Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2012

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques


	March 31, 2012
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)

Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	14,181	$	0	$	0	$	14,181
Municipal securities		0		2,289,120		0		2,289,120
Mortgage-backed securities		0		34,914		0		34,914
Corporate securities		0		94,396		0		94,396
Collateralized debt obligations		0		0		52,983		52,983
Equity securities:
Common stock:
Public utilities		29,369		0		0		29,369
Banks, trusts and insurance companies		19,431		0		0		19,431
Industrial and other		336,171		0		0		336,171
Non-redeemable preferred stock		0		10,975		0		10,975
Partnership interest in a private credit fund		0		0		10,510		10,510
Short-term bonds		0		31,754		0		31,754
Money market instruments		195,442		0		0		195,442

Total assets at fair value	$	594,594	$	2,461,159	$	63,493	$	3,119,246

Liabilities
Equity contracts	$	405	$	0	$	0	$	405
Interest rate swap agreements		0		546		0		546

Total liabilities at fair value	$	405	$	546	$	0	$	951


	December 31, 2011
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)

Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	14,298	$	0	$	0	$	14,298
Municipal securities		0		2,271,275		0		2,271,275
Mortgage-backed securities		0		37,371		0		37,371
Corporate securities		0		75,142		0		75,142
Collateralized debt obligations		0		0		47,503		47,503
Equity securities:
Common stock:
Public utilities		26,342		0		0		26,342
Banks, trusts and insurance companies		16,027		0		0		16,027
Industrial and other		316,592		0		0		316,592
Non-redeemable preferred stock		0		11,419		0		11,419
Partnership interest in a private credit fund		0		0		10,008		10,008
Short-term bonds		0		9,011		0		9,011
Money market instruments		227,433		0		0		227,433

Total assets at fair value	$	600,692	$	2,404,218	$	57,511	$	3,062,421

Liabilities
Equity contracts	$	655	$	0	$	0	$	655
Interest rate swap agreements		0		670		0		670

Total liabilities at fair value	$	655	$	670	$	0	$	1,325

Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value


	Three Months Ended March 31,
	2012						2011
	Municipal Securities		Collateralized Debt Obligations		Partnership Interest in a Private Credit Fund		Municipal Securities			Collateralized Debt Obligations
	(Amounts in thousands)

Beginning Balance	$	0	$	47,503	$	10,008	$	1,624		$	55,692
Realized gains included in earnings		0		5,480		502		39			2,716
Sales		0		0		0		(1,663	)		0

Ending Balance	$	0	$	52,983	$	10,510	$	0		$	58,408


The amount of total gains for the period included in earnings attributable to assets still held at March 31	$	0	$	5,480	$	502	$	0		$	2,716

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details