets still held at the end of the applicable period.
Three Months Ended September 30, 2016
(In thousands) |  | Debt Securities |  | Equity Securities |  | Total Investments |  | Real Estate Acquired
Balance at June 30, 2016 |  | $ | 1,056 |  |  | $ | 6,940 |  |  | $ | 7,996 |  |  | $ | 9,642 |
Total realized/unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Included in other comprehensive income |  | — |  |  | (3,519 | ) |  | (3,519 | ) |  | — |
Included in earnings and reported as net realized investment gains, net |  | — |  |  | 3,579 |  |  | 3,579 |  |  | — |
Included in earnings and reported as losses incurred, net |  | — |  |  | — |  |  | — |  |  | (501 | )
Purchases |  | — |  |  | 1,167 |  |  | 1,167 |  |  | 8,938 |
Sales |  | (226 | ) |  | (3,899 | ) |  | (4,125 | ) |  | (7,515 | )
Balance at September 30, 2016 |  | $ | 830 |  |  | $ | 4,268 |  |  | $ | 5,098 |  |  | $ | 10,564 |
Three Months Ended September 30, 2015
(In thousands) |  | Debt Securities |  | Equity Securities |  | Total Investments |  | Real Estate Acquired
Balance at June 30, 2015 |  | $ | 1,634 |  |  | $ | 321 |  |  | $ | 1,955 |  |  | $ | 7,995 |
Total realized/unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings and reported as losses incurred, net |  | — |  |  | — |  |  | — |  |  | (1,031 | )
Purchases |  | — |  |  | 2,535 |  |  | 2,535 |  |  | 9,632 |
Sales |  | (247 | ) |  | — |  |  | (247 | ) |  | (6,512 | )
Balance at September 30, 2015 |  | $ | 1,387 |  |  | $ | 2,856 |  |  | $ | 4,243 |  |  | $ | 10,084 |
Nine Months Ended September 30, 2016
(In thousands) |  | Debt Securities |  | Equity Securities |  | Total Investments |  | Real Estate Acquired
Balance at December 31, 2015 |  | $ | 1,228 |  |  | $ | 2,855 |  |  | $ | 4,083 |  |  | $ | 12,149 |
Total realized/unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Included in other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |
Included in earnings and reported as net realized investment gains, net |  | — |  |  | 3,579 |  |  | 3,579 |  |  | — |
Included in earnings and reported as losses incurred, net |  | — |  |  | — |  |  | — |  |  | (143 | )
Purchases |  | — |  |  | 4,258 |  |  | 4,258 |  |  | 27,953 |
Sales |  | (398 | ) |  | (6,424 | ) |  | (6,822 | ) |  | (29,395 | )
Balance at September 30, 2016 |  | $ | 830 |  |  | $ | 4,268 |  |  | $ | 5,098 |  |  | $ | 10,564 |
Nine Months Ended September 30, 2015
(In thousands) |  | Debt Securities |  | Equity Securities |  | Total Investments |  | Real Estate Acquired
Balance at December 31, 2014 |  | $ | 1,846 |  |  | $ | 321 |  |  | $ | 2,167 |  |  | $ | 12,658 |
Total realized/unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings and reported as losses incurred, net |  | — |  |  | — |  |  | — |  |  | (1,503 | )
Purchases |  | 7 |  |  | 2,535 |  |  | 2,542 |  |  | 26,346 |
Sales |  | (466 | ) |  | — |  |  | (466 | ) |  | (27,417 | )
Balance at September 30, 2015 |  | $ | 1,387 |  |  | $ | 2,856 |  |  | $ | 4,243 |  |  | $ | 10,084 |
Carrying value and fair value of debt | The following table presents the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at September 30, 2016 and December 31, 2015. The fair values of our Convertible Senior Notes, Senior Notes and Convertible Junior Subordinated Debentures were based on observable market prices and the fair value of the Federal Home Loan Bank Advance was estimated using discounted cash flows on current incremental borrowing rates for similar borrowing arrangements, and in all cases they are categorized as Level 2.
|  | September 30, 2016 |  | December 31, 2015
(In thousands) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |  |
FHLB Advance |  | $ | 155,000 |  |  | $ | 159,302 |  |  | n/a |  |  | n/a |
5% Notes |  | 144,629 |  |  | 148,904 |  |  | 331,546 |  |  | 345,616 |
2% Notes |  | 204,444 |  |  | 261,530 |  |  | 490,755 |  |  | 701,955 |
5.75% Notes |  | 417,087 |  |  | 442,531 |  |  | n/a |  |  | n/a |
9% Debentures |  | 256,872 |  |  | 318,077 |  |  | 389,522 |  |  | 455,067 |
Total long-term debt |  | $ | 1,178,032 |  |  | $ | 1,330,344 |  |  | $ | 1,211,823 |  |  | $ | 1,502,638 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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