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Debt Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Investments in Debt Securities, Classified as Available-For-Sale | Investments in debt securities, classified as available-for-sale, are as follows:
(in thousands) |  | Amortized cost |  |  | Allowance for credit losses |  |  | Gross unrealized |  |  | Estimated fair value |
|  |  |  |  | Gains |  |  | Losses |  |  |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 172,255 |  |  | $ | — |  |  | $ | 695 |  |  | $ | (1,207 | ) |  | $ | 171,743 |
Municipal bonds |  |  | 1,564,102 |  |  |  | — |  |  |  | 60,705 |  |  |  | (11,006 | ) |  |  | 1,613,801 |
Foreign government bonds |  |  | 232,495 |  |  |  | — |  |  |  | 2,209 |  |  |  | (3,329 | ) |  |  | 231,375 |
Governmental agency bonds |  |  | 208,094 |  |  |  | — |  |  |  | 3,975 |  |  |  | (562 | ) |  |  | 211,507 |
Governmental agency mortgage-backed securities |  |  | 5,360,175 |  |  |  | — |  |  |  | 44,912 |  |  |  | (31,929 | ) |  |  | 5,373,158 |
U.S. corporate debt securities |  |  | 1,002,449 |  |  |  | (101 | ) |  |  | 23,760 |  |  |  | (3,719 | ) |  |  | 1,022,389 |
Foreign corporate debt securities |  |  | 461,183 |  |  |  | — |  |  |  | 12,137 |  |  |  | (1,487 | ) |  |  | 471,833 |
|  | $ | 9,000,753 |  |  | $ | (101 | ) |  | $ | 148,393 |  |  | $ | (53,239 | ) |  | $ | 9,095,806 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 80,172 |  |  | $ | — |  |  | $ | 778 |  |  | $ | (104 | ) |  | $ | 80,846 |
Municipal bonds |  |  | 1,168,425 |  |  |  | — |  |  |  | 80,953 |  |  |  | (570 | ) |  |  | 1,248,808 |
Foreign government bonds |  |  | 194,042 |  |  |  | — |  |  |  | 6,004 |  |  |  | (516 | ) |  |  | 199,530 |
Governmental agency bonds |  |  | 254,248 |  |  |  | — |  |  |  | 9,869 |  |  |  | (195 | ) |  |  | 263,922 |
Governmental agency mortgage-backed securities |  |  | 3,401,737 |  |  |  | — |  |  |  | 74,549 |  |  |  | (1,668 | ) |  |  | 3,474,618 |
U.S. corporate debt securities |  |  | 637,808 |  |  |  | (119 | ) |  |  | 43,505 |  |  |  | (497 | ) |  |  | 680,697 |
Foreign corporate debt securities |  |  | 384,572 |  |  |  | (13 | ) |  |  | 22,078 |  |  |  | (236 | ) |  |  | 406,401 |
|  | $ | 6,121,004 |  |  | $ | (132 | ) |  | $ | 237,736 |  |  | $ | (3,786 | ) |  | $ | 6,354,822 |
Gross Unrealized Losses on Investments in Debt Securities | Investments in debt securities in an unrealized loss position, based on length of time, are as follows:
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(in thousands) |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 52,927 |  |  | $ | (916 | ) |  | $ | 6,518 |  |  | $ | (291 | ) |  | $ | 59,445 |  |  | $ | (1,207 | )
Municipal bonds |  |  | 570,038 |  |  |  | (10,724 | ) |  |  | 6,711 |  |  |  | (282 | ) |  |  | 576,749 |  |  |  | (11,006 | )
Foreign government bonds |  |  | 125,918 |  |  |  | (1,094 | ) |  |  | 29,032 |  |  |  | (2,235 | ) |  |  | 154,950 |  |  |  | (3,329 | )
Governmental agency bonds |  |  | 72,325 |  |  |  | (469 | ) |  |  | 3,222 |  |  |  | (93 | ) |  |  | 75,547 |  |  |  | (562 | )
Governmental agency mortgage-backed securities |  |  | 3,070,056 |  |  |  | (31,928 | ) |  |  | 103 |  |  |  | (1 | ) |  |  | 3,070,159 |  |  |  | (31,929 | )
U.S. corporate debt securities |  |  | 425,854 |  |  |  | (3,388 | ) |  |  | 6,848 |  |  |  | (331 | ) |  |  | 432,702 |  |  |  | (3,719 | )
Foreign corporate debt securities |  |  | 161,416 |  |  |  | (1,473 | ) |  |  | 1,234 |  |  |  | (14 | ) |  |  | 162,650 |  |  |  | (1,487 | )
|  | $ | 4,478,534 |  |  | $ | (49,992 | ) |  | $ | 53,668 |  |  | $ | (3,247 | ) |  | $ | 4,532,202 |  |  | $ | (53,239 | )
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 7,744 |  |  | $ | (104 | ) |  | $ | — |  |  | $ | — |  |  | $ | 7,744 |  |  | $ | (104 | )
Municipal bonds |  |  | 74,045 |  |  |  | (570 | ) |  |  | — |  |  |  | — |  |  |  | 74,045 |  |  |  | (570 | )
Foreign government bonds |  |  | 67,094 |  |  |  | (516 | ) |  |  | — |  |  |  | — |  |  |  | 67,094 |  |  |  | (516 | )
Governmental agency bonds |  |  | 15,353 |  |  |  | (195 | ) |  |  | — |  |  |  | — |  |  |  | 15,353 |  |  |  | (195 | )
Governmental agency mortgage-backed securities |  |  | 287,947 |  |  |  | (1,089 | ) |  |  | 100,473 |  |  |  | (579 | ) |  |  | 388,420 |  |  |  | (1,668 | )
U.S. corporate debt securities |  |  | 42,508 |  |  |  | (484 | ) |  |  | 1,357 |  |  |  | (13 | ) |  |  | 43,865 |  |  |  | (497 | )
Foreign corporate debt securities |  |  | 19,042 |  |  |  | (232 | ) |  |  | 276 |  |  |  | (4 | ) |  |  | 19,318 |  |  |  | (236 | )
|  | $ | 513,733 |  |  | $ | (3,190 | ) |  | $ | 102,106 |  |  | $ | (596 | ) |  | $ | 615,839 |  |  | $ | (3,786 | )
Rollforward of Allowance for Credit Losses for Investments in Debt Securities | Activity in the allowance for credit losses on debt securities for the three and nine months ended September 30, 2021 and 2020, is summarized as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Balance at beginning of period |  | $ | (105 | ) |  | $ | (1,380 | ) |  | $ | (132 | ) |  | $ | — |
Credit losses recognized during the period |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,493 | )
Net (increases) decreases to credit losses previously recognized |  |  | (4 | ) |  |  | 278 |  |  |  | — |  |  |  | 3,738 |
Reductions for securities sold/matured |  |  | 8 |  |  |  | 271 |  |  |  | 31 |  |  |  | 2,924 |
Reclassification to assets previously held for sale |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | 10 |
Balance at end of period |  | $ | (101 | ) |  | $ | (821 | ) |  | $ | (101 | ) |  | $ | (821 | )
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at September 30, 2021, by contractual maturities, are as follows:
(in thousands) |  | Due in one year or less |  |  | Due after one through five years |  |  | Due after five through ten years |  |  | Due after ten years |  |  | Total |
U.S. Treasury bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 46,695 |  |  | $ | 78,036 |  |  | $ | 25,518 |  |  | $ | 22,006 |  |  | $ | 172,255 |
Estimated fair value |  | $ | 46,776 |  |  | $ | 77,850 |  |  | $ | 25,673 |  |  | $ | 21,444 |  |  | $ | 171,743 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 26,737 |  |  |  | 97,493 |  |  |  | 751,040 |  |  |  | 688,832 |  |  |  | 1,564,102 |
Estimated fair value |  |  | 26,884 |  |  |  | 102,020 |  |  |  | 771,806 |  |  |  | 713,091 |  |  |  | 1,613,801 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 52,799 |  |  |  | 93,254 |  |  |  | 76,214 |  |  |  | 10,228 |  |  |  | 232,495 |
Estimated fair value |  |  | 52,826 |  |  |  | 94,105 |  |  |  | 74,215 |  |  |  | 10,229 |  |  |  | 231,375 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 19,375 |  |  |  | 80,313 |  |  |  | 37,500 |  |  |  | 70,906 |  |  |  | 208,094 |
Estimated fair value |  |  | 19,596 |  |  |  | 81,677 |  |  |  | 37,644 |  |  |  | 72,590 |  |  |  | 211,507 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 36,886 |  |  |  | 479,958 |  |  |  | 414,830 |  |  |  | 70,775 |  |  |  | 1,002,449 |
Estimated fair value |  |  | 37,292 |  |  |  | 492,943 |  |  |  | 417,154 |  |  |  | 75,000 |  |  |  | 1,022,389 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 20,621 |  |  |  | 266,364 |  |  |  | 134,173 |  |  |  | 40,025 |  |  |  | 461,183 |
Estimated fair value |  |  | 20,876 |  |  |  | 272,278 |  |  |  | 136,133 |  |  |  | 42,546 |  |  |  | 471,833 |
Total debt securities excluding mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 203,113 |  |  | $ | 1,095,418 |  |  | $ | 1,439,275 |  |  | $ | 902,772 |  |  | $ | 3,640,578 |
Estimated fair value |  | $ | 204,250 |  |  | $ | 1,120,873 |  |  | $ | 1,462,625 |  |  | $ | 934,900 |  |  | $ | 3,722,648 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,360,175 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,373,158 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,000,753 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,095,806 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at September 30, 2021, by credit rating, is as follows:
|  | A- or higher |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |  |
(in thousands, except percentages) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 171,743 |  |  |  | 100.0 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 171,743 |  |
Municipal bonds |  |  | 1,577,214 |  |  |  | 97.7 |  |  |  | 36,587 |  |  |  | 2.3 |  |  |  | — |  |  |  | — |  |  |  | 1,613,801 |  |
Foreign government bonds |  |  | 218,100 |  |  |  | 94.2 |  |  |  | 10,088 |  |  |  | 4.4 |  |  |  | 3,187 |  |  |  | 1.4 |  |  |  | 231,375 |  |
Governmental agency bonds |  |  | 211,507 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 211,507 |  |
Governmental agency mortgage-backed securities |  |  | 5,373,158 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,373,158 |  |
U.S. corporate debt securities |  |  | 435,436 |  |  |  | 42.6 |  |  |  | 403,668 |  |  |  | 39.5 |  |  |  | 183,285 |  |  |  | 17.9 |  |  |  | 1,022,389 |  |
Foreign corporate debt securities |  |  | 200,539 |  |  |  | 42.5 |  |  |  | 222,298 |  |  |  | 47.1 |  |  |  | 48,996 |  |  |  | 10.4 |  |  |  | 471,833 |  |
|  | $ | 8,187,697 |  |  |  | 90.0 |  |  | $ | 672,641 |  |  |  | 7.4 |  |  | $ | 235,468 |  |  |  | 2.6 |  |  | $ | 9,095,806 |  |
Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies | The composition of the debt securities portfolio in an unrealized loss position at September 30, 2021, by credit rating, is as follows:
|  | A- or higher |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |  |
(in thousands, except percentages) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |
U.S. Treasury bonds |  | $ | 59,445 |  |  |  | 100.0 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 59,445 |  |
Municipal bonds |  |  | 563,613 |  |  |  | 97.7 |  |  |  | 13,136 |  |  |  | 2.3 |  |  |  | — |  |  |  | — |  |  |  | 576,749 |  |
Foreign government bonds |  |  | 153,987 |  |  |  | 99.4 |  |  |  | — |  |  |  | — |  |  |  | 963 |  |  |  | 0.6 |  |  |  | 154,950 |  |
Governmental agency bonds |  |  | 75,547 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 75,547 |  |
Governmental agency mortgage-backed securities |  |  | 3,070,159 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,070,159 |  |
U.S. corporate debt securities |  |  | 233,772 |  |  |  | 54.0 |  |  |  | 127,998 |  |  |  | 29.6 |  |  |  | 70,932 |  |  |  | 16.4 |  |  |  | 432,702 |  |
Foreign corporate debt securities |  |  | 94,410 |  |  |  | 58.0 |  |  |  | 47,163 |  |  |  | 29.0 |  |  |  | 21,077 |  |  |  | 13.0 |  |  |  | 162,650 |  |
|  | $ | 4,250,933 |  |  |  | 93.7 |  |  | $ | 188,297 |  |  |  | 4.2 |  |  | $ | 92,972 |  |  |  | 2.1 |  |  | $ | 4,532,202 |  |

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- Definition Tabular disclosure of the fair value of debt securities portfolio and in an unrealized loss position by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition Tabular disclosure of the fair value of investments by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124269663&loc=SL82922900-210455 + Details
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- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455 + Details
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