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Investments | 6 Months Ended
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Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Statements of Operations and Other Comprehensive Income Investment Income. The following table summarizes investment income for the three and six months ended June 30, 2018 and 2017:
| For the Three Months Ended |  | For the Six Months Ended
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2018 |  | June 30, 2017
| ($ in millions) |  | ($ in millions)
Fixed income securities — Available for sale | $ | 33.5 |  |  | $ | 33.9 |  |  | $ | 66.8 |  |  | $ | 67.8 |
Fixed income securities — Trading | 13.2 |  |  | 10.4 |  |  | 25.2 |  |  | 20.5 |
Short-term investments — Available for sale | 0.3 |  |  | 0.2 |  |  | 0.5 |  |  | 0.3 |
Short-term investments — Trading | 0.1 |  |  | 0.3 |  |  | 0.3 |  |  | 0.5 |
Fixed term deposits (included in cash and cash equivalents) | 4.2 |  |  | 1.3 |  |  | 6.6 |  |  | 2.0 |
Equity securities — Trading | 0.7 |  |  | 3.7 |  |  | 1.9 |  |  | 8.9 |
Catastrophe bonds — Trading | 0.7 |  |  | 0.4 |  |  | 1.3 |  |  | 0.8 |
Total | $ | 52.7 |  |  | $ | 50.2 |  |  | $ | 102.6 |  |  | $ | 100.8 |
Investment expenses | (2.3 | ) |  | (2.8 | ) |  | (4.9 | ) |  | (5.7 | )
Net investment income | $ | 50.4 |  |  | $ | 47.4 |  |  | $ | 97.7 |  |  | $ | 95.1 |
The following table summarizes the net realized and unrealized investment gains and losses recorded in the statement of operations and the change in unrealized gains and losses on investments recorded in other comprehensive income for the three and six months ended June 30, 2018 and 2017:
| For the Three Months Ended |  | For the Six Months Ended
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2018 |  | June 30, 2017
| ($ in millions) |  | ($ in millions)
Available for sale: |  |  |  |  |  |  |
Fixed income securities — gross realized gains | $ | 2.6 |  |  | $ | 3.3 |  |  | $ | 4.4 |  |  | $ | 5.5 |
Fixed income securities — gross realized (losses) | (5.6 | ) |  | (2.4 | ) |  | (7.4 | ) |  | (3.7 | )
Short-term investments — gross realized gains | — |  |  | — |  |  | — |  |  | 0.1 |
Cash and cash equivalents — gross realized gains | — |  |  | — |  |  | 0.2 |  |  | — |
Cash and cash equivalents — gross realized (losses) | (0.3 | ) |  | (0.1 | ) |  | (0.4 | ) |  | (0.1 | )
Other-than-temporary impairments | — |  |  | (0.1 | ) |  | — |  |  | (0.4 | )
Trading: |  |  |  |  |  |  |
Fixed income securities — gross realized gains | 1.0 |  |  | 3.5 |  |  | 2.6 |  |  | 5.3 |
Fixed income securities — gross realized (losses) | (3.4 | ) |  | (0.4 | ) |  | (10.4 | ) |  | (2.4 | )
Short-term investments — gross realized gains | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Cash and cash equivalents — gross realized (losses) gains | (0.1 | ) |  | — |  |  | 1.5 |  |  | — |
Equity securities — gross realized gains | — |  |  | 4.4 |  |  | 94.5 |  |  | 8.9 |
Equity securities — gross realized (losses) | 0.2 |  |  | (3.6 | ) |  | (20.1 | ) |  | (5.0 | )
Catastrophe bonds — net unrealized (losses) gains | — |  |  | (0.1 | ) |  | 0.9 |  |  | (0.1 | )
Net change in gross unrealized (losses) gains | (14.9 | ) |  | 38.5 |  |  | (123.7 | ) |  | 79.4 |
Investments — equity method: |  |  |  |  |  |  |
Gross realized and unrealized (loss) in MVI | (0.1 | ) |  | (0.1 | ) |  | (0.2 | ) |  | (0.1 | )
Gross realized (loss)/gain in Chaspark | — |  |  | (0.8 | ) |  | — |  |  | 0.9 |
Gross realized and unrealized (loss) in Bene | (0.1 | ) |  | (0.2 | ) |  | (0.3 | ) |  | (0.2 | )
Total net realized and unrealized investment (losses) gains recorded in the statement of operations | $ | (20.7 | ) |  | $ | 42.0 |  |  | $ | (58.4 | ) |  | $ | 88.2 |
Change in available for sale net unrealized (losses) gains: |  |  |  |  |  |  |
Fixed income securities | (22.8 | ) |  | 12.9 |  |  | (105.7 | ) |  | 14.9 |
Total change in pre-tax available for sale unrealized (losses) gains | (22.8 | ) |  | 12.9 |  |  | (105.7 | ) |  | 14.9 |
Change in taxes | 1.2 |  |  | (1.1 | ) |  | 6.7 |  |  | (1.0 | )
Total change in net unrealized gains, net of taxes, recorded in other comprehensive income | $ | (21.6 | ) |  | $ | 11.8 |  |  | $ | (99.0 | ) |  | $ | 13.9 |
Balance Sheet Fixed Income Securities and Short-Term Investments — Available For Sale. The following tables present the cost or amortized cost, gross unrealized gains and losses and estimated fair market value of available for sale investments in fixed income securities and short-term investments as at June 30, 2018 and December 31, 2017:
| As at June 30, 2018
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
U.S. government | $ | 1,253.5 |  |  | $ | 1.6 |  |  | $ | (25.5 | ) |  | $ | 1,229.6 |
U.S. agency | 47.1 |  |  | 0.1 |  |  | (0.6 | ) |  | 46.6 |
Municipal | 105.1 |  |  | 1.7 |  |  | (1.1 | ) |  | 105.7 |
Corporate | 2,304.2 |  |  | 10.2 |  |  | (47.3 | ) |  | 2,267.1 |
Non-U.S. government-backed corporate | 92.2 |  |  | 0.1 |  |  | (0.5 | ) |  | 91.8 |
Non-U.S. government | 427.5 |  |  | 4.0 |  |  | (1.3 | ) |  | 430.2 |
Asset-backed | 18.7 |  |  | — |  |  | (0.3 | ) |  | 18.4 |
Agency mortgage-backed | 907.6 |  |  | 5.8 |  |  | (22.8 | ) |  | 890.6 |
Total fixed income securities — Available for sale | 5,155.9 |  |  | 23.5 |  |  | (99.4 | ) |  | 5,080.0 |
Total short-term investments — Available for sale | 72.2 |  |  | — |  |  | — |  |  | 72.2 |
Total | $ | 5,228.1 |  |  | $ | 23.5 |  |  | $ | (99.4 | ) |  | $ | 5,152.2 |
| As at December 31, 2017
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
U.S. government | $ | 1,166.5 |  |  | $ | 4.5 |  |  | $ | (11.6 | ) |  | $ | 1,159.4 |
U.S. agency | 51.8 |  |  | 0.5 |  |  | (0.2 | ) |  | 52.1 |
Municipal | 53.0 |  |  | 2.1 |  |  | (0.2 | ) |  | 54.9 |
Corporate | 2,391.4 |  |  | 36.1 |  |  | (11.8 | ) |  | 2,415.7 |
Non-U.S. government-backed corporate | 91.5 |  |  | 0.3 |  |  | (0.5 | ) |  | 91.3 |
Non-U.S. government | 479.7 |  |  | 6.4 |  |  | (1.2 | ) |  | 484.9 |
Asset-backed | 26.3 |  |  | — |  |  | (0.1 | ) |  | 26.2 |
Agency mortgage-backed | 941.0 |  |  | 13.7 |  |  | (8.2 | ) |  | 946.5 |
Total fixed income securities — Available for sale | 5,201.2 |  |  | 63.6 |  |  | (33.8 | ) |  | 5,231.0 |
Total short-term investments — Available for sale | 90.0 |  |  | — |  |  | (0.1 | ) |  | 89.9 |
Total | $ | 5,291.2 |  |  | $ | 63.6 |  |  | $ | (33.9 | ) |  | $ | 5,320.9 |
Fixed Income Securities, Short-Term Investments, Equities and Catastrophe Bonds — Trading. The following tables present the cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of trading investments in fixed income securities, short-term investments, equity securities and catastrophe bonds as at June 30, 2018 and December 31, 2017:
| As at June 30, 2018
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
U.S. government | $ | 155.6 |  |  | $ | 0.5 |  |  | $ | (0.8 | ) |  | $ | 155.3 |
Municipal | 78.6 |  |  | — |  |  | (0.8 | ) |  | 77.8 |
Corporate | 988.2 |  |  | 3.1 |  |  | (22.8 | ) |  | 968.5 |
Non-U.S government-backed corporate | — |  |  | — |  |  | — |  |  | — |
Non-U.S. government | 222.3 |  |  | 2.0 |  |  | (5.0 | ) |  | 219.3 |
Asset-backed | 7.3 |  |  | — |  |  | (0.1 | ) |  | 7.2 |
Agency mortgage-backed | 192.6 |  |  | — |  |  | (4.8 | ) |  | 187.8 |
Total fixed income securities — Trading | 1,644.6 |  |  | 5.6 |  |  | (34.3 | ) |  | 1,615.9 |
Total short-term investments — Trading | 27.4 |  |  | — |  |  | — |  |  | 27.4 |
Total catastrophe bonds — Trading | 35.8 |  |  | 0.1 |  |  | (0.4 | ) |  | 35.5 |
Total | $ | 1,707.8 |  |  | $ | 5.7 |  |  | $ | (34.7 | ) |  | $ | 1,678.8 |
| As at December 31, 2017
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
U.S. government | $ | 162.3 |  |  | $ | 0.4 |  |  | $ | (0.8 | ) |  | $ | 161.9 |
Municipal | 32.4 |  |  | — |  |  | (0.2 | ) |  | 32.2 |
Corporate | 1,036.5 |  |  | 14.0 |  |  | (4.2 | ) |  | 1,046.3 |
Non-U.S. government-backed corporate | 1.0 |  |  | — |  |  | — |  |  | 1.0 |
Non-U.S. government | 196.1 |  |  | 6.9 |  |  | (0.5 | ) |  | 202.5 |
Asset-backed | 9.9 |  |  | — |  |  | — |  |  | 9.9 |
Agency mortgage-backed | 196.7 |  |  | 0.2 |  |  | (1.4 | ) |  | 195.5 |
Total fixed income securities — Trading | 1,634.9 |  |  | 21.5 |  |  | (7.1 | ) |  | 1,649.3 |
Total short-term investments — Trading | 73.0 |  |  | — |  |  | — |  |  | 73.0 |
Total equity securities — Trading | 414.8 |  |  | 83.5 |  |  | (7.3 | ) |  | 491.0 |
Total catastrophe bonds — Trading | 33.5 |  |  | — |  |  | (1.1 | ) |  | 32.4 |
Total | $ | 2,156.2 |  |  | $ | 105.0 |  |  | $ | (15.5 | ) |  | $ | 2,245.7 |
The Company classifies the financial instruments presented in the tables above as held for trading as this most closely reflects the facts and circumstances of the investments held. Catastrophe Bonds. The Company has invested in catastrophe bonds with a total value of $35.5 million as at June 30, 2018. The bonds receive quarterly interest payments based on variable interest rates with scheduled maturities ranging from 2018 to 2021. The redemption value of the bonds will adjust based on the occurrence of a covered event, such as windstorms and earthquakes in the United States, Canada, the North Atlantic, Japan or Australia. Investments — Equity Method. In January 2015, the Company established, along with seven other insurance companies, a micro-insurance venture consortium and micro-insurance incubator (“MVI”) domiciled in Bermuda. The MVI is a social impact organization that provides micro-insurance products to assist global emerging consumers. The Company’s initial investment in the MVI was $0.8 million. The Company made an additional investment of $0.1 million in the twelve months ended December 31, 2017. On July 26, 2016, the Company purchased through its wholly-owned subsidiary, Acorn Limited, a 20% share of Bene Assicurazioni (“Bene”), an Italian-based motor insurer for a total consideration of $3.3 million. The investment is accounted for under the equity method and adjustments to the carrying value of this investment are made based on the Company’s share of capital, including share of income and expenses. The Company made an additional investment of $1.2 million in the three months ended June 30, 2018. On January 1, 2017, the Company purchased through its wholly-owned subsidiary, Aspen U.S. Holdings, Inc. (“Aspen U.S. Holdings”), a 49% share of Digital Risk Resources, LLC (“Digital Re”), a U.S.-based enterprise engaged in the business of developing, marketing and servicing turnkey information security and privacy liability insurance products, for a total consideration of $2.3 million. The investment is accounted for under the equity method and adjustments to the carrying value of this investment are made based on the Company’s share of capital, including share of income and expenses. On December 18, 2017, the Company acquired through its wholly-owned subsidiary, Aspen U.S. Holdings, a 23.2% share of Crop Re Services LLC (“Crop Re”), a newly formed U.S.-based subsidiary of CGB Diversified Services, Inc (“CGB DS”) in exchange for the sale of AG Logic Holdings, LLC (“AgriLogic”), the Company’s former U.S. crop insurance business. Total consideration for the sale of AgriLogic consisted of the 23.2% share of Crop Re valued at $62.5 million and cash in the amount of $5.9 million. Crop Re is responsible for directing the placement of reinsurance on behalf of CGB DS and CGB Insurance Company (“CGBIC”), an Indiana insurance company affiliate of CGB DS and an RMA licensed crop insurer. The remaining 76.8% of Crop Re is owned by CGB DS. AAIC’s primary crop insurance coverage will be run-off and AAIC, or an affiliate of AAIC, will provide quota share reinsurance to CGBIC for both federal and state regulated crop insurance as part of Aspen’s ownership in Crop Re. The investment in Crop Re represents the Company’s share of the net assets of Crop Re plus the difference between the cost of the investment and the amount of underlying equity in net assets, the basis difference. The Company has determined that this basis difference of $62.5 million represents the value attributable to the ability of Crop Re to direct the placement of reinsurance business under the reinsurance commitment contained within the operating agreement between Crop Re and the Company. The investment in Crop Re is accounted for under the equity method and adjustments to the carrying value of this investment are made based on the Company’s share of capital, including share of income and expenses. The tables below show the Company’s investments in the MVI, Bene, Digital Re and Crop Re for the three and six months ended June 30, 2018:
| For the Three Months Ended June 30, 2018
| MVI |  | Bene |  | Digital Re |  | Crop Re |  | Total
| ($ in millions)
Opening undistributed value of investment | $ | 0.4 |  |  | $ | 2.7 |  |  | $ | 0.5 |  |  | $ | 62.5 |  |  | $ | 66.1 |
Investment in the period | — |  |  | 1.2 |  |  | — |  |  | — |  |  | 1.2 |
Realized/unrealized losses for the three months to June 30, 2018 | (0.1 | ) |  | (0.1 | ) |  | — |  |  | — |  |  | (0.2 | )
Closing undistributed value of investment | $ | 0.3 |  |  | $ | 3.8 |  |  | $ | 0.5 |  |  | $ | 62.5 |  |  | $ | 67.1 |
| Six Months Ended June 30, 2018
| MVI |  | Bene |  | Digital Re |  | Crop Re |  | Total
| ($ in millions)
Opening undistributed value of investment | $ | 0.5 |  |  | $ | 2.9 |  |  | $ | 0.5 |  |  | $ | 62.5 |  |  | $ | 66.4 |
Investment in the period | — |  |  | 1.2 |  |  | — |  |  | — |  |  | 1.2 |
Realized/unrealized losses for the six months to June 30, 2018 | (0.2 | ) |  | (0.3 | ) |  | — |  |  | — |  |  | (0.5 | )
Closing undistributed value of investment | $ | 0.3 |  |  | $ | 3.8 |  |  | $ | 0.5 |  |  | $ | 62.5 |  |  | $ | 67.1 |
Other Investments. On December 20, 2017, the Company committed $100.0 million as a limited partner to a real estate fund. The investment objective of the fund is to achieve attractive risk-adjusted returns through the acquisition of income producing, high quality assets in gateway cities located in the U.S. and Canada in the office, retail, industrial and multifamily sectors of the real estate market. On May 1, 2018, the Company received a demand for an initial capital call of $86.2 million and paid the capital call on May 10, 2018. For further information, refer to Note 16 in these unaudited condensed consolidated financial statements. Fixed Income Securities. The scheduled maturity distribution of available for sale fixed income securities as at June 30, 2018 and December 31, 2017 is set forth in the tables below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
| As at June 30, 2018
| Amortized Cost or Cost |  | Fair Market Value |  | Average S&P Ratings by Maturity
| ($ in millions)
Due one year or less | $ | 437.0 |  |  | $ | 437.4 |  |  | AA-
Due after one year through five years | 2,627.0 |  |  | 2,593.2 |  |  | AA-
Due after five years through ten years | 1,062.2 |  |  | 1,031.1 |  |  | AA-
Due after ten years | 103.4 |  |  | 109.3 |  |  | A+
Subtotal | 4,229.6 |  |  | 4,171.0 |  |  |
Agency mortgage-backed | 907.6 |  |  | 890.6 |  |  | AA+
Asset-backed | 18.7 |  |  | 18.4 |  |  | AAA
Total fixed income securities — Available for sale | $ | 5,155.9 |  |  | $ | 5,080.0 |  |  |
| As at December 31, 2017
| Amortized Cost or Cost |  | Fair Market Value |  | Average S&P Ratings by Maturity
| ($ in millions)
Due one year or less | $ | 561.7 |  |  | $ | 562.4 |  |  | AA
Due after one year through five years | 2,486.7 |  |  | 2,492.2 |  |  | AA-
Due after five years through ten years | 1,092.2 |  |  | 1,097.4 |  |  | A+
Due after ten years | 93.3 |  |  | 106.3 |  |  | A
Subtotal | 4,233.9 |  |  | 4,258.3 |  |  |
Agency mortgage-backed | 941.0 |  |  | 946.5 |  |  | AA+
Asset-backed | 26.3 |  |  | 26.2 |  |  | AAA
Total fixed income securities — Available for sale | $ | 5,201.2 |  |  | $ | 5,231.0 |  |  |
Guaranteed Investments. The Company held no investments which were guaranteed by mono-line insurers, excluding those with explicit government guarantees as June 30, 2018 and December 31, 2017. The Company’s exposure to other third-party guaranteed debt was primarily to investments backed by non-U.S. government guaranteed issuers. Gross Unrealized Loss. The following tables summarize, by type of security, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position in the Company’s available for sale portfolio as at June 30, 2018 and December 31, 2017:
| As at June 30, 2018
| 0-12 months |  | Over 12 months |  | Total
| Fair Market Value |  | Gross Unrealized Loss |  | Fair Market Value |  | Gross Unrealized Loss |  | Fair Market Value |  | Gross Unrealized Loss |  | Number of Securities
| ($ in millions)
U.S. government | $ | 808.1 |  |  | $ | (15.8 | ) |  | $ | 256.1 |  |  | $ | (9.7 | ) |  | $ | 1,064.2 |  |  | $ | (25.5 | ) |  | 123 |
U.S. agency | 32.9 |  |  | (0.6 | ) |  | — |  |  | — |  |  | 32.9 |  |  | (0.6 | ) |  | 13 |
Municipal | 90.0 |  |  | (1.1 | ) |  | 0.7 |  |  | — |  |  | 90.7 |  |  | (1.1 | ) |  | 13 |
Corporate | 1,556.6 |  |  | (31.9 | ) |  | 285.3 |  |  | (15.4 | ) |  | 1,841.9 |  |  | (47.3 | ) |  | 682 |
Non-U.S. government-backed corporate | 42.9 |  |  | (0.2 | ) |  | 20.9 |  |  | (0.3 | ) |  | 63.8 |  |  | (0.5 | ) |  | 14 |
Non-U.S. government | 188.9 |  |  | (0.8 | ) |  | 59.3 |  |  | (0.5 | ) |  | 248.2 |  |  | (1.3 | ) |  | 57 |
Asset-backed | 13.4 |  |  | (0.2 | ) |  | 5.0 |  |  | (0.1 | ) |  | 18.4 |  |  | (0.3 | ) |  | 7 |
Agency mortgage-backed | 407.0 |  |  | (9.7 | ) |  | 289.4 |  |  | (13.1 | ) |  | 696.4 |  |  | (22.8 | ) |  | 240 |
Total fixed income securities — Available for sale | 3,139.8 |  |  | (60.3 | ) |  | 916.7 |  |  | (39.1 | ) |  | 4,056.5 |  |  | (99.4 | ) |  | 1,149 |
Total short-term investments — Available for sale | 41.5 |  |  | — |  |  | — |  |  | — |  |  | 41.5 |  |  | — |  |  | 8 |
Total | $ | 3,181.3 |  |  | $ | (60.3 | ) |  | $ | 916.7 |  |  | $ | (39.1 | ) |  | $ | 4,098.0 |  |  | $ | (99.4 | ) |  | 1,157 |
| As at December 31, 2017
| 0-12 months |  | Over 12 months |  | Total
| Fair Market Value |  | Gross Unrealized Loss |  | Fair Market Value |  | Gross Unrealized Loss |  | Fair Market Value |  | Gross Unrealized Loss |  | Number of Securities
| ($ in millions)
U.S. government | $ | 652.1 |  |  | $ | (5.1 | ) |  | $ | 259.8 |  |  | $ | (6.5 | ) |  | $ | 911.9 |  |  | $ | (11.6 | ) |  | 101
U.S. agency | 20.1 |  |  | (0.2 | ) |  | 6.1 |  |  | — |  |  | 26.2 |  |  | (0.2 | ) |  | 10
Municipal | 28.5 |  |  | (0.2 | ) |  | — |  |  | — |  |  | 28.5 |  |  | (0.2 | ) |  | 9
Corporate | 699.3 |  |  | (3.4 | ) |  | 360.7 |  |  | (8.4 | ) |  | 1,060.0 |  |  | (11.8 | ) |  | 412
Non-U.S. government-backed corporate | 43.5 |  |  | (0.3 | ) |  | 13.3 |  |  | (0.2 | ) |  | 56.8 |  |  | (0.5 | ) |  | 15
Non-U.S. government | 206.2 |  |  | (0.8 | ) |  | 32.0 |  |  | (0.4 | ) |  | 238.2 |  |  | (1.2 | ) |  | 47
Asset-backed | 11.1 |  |  | — |  |  | 10.5 |  |  | (0.1 | ) |  | 21.6 |  |  | (0.1 | ) |  | 11
Agency mortgage-backed | 257.6 |  |  | (1.9 | ) |  | 301.9 |  |  | (6.3 | ) |  | 559.5 |  |  | (8.2 | ) |  | 156
Total fixed income securities — Available for sale | 1,918.4 |  |  | (11.9 | ) |  | 984.3 |  |  | (21.9 | ) |  | 2,902.7 |  |  | (33.8 | ) |  | 761
Total short-term investments — Available for sale | 46.9 |  |  | (0.1 | ) |  | — |  |  | — |  |  | 46.9 |  |  | (0.1 | ) |  | 8
Total | $ | 1,965.3 |  |  | $ | (12.0 | ) |  | $ | 984.3 |  |  | $ | (21.9 | ) |  | $ | 2,949.6 |  |  | $ | (33.9 | ) |  | 769
Other-Than-Temporary Impairments. A security is potentially impaired when its fair value is below its amortized cost. The Company reviews its available for sale fixed income portfolios on an individual security basis for potential other-than-temporary impairment (“OTTI”) each quarter based on criteria including issuer-specific circumstances, credit ratings actions and general macro-economic conditions. The total OTTI charge for the three and six months ended June 30, 2018 was $Nil (2017 —$0.1 million and $0.4 million). For a more detailed description of accounting policies for OTTI, please refer to Note 2(c) of the “Notes to the Audited Consolidated Financial Statements” in the Company’s 2017 Annual Report on Form 10-K filed with the SEC.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
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