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Investments | 6 Months Ended
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Jun. 30, 2022
Investments Debt And Equity Securities [Abstract] |
Investments | 2. INVESTMENTS Our investments are primarily composed of fixed income debt securities and common stock equity securities. We carry our equity securities at fair value and categorize all of our debt securities as available-for-sale, which are carried at fair value. Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date. The following is a summary of the disposition of fixed income and equity securities for the six-month periods ended June 30, 2022 and 2021:
Sales |  | Proceeds |  |  | Gross Realized |  |  | Net Realized |
(in thousands) |  | From Sales |  |  | Gains |  |  | Losses |  |  | Gain (Loss) |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities - available-for-sale |  | $ | 19,390 |  |  | $ | 215 |  |  | $ | (432 | ) |  | $ | (217 | )
Equity securities |  |  | 53,525 |  |  |  | 19,244 |  |  |  | (15 | ) |  |  | 19,229 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities - available-for-sale |  | $ | 31,928 |  |  | $ | 1,252 |  |  | $ | (46 | ) |  | $ | 1,206 |
Equity securities |  |  | 152,170 |  |  |  | 50,656 |  |  |  | (1,784 | ) |  |  | 48,872 |
Calls/Maturities |  |  |  |  |  | Gross Realized |  |  | Net Realized |
(in thousands) |  | Proceeds |  |  | Gains |  |  | Losses |  |  | Gain (Loss) |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities - available-for-sale |  | $ | 137,499 |  |  | $ | 76 |  |  | $ | (55 | ) |  | $ | 21 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities - available-for-sale |  | $ | 204,960 |  |  | $ | 406 |  |  | $ | (63 | ) |  | $ | 343 |
FAIR VALUE MEASUREMENTS Assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are summarized below:
| As of June 30, 2022 |
|  | Quoted Prices in |  |  | Significant Other |  |  | Significant |  |  |  |  |
|  | Active Markets for |  |  | Observable |  |  | Unobservable |  |  |  |  |
|  | Identical Assets |  |  | Inputs |  |  | Inputs |  |  |  |  |
(in thousands) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Fixed income securities - available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government |  | $ | — |  |  | $ | 181,678 |  |  | $ | — |  |  | $ | 181,678 |
U.S. agency |  |  | — |  |  |  | 33,573 |  |  |  | — |  |  |  | 33,573 |
Non-U.S. government & agency |  |  | — |  |  |  | 6,068 |  |  |  | — |  |  |  | 6,068 |
Agency MBS |  |  | — |  |  |  | 312,721 |  |  |  | — |  |  |  | 312,721 |
ABS/CMBS/MBS* |  |  | — |  |  |  | 246,345 |  |  |  | — |  |  |  | 246,345 |
Corporate |  |  | — |  |  |  | 886,114 |  |  |  | 55,615 |  |  |  | 941,729 |
Municipal |  |  | — |  |  |  | 558,795 |  |  |  | — |  |  |  | 558,795 |
Total fixed income securities - available-for-sale |  | $ | — |  |  | $ | 2,225,294 |  |  | $ | 55,615 |  |  | $ | 2,280,909 |
Equity securities |  |  | 486,780 |  |  |  | 42 |  |  |  | 1,173 |  |  |  | 487,995 |
Total |  | $ | 486,780 |  |  | $ | 2,225,336 |  |  | $ | 56,788 |  |  | $ | 2,768,904 |
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities
| As of December 31, 2021 |
|  | Quoted Prices in |  |  | Significant Other |  |  | Significant |  |  |  |  |
|  | Active Markets for |  |  | Observable |  |  | Unobservable |  |  |  |  |
|  | Identical Assets |  |  | Inputs |  |  | Inputs |  |  |  |  |
(in thousands) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Fixed income securities - available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government |  | $ | — |  |  | $ | 134,554 |  |  | $ | — |  |  | $ | 134,554 |
U.S. agency |  |  | — |  |  |  | 32,760 |  |  |  | — |  |  |  | 32,760 |
Non-U.S. government & agency |  |  | — |  |  |  | 8,481 |  |  |  | — |  |  |  | 8,481 |
Agency MBS |  |  | — |  |  |  | 367,187 |  |  |  | — |  |  |  | 367,187 |
ABS/CMBS/MBS* |  |  | — |  |  |  | 264,054 |  |  |  | — |  |  |  | 264,054 |
Corporate |  |  | — |  |  |  | 913,577 |  |  |  | 43,518 |  |  |  | 957,095 |
Municipal |  |  | — |  |  |  | 645,756 |  |  |  | — |  |  |  | 645,756 |
Total fixed income securities - available-for-sale |  | $ | — |  |  | $ | 2,366,369 |  |  | $ | 43,518 |  |  | $ | 2,409,887 |
Equity securities |  |  | 613,712 |  |  |  | 64 |  |  |  | — |  |  |  | 613,776 |
Total |  | $ | 613,712 |  |  | $ | 2,366,433 |  |  | $ | 43,518 |  |  | $ | 3,023,663 |
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities
The following table summarizes changes in the balance of securities whose fair value was measured using significant unobservable inputs (Level 3).
(in thousands) |  | Level 3 Securities |
Balance as of January 1, 2022 |  | $ | 43,518 |
Net realized and unrealized gains (losses) |  |  |  |
Included in net earnings as a part of: |  |  |  |
Net investment income |  |  | (506 | )
Net realized gains |  |  | (433 | )
Included in other comprehensive earnings (loss) |  |  | (6,623 | )
Total net realized and unrealized gains (losses) |  | $ | (7,562 | )
Purchases |  |  | 21,701 |
Transfers out of Level 3 |  |  | (869 | )
Balance as of June 30, 2022 |  | $ | 56,788 |
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in net realized gains |  | $ | (433 | )
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss) |  | $ | (6,623 | )
The amortized cost and fair value of available-for-sale fixed income securities by contractual maturity as of June 30, 2022 were as follows:
|  | June 30, 2022 |
(in thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 48,305 |  |  | $ | 48,372 |
Due after one year through five years |  |  | 790,904 |  |  |  | 765,266 |
Due after five years through 10 years |  |  | 516,860 |  |  |  | 477,956 |
Due after 10 years |  |  | 514,144 |  |  |  | 430,249 |
ABS/CMBS/MBS* |  |  | 610,267 |  |  |  | 559,066 |
Total available-for-sale |  | $ | 2,480,480 |  |  | $ | 2,280,909 |
* | Asset-backed, commercial mortgage-backed and mortgage-backed securities
The amortized cost and fair value of available-for-sale securities at June 30, 2022 and December 31, 2021 are presented in the tables below. Amortized cost does not include the $17.5 million and $16.4 million of accrued interest receivable as of June 30, 2022 and December 31, 2021, respectively.
|  | June 30, 2022 |
|  | Cost or |  |  | Allowance |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | for Credit |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(in thousands) |  | Cost |  |  | Losses |  |  | Gains |  |  | Losses |  |  | Value |
U.S. government |  | $ | 183,368 |  |  | $ | — |  |  | $ | 220 |  |  | $ | (1,910 | ) |  | $ | 181,678 |
U.S. agency |  |  | 34,220 |  |  |  | — |  |  |  | 190 |  |  |  | (837 | ) |  |  | 33,573 |
Non-U.S. government & agency |  |  | 6,797 |  |  |  | — |  |  |  | - |  |  |  | (729 | ) |  |  | 6,068 |
Agency MBS |  |  | 338,639 |  |  |  | — |  |  |  | 591 |  |  |  | (26,509 | ) |  |  | 312,721 |
ABS/CMBS/MBS* |  |  | 271,628 |  |  |  | (10 | ) |  |  | 82 |  |  |  | (25,355 | ) |  |  | 246,345 |
Corporate |  |  | 1,011,726 |  |  |  | (282 | ) |  |  | 428 |  |  |  | (70,143 | ) |  |  | 941,729 |
Municipal |  |  | 634,102 |  |  |  | — |  |  |  | 1,860 |  |  |  | (77,167 | ) |  |  | 558,795 |
Total Fixed Income |  | $ | 2,480,480 |  |  | $ | (292 | ) |  | $ | 3,371 |  |  | $ | (202,650 | ) |  | $ | 2,280,909 |
|  | December 31, 2021 |
|  | Cost or |  |  | Allowance |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | for Credit |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(in thousands) |  | Cost |  |  | Losses |  |  | Gains |  |  | Losses |  |  | Value |
U.S. government |  | $ | 127,752 |  |  | $ | — |  |  | $ | 6,846 |  |  | $ | (44 | ) |  | $ | 134,554 |
U.S. agency |  |  | 30,403 |  |  |  | — |  |  |  | 2,374 |  |  |  | (17 | ) |  |  | 32,760 |
Non-U.S. government & agency |  |  | 8,297 |  |  |  | — |  |  |  | 338 |  |  |  | (154 | ) |  |  | 8,481 |
Agency MBS |  |  | 362,861 |  |  |  | — |  |  |  | 9,277 |  |  |  | (4,951 | ) |  |  | 367,187 |
ABS/CMBS/MBS* |  |  | 264,273 |  |  |  | — |  |  |  | 2,120 |  |  |  | (2,339 | ) |  |  | 264,054 |
Corporate |  |  | 925,394 |  |  |  | (441 | ) |  |  | 37,247 |  |  |  | (5,105 | ) |  |  | 957,095 |
Municipal |  |  | 627,287 |  |  |  | — |  |  |  | 22,750 |  |  |  | (4,281 | ) |  |  | 645,756 |
Total Fixed Income |  | $ | 2,346,267 |  |  | $ | (441 | ) |  | $ | 80,952 |  |  | $ | (16,891 | ) |  | $ | 2,409,887 |
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities
Allowance for Credit Losses and Unrealized Losses on Fixed Income Securities A reversable allowance for credit losses is recognized on available-for-sale fixed income securities. Several criteria are reviewed to determine if securities in the fixed income portfolio should be included in the allowance for expected credit loss evaluation, including:
| • | Changes in technology that may impair the earnings potential of the investment,
| • | The discontinuance of a segment of business that may affect future earnings potential,
| • | Reduction of or non-payment of interest and/or principal,
| • | Specific concerns related to the issuer’s industry or geographic area of operation,
| • | Significant or recurring operating losses, poor cash flows and/or deteriorating liquidity ratios and
| • | Downgrades in credit quality by a major rating agency.
If changes in interest rates and credit spreads do not reasonably explain the unrealized loss for an available-for-sale security or if any of the criteria above indicate a potential credit loss, the security is subjected to a discounted cash flow analysis. Inputs into the discounted cash flow analysis include prepayment assumptions for structured securities, default rates and recoverability rates based on credit rating. The allowance for any security is limited to the amount that the security’s fair value is below amortized cost. As of June 30, 2022, the discounted cash flow analysis resulted in an allowance for credit losses on 14 securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 594 |  |  | $ | 375 |  |  | $ | 441 |  |  | $ | 397 |
Increase to allowance from securities for which credit losses were not previously recorded |  |  | 149 |  |  |  | - |  |  |  | 223 |  |  |  | - |
Reduction from securities sold during the period |  |  | (433 | ) |  |  | - |  |  |  | (433 | ) |  |  |  |
Reductions from intent to sell securities |  |  | - |  |  |  | - |  |  |  | (17 | ) |  |  | - |
Net increase (decrease) from securities that had an allowance at the beginning of the period |  |  | (18 | ) |  |  | (171 | ) |  |  | 78 |  |  |  | (193 | )
Balance as of June 30, |  | $ | 292 |  |  | $ | 204 |  |  | $ | 292 |  |  | $ | 204 |
During 2022, net realized gains included $0.1 million of losses on fixed income securities for which we no longer had the intent to hold until recovery and the cost basis was written down to fair value. No such losses were recognized during the first six months of 2021. As of June 30, 2022, in addition to the securities included in the allowance for credit losses, the fixed income portfolio contained 1,341 securities with an unrealized loss position for which an allowance for credit losses had not been recorded. The $202.7 million in associated unrealized losses represents 8.2 percent of the fixed income portfolio’s cost basis and 6.9 percent of total invested assets. Isolated to these securities, unrealized losses increased through the first six months of 2022, as interest rates increased during the period. Of the total 1,341 securities, 133 have been in an unrealized loss position for 12 consecutive months or longer. The following table illustrates the total value of fixed income securities that were in an unrealized loss position as of June 30, 2022 and December 31, 2021 after factoring in the allowance for credit losses. All fixed income securities continue to pay the expected coupon payments and we believe we will recover the amortized cost basis of available-for-sale securities that remain in an unrealized loss position.
|  | June 30, 2022 |  |  | December 31, 2021 |
(in thousands) |  | < 12 Mos. |  |  | 12 Mos. & Greater |  |  | Total |  |  | < 12 Mos. |  |  | 12 Mos. & Greater |  |  | Total |
U.S. government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 142,944 |  |  | $ | — |  |  | $ | 142,944 |  |  | $ | 2,942 |  |  | $ | — |  |  | $ | 2,942 |
Amortized cost |  |  | 144,854 |  |  |  | — |  |  |  | 144,854 |  |  |  | 2,986 |  |  |  | — |  |  |  | 2,986 |
Unrealized loss |  | $ | (1,910 | ) |  | $ | — |  |  | $ | (1,910 | ) |  | $ | (44 | ) |  | $ | — |  |  | $ | (44 | )
U.S. agency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 15,788 |  |  | $ | — |  |  | $ | 15,788 |  |  | $ | 1,498 |  |  | $ | — |  |  | $ | 1,498 |
Amortized cost |  |  | 16,625 |  |  |  | — |  |  |  | 16,625 |  |  |  | 1,515 |  |  |  | — |  |  |  | 1,515 |
Unrealized loss |  | $ | (837 | ) |  | $ | — |  |  | $ | (837 | ) |  | $ | (17 | ) |  | $ | — |  |  | $ | (17 | )
Non-U.S. government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 3,731 |  |  | $ | 2,337 |  |  | $ | 6,068 |  |  | $ | 4,346 |  |  | $ | — |  |  | $ | 4,346 |
Amortized cost |  |  | 3,797 |  |  |  | 3,000 |  |  |  | 6,797 |  |  |  | 4,500 |  |  |  | — |  |  |  | 4,500 |
Unrealized Loss |  | $ | (66 | ) |  | $ | (663 | ) |  | $ | (729 | ) |  | $ | (154 | ) |  | $ | — |  |  | $ | (154 | )
Agency MBS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 221,563 |  |  | $ | 68,070 |  |  | $ | 289,633 |  |  | $ | 102,145 |  |  | $ | 62,669 |  |  | $ | 164,814 |
Amortized cost |  |  | 236,671 |  |  |  | 79,471 |  |  |  | 316,142 |  |  |  | 104,336 |  |  |  | 65,429 |  |  |  | 169,765 |
Unrealized loss |  | $ | (15,108 | ) |  | $ | (11,401 | ) |  | $ | (26,509 | ) |  | $ | (2,191 | ) |  | $ | (2,760 | ) |  | $ | (4,951 | )
ABS/CMBS/MBS* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 214,266 |  |  | $ | 22,312 |  |  | $ | 236,578 |  |  | $ | 150,997 |  |  | $ | 3,935 |  |  | $ | 154,932 |
Amortized cost |  |  | 236,298 |  |  |  | 25,635 |  |  |  | 261,933 |  |  |  | 153,235 |  |  |  | 4,036 |  |  |  | 157,271 |
Unrealized loss |  | $ | (22,032 | ) |  | $ | (3,323 | ) |  | $ | (25,355 | ) |  | $ | (2,238 | ) |  | $ | (101 | ) |  | $ | (2,339 | )
Corporate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 762,770 |  |  | $ | 78,901 |  |  | $ | 841,671 |  |  | $ | 217,791 |  |  | $ | 53,818 |  |  | $ | 271,609 |
Amortized cost |  |  | 821,145 |  |  |  | 90,669 |  |  |  | 911,814 |  |  |  | 221,010 |  |  |  | 55,704 |  |  |  | 276,714 |
Unrealized loss |  | $ | (58,375 | ) |  | $ | (11,768 | ) |  | $ | (70,143 | ) |  | $ | (3,219 | ) |  | $ | (1,886 | ) |  | $ | (5,105 | )
Municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 387,833 |  |  | $ | 30,986 |  |  | $ | 418,819 |  |  | $ | 162,998 |  |  | $ | 15,037 |  |  | $ | 178,035 |
Amortized cost |  |  | 454,930 |  |  |  | 41,056 |  |  |  | 495,986 |  |  |  | 166,602 |  |  |  | 15,714 |  |  |  | 182,316 |
Unrealized loss |  | $ | (67,097 | ) |  | $ | (10,070 | ) |  | $ | (77,167 | ) |  | $ | (3,604 | ) |  | $ | (677 | ) |  | $ | (4,281 | )
Total fixed income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 1,748,895 |  |  | $ | 202,606 |  |  | $ | 1,951,501 |  |  | $ | 642,717 |  |  | $ | 135,459 |  |  | $ | 778,176 |
Amortized cost |  |  | 1,914,320 |  |  |  | 239,831 |  |  |  | 2,154,151 |  |  |  | 654,184 |  |  |  | 140,883 |  |  |  | 795,067 |
Unrealized loss |  | $ | (165,425 | ) |  | $ | (37,225 | ) |  | $ | (202,650 | ) |  | $ | (11,467 | ) |  | $ | (5,424 | ) |  | $ | (16,891 | )
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities
The following table shows the composition of the fixed income securities in unrealized loss positions, after factoring in the allowance for credit losses, at June 30, 2022 by the National Association of Insurance Commissioners (NAIC) rating and the generally equivalent Standard & Poor’s (S&P) and Moody’s ratings. The vast majority of the securities are rated by S&P and/or Moody’s.
|  | Equivalent |  | Equivalent |  | (dollars in thousands) |  |  |  |  |  |
NAIC |  | S&P |  | Moody’s |  | Amortized |  |  |  |  |  |  | Unrealized |  |  | Percent |  |
Rating |  | Rating |  | Rating |  | Cost |  |  | Fair Value |  |  | Loss |  |  | to Total |  |
1 |  | AAA/AA/A |  | Aaa/Aa/A |  | $ | 1,658,961 |  |  | $ | 1,499,693 |  |  | $ | (159,268 | ) |  |  | 78.6 |  | %
2 |  | BBB |  | Baa |  |  | 350,114 |  |  |  | 319,538 |  |  |  | (30,576 | ) |  |  | 15.1 |  | %
3 |  | BB |  | Ba |  |  | 86,132 |  |  |  | 78,065 |  |  |  | (8,067 | ) |  |  | 4.0 |  | %
4 |  | B |  | B |  |  | 56,650 |  |  |  | 52,186 |  |  |  | (4,464 | ) |  |  | 2.2 |  | %
5 |  | CCC |  | Caa |  |  | 2,294 |  |  |  | 2,019 |  |  |  | (275 | ) |  |  | 0.1 |  | %
6 |  | CC or lower |  | Ca or lower |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.0 |  | %
|  |  |  | Total |  | $ | 2,154,151 |  |  | $ | 1,951,501 |  |  | $ | (202,650 | ) |  |  | 100.0 |  | %
Other Invested Assets We had $51.0 million of other invested assets at June 30, 2022, compared to $50.5 million at December 31, 2021. Other invested assets include investments in low income housing tax credit partnerships (LIHTC), membership in the Federal Home Loan Bank of Chicago (FHLBC), and investments in private funds. Our LIHTC investments are carried at amortized cost and our investment in FHLBC stock is carried at cost. Due to the nature of the LIHTC and our membership in the FHLBC, their carrying amounts approximate fair value. The private funds are carried at fair value, using each investment’s net asset value. Our LIHTC interests had a balance of $15.1 million at June 30, 2022, compared to $16.6 million at December 31, 2021, and recognized a total tax benefit of $0.9 million during the second quarters of 2022 and 2021. For the six-months ended June 30, 2022, our LIHTC interests recognized a total benefit of $1.7 million, compared to $1.8 million for the same period in 2021. Our unfunded commitment for our LIHTC investments totaled $1.3 million at June 30, 2022 and will be paid out in installments through 2035. As of June 30, 2022, $58.2 million of investments were pledged as collateral with the FHLBC to ensure timely access to the secured lending facility that ownership of FHLBC stock provides. As of June 30, 2022, $50.0 million of borrowings were outstanding with the FHLBC. Our investments in private funds totaled $30.3 million at June 30, 2022, compared to $28.6 million at December 31, 2021, and we had $5.9 million of associated unfunded commitments at June 30, 2022. Our interest in private funds is generally restricted from being transferred or otherwise redeemed without prior consent by the respective entities, and the timed dissolution of the partnerships would trigger redemption. Investments in Unconsolidated Investees We had $187.3 million of investments in unconsolidated investees at June 30, 2022, compared to $171.3 million at December 31, 2021. Our investments accounted for under the equity method are primarily related to Maui Jim, Inc. (Maui Jim) and Prime Holdings Insurance Services, Inc. (Prime). At June 30, 2022 our investment in Maui Jim was $127.4 million and our investment in Prime was $47.6 million. Other investments in unconsolidated investees totaled $12.3 million at June 30, 2022 and had unfunded commitments of $8.6 million. Cash Cash consists of uninvested balances in bank accounts. We had a cash balance of $113.0 million at June 30, 2022, compared to $88.8 million at December 31, 2021.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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