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Note 4 - Fair Value of Financial Instruments | 3 Months Ended
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Mar. 31, 2019
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We provide a qualitative description of the valuation techniques and inputs used for recurring and non-recurring fair value measurements in our audited financial statements and notes thereto included in our 2018 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our 2018 Form 10-K. The following is a list of assets that are measured at fair value by hierarchy level as of March 31, 2019:
(In thousands) | Level I |  | Level II |  | Total |
Assets at Fair Value |  |  |  |  |  |
Investment Portfolio: |  |  |  |  |  |
U.S. government and agency securities | $ | 178,908 |  |  | $ | 33,610 |  |  | $ | 212,518 |  |
State and municipal obligations | — |  |  | 233,827 |  |  | 233,827 |  |
Money market instruments | 174,541 |  |  | — |  |  | 174,541 |  |
Corporate bonds and notes | — |  |  | 2,485,463 |  |  | 2,485,463 |  |
RMBS | — |  |  | 368,495 |  |  | 368,495 |  |
CMBS | — |  |  | 549,986 |  |  | 549,986 |  |
Other ABS | — |  |  | 675,477 |  |  | 675,477 |  |
Equity securities | 136,107 |  |  | 4,998 |  |  | 141,105 |  |
Other investments (1) | — |  |  | 653,905 |  |  | 653,905 |  |
Total Investments at Fair Value (2) | 489,556 |  |  | 5,005,761 |  |  | 5,495,317 |  | (3)
Total Assets at Fair Value (4) | $ | 489,556 |  |  | $ | 5,005,761 |  |  | $ | 5,495,317 |  | (3)
______________________
(1) | Comprising short-term certificates of deposit and commercial paper.
(2) | Does not include certain other invested assets of $3.1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. Includes cash collateral held under securities lending agreements of $6.2 million that is reinvested in money market instruments.
(3) | Includes $22.6 million of securities loaned to third-party Borrowers under securities lending agreements, classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.
(4) | Does not include the fair value of an immaterial embedded derivative, which we have accounted for separately as a freestanding derivative and classified in other assets in our condensed consolidated balance sheet. See Note 7 for more information.
The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2018:
(In thousands) | Level I |  | Level II |  | Total |
Assets at Fair Value |  |  |  |  |  |
Investment Portfolio: |  |  |  |  |  |
U.S. government and agency securities | $ | 199,302 |  |  | $ | 28,412 |  |  | $ | 227,714 |  |
State and municipal obligations | — |  |  | 324,742 |  |  | 324,742 |  |
Money market instruments | 95,132 |  |  | — |  |  | 95,132 |  |
Corporate bonds and notes | — |  |  | 2,564,068 |  |  | 2,564,068 |  |
RMBS | — |  |  | 353,224 |  |  | 353,224 |  |
CMBS | — |  |  | 591,393 |  |  | 591,393 |  |
Other ABS | — |  |  | 705,468 |  |  | 705,468 |  |
Equity securities | 136,662 |  |  | 3,958 |  |  | 140,620 |  |
Other investments (1) | — |  |  | 175,113 |  |  | 175,113 |  |
Total Investments at Fair Value (2) | 431,096 |  |  | 4,746,378 |  |  | 5,177,474 |  | (3)
Total Assets at Fair Value (4) | $ | 431,096 |  |  | $ | 4,746,378 |  |  | $ | 5,177,474 |  | (3)
______________________
(1) | Comprising short-term certificates of deposit and commercial paper.
(2) | Does not include certain other invested assets of $3.4 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. Includes cash collateral held under securities lending agreements of $11.7 million that is reinvested in money market instruments.
(3) | Includes $27.9 million of securities loaned to third-party Borrowers under securities lending agreements, classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.
(4) | Does not include the fair value of an immaterial embedded derivative, which we have accounted for separately as a freestanding derivative and classified in other assets in our condensed consolidated balance sheet. See Note 7 for more information.
At March 31, 2019 and December 31, 2018, there were no material Level III assets measured at fair value and no Level III liabilities. There were no investment transfers to or from Level III for the three months ended March 31, 2019 or the year ended December 31, 2018. Activity related to Level III assets and liabilities (including realized and unrealized gains and losses, purchases, sales, issuances, settlements and transfers) was immaterial for the three months ended March 31, 2019 and the year ended December 31, 2018. Other Fair Value Disclosure The carrying value and estimated fair value of other selected liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated:
| March 31, 2019 |  | December 31, 2018
(In thousands) | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Liabilities: |  |  |  |  |  |  |
Senior notes | $ | 1,031,197 |  |  | $ | 1,051,418 |  |  | $ | 1,030,348 |  |  | $ | 1,007,687 |
FHLB advances | 108,532 |  |  | 109,097 |  |  | 82,532 |  |  | 82,899 |
The fair value of our senior notes is estimated based on the quoted market prices for the same or similar instruments. The fair value of our FHLB advances is estimated based on expected cash flows for similar borrowings. These liabilities are categorized in Level II of the fair value hierarchy.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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