XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.23.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair value measurements for items measured at fair value | Assets measured at fair value, by hierarchy level, as of June 30, 2023 and December 31, 2022 are shown in tables 8.1a and 8.1b below. The fair value of the assets is estimated using the process described above, and more fully in Note 3 - “Significant Accounting Policies” to the consolidated financial statements in our 2022 Annual Report on Form 10-K.
Assets carried at fair value by hierarchy level as of June 30, 2023
Table | 8.1a |  |  |  |  |  |  |  |
(In thousands) |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 176,376 |  |  | $ | 96,805 |  |  | $ | 79,571 |  |  |
Obligations of U.S. states and political subdivisions |  | 1,998,178 |  |  | — |  |  | 1,998,178 |  |  |
Corporate debt securities |  | 2,365,402 |  |  | — |  |  | 2,365,402 |  |  |
ABS |  | 121,954 |  |  | — |  |  | 121,954 |  |  |
RMBS |  | 236,571 |  |  | — |  |  | 236,571 |  |  |
CMBS |  | 279,572 |  |  | — |  |  | 279,572 |  |  |
CLOs |  | 330,451 |  |  | — |  |  | 330,451 |  |  |
Foreign government debt |  | 3,743 |  |  | — |  |  | 3,743 |  |  |
Commercial paper |  | 90,791 |  |  | — |  |  | 90,791 |  |  |
Total fixed income securities |  | 5,603,038 |  |  | 96,805 |  |  | 5,506,233 |  |  |
Equity securities |  | 14,384 |  |  | 14,384 |  |  | — |  |  |
Cash equivalents |  | 313,229 |  | (1) | 296,783 |  |  | 16,446 |  |  |
Total |  | $ | 5,930,651 |  |  | $ | 407,972 |  |  | $ | 5,522,679 |  |  |
Assets carried at fair value by hierarchy level as of December 31, 2022
Table | 8.1b |  |  |  |  |  |  |  |
(In thousands) |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 135,900 |  |  | $ | 116,897 |  |  | $ | 19,003 |  |  |
Obligations of U.S. states and political subdivisions |  | 2,149,054 |  |  | — |  |  | 2,149,054 |  |  |
Corporate debt securities |  | 2,221,141 |  |  | — |  |  | 2,221,141 |  |  |
ABS |  | 120,687 |  |  | — |  |  | 120,687 |  |  |
RMBS |  | 198,009 |  |  | — |  |  | 198,009 |  |  |
CMBS |  | 237,216 |  |  | — |  |  | 237,216 |  |  |
CLOs |  | 329,832 |  |  | — |  |  | 329,832 |  |  |
Foreign government debt |  | 3,787 |  |  | — |  |  | 3,787 |  |  |
Commercial paper |  | 14,072 |  |  | — |  |  | 14,072 |  |  |
Total fixed income securities |  | 5,409,698 |  |  | 116,897 |  |  | 5,292,801 |  |  |
Equity securities |  | 14,140 |  |  | 14,140 |  |  | — |  |  |
Cash equivalents |  | 328,756 |  | (1) | 324,129 |  |  | 4,627 |  |  |
Total |  | $ | 5,752,594 |  |  | $ | 455,166 |  |  | $ | 5,297,428 |  |  |
(1) Includes restricted cash equivalents |  |  |  |
Carrying value and fair value of financial assets and liabilities | Table 8.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at June 30, 2023 and December 31, 2022.
Financial assets and liabilities not measured at fair value
Table | 8.2 |  |  |  |  |  |  |  |
|  | June 30, 2023 |  | December 31, 2022
(In thousands) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |  |
Other invested assets |  | $ | 850 |  |  | $ | 850 |  |  | $ | 850 |  |  | $ | 850 |
Financial liabilities |  |  |  |  |  |  |  |
5.25% Senior Notes |  | 642,460 |  |  | 614,725 |  |  | 641,724 |  |  | 600,938 |
9% Convertible Junior Subordinated Debentures |  | 21,086 |  |  | 29,297 |  |  | 21,086 |  |  | 28,085 |
Total financial liabilities |  | $ | 663,546 |  |  | $ | 644,022 |  |  | $ | 662,810 |  |  | $ | 629,023 |

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration