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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Vale on a Recurring Basis
All assets measured at fair value are categorized in the table below based upon the lowest level of significant input to the valuations. All fair value measurements at the reporting date were on a recurring basis.
 
September 30, 2023 (In thousands)Quoted Prices
in Active 
Markets for
Identical
Instruments
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Recurring fair value measurements    
Financial Assets:    
U.S. Treasury securities$879,185 $— $— $879,185 
U.S. agency securities— 7,180 — 7,180 
U.S. agency mortgage-backed securities— 750,938 — 750,938 
Municipal debt securities— 562,510 — 562,510 
Non-U.S. government securities— 48,571 — 48,571 
Corporate debt securities— 1,280,433 — 1,280,433 
Residential and commercial mortgage securities— 493,693 — 493,693 
Asset-backed securities— 614,818 — 614,818 
Money market funds360,360 — — 360,360 
Total assets at fair value (1) (2)$1,239,545 $3,758,143 $— $4,997,688 

December 31, 2022 (In thousands)Quoted Prices
in Active 
Markets for
Identical
Instruments
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Recurring fair value measurements    
Financial Assets:    
U.S. Treasury securities$556,438 $— $— $556,438 
U.S. agency securities— 49,058 — 49,058 
U.S. agency mortgage-backed securities— 783,743 — 783,743 
Municipal debt securities— 602,690 — 602,690 
Non-U.S. government securities— 62,399 — 62,399 
Corporate debt securities— 1,414,321 — 1,414,321 
Residential and commercial mortgage securities— 511,824 — 511,824 
Asset-backed securities— 624,561 — 624,561 
Money market funds136,591 — — 136,591 
Total assets at fair value (1) (2)
$693,029 $4,048,596 $— $4,741,625 
(1)Does not include the fair value of embedded derivatives, which we have accounted for separately as freestanding derivatives and included in other assets or other accrued liabilities in our condensed consolidated balance sheet. See Note 4 for more information.
(2)Does not include certain other invested assets that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient, as applicable accounting standards do not provide for classification within the fair value hierarchy.