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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Components of Long-Term Debt and Methods Used in Estimating Fair Values | The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values:
| Maturity Date | Valuation Methodology
4.25% Convertible senior notes | 2037 | Quoted price
3.90% Promissory note | 2032 | Discounted cash flow method/Level 3 inputs
4% Promissory note | 2031 | Discounted cash flow method/Level 3 inputs
3.75% Callable promissory note | 2036 | Discounted cash flow method/Level 3 inputs
4.55% Promissory note | 2036 | Discounted cash flow method/Level 3 inputs
Assets Measured at Estimated Fair Value on a Recurring Basis | The following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of September 30, 2020 and December 31, 2019:
|  | Fair Value Measurements Using |  |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 410,691 |  |  | $ | — |  |  | $ | — |  |  | $ | 410,691 |
Restricted cash |  | $ | 2,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,400 |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  | $ | 10,144 |  |  | $ | 1,738 |  |  | $ | — |  |  | $ | 11,882 |
Corporate bonds |  |  | 67,825 |  |  |  | — |  |  |  | — |  |  |  | 67,825 |
State, municipalities, and political subdivisions |  |  | — |  |  |  | 5,908 |  |  |  | — |  |  |  | 5,908 |
Exchange-traded debt |  |  | 7,095 |  |  |  | — |  |  |  | — |  |  |  | 7,095 |
Redeemable preferred stock |  |  | 33 |  |  |  | — |  |  |  | — |  |  |  | 33 |
Total available-for-sale securities |  | $ | 85,097 |  |  | $ | 7,646 |  |  | $ | — |  |  | $ | 92,743 |
Equity securities |  | $ | 42,702 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,702 |
|  | Fair Value Measurements Using |  |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 229,218 |  |  | $ | — |  |  | $ | — |  |  | $ | 229,218 |
Restricted cash |  | $ | 700 |  |  | $ | — |  |  | $ | — |  |  | $ | 700 |
Short-term investments |  | $ | 491 |  |  | $ | — |  |  | $ | — |  |  | $ | 491 |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  | $ | 25,294 |  |  | $ | 1,001 |  |  | $ | — |  |  | $ | 26,295 |
Corporate bonds |  |  | 159,364 |  |  |  | — |  |  |  | — |  |  |  | 159,364 |
State, municipalities, and political subdivisions |  |  | — |  |  |  | 7,912 |  |  |  | — |  |  |  | 7,912 |
Exchange-traded debt |  |  | 9,145 |  |  |  | — |  |  |  | — |  |  |  | 9,145 |
Redeemable preferred stock |  |  | 123 |  |  |  | — |  |  |  | — |  |  |  | 123 |
Total available-for-sale securities |  | $ | 193,926 |  |  | $ | 8,913 |  |  | $ | — |  |  | $ | 202,839 |
Equity securities |  | $ | 35,285 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,285 |
Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet | The following tables present fair value information for assets and liabilities that are carried on the balance sheet at amounts other than fair value as of September 30, 2020 and December 31, 2019:
|  | Carrying |  |  | Fair Value Measurements Using |  |  | Estimated |
|  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Fair Value |
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility |  | $ | 8,750 |  |  | $ | — |  |  | $ | 8,750 |  |  | $ | — |  |  | $ | 8,750 |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.25% Convertible senior notes |  | $ | 132,901 |  |  | $ | — |  |  | $ | 141,984 |  |  | $ | — |  |  | $ | 141,984 |
3.90% Promissory note |  |  | 9,698 |  |  |  | — |  |  |  | — |  |  |  | 9,684 |  |  |  | 9,684 |
3.75% Callable promissory note |  |  | 7,586 |  |  |  | — |  |  |  | — |  |  |  | 7,651 |  |  |  | 7,651 |
4.55% Promissory note |  |  | 5,442 |  |  |  | — |  |  |  | — |  |  |  | 5,528 |  |  |  | 5,528 |
Total long-term debt |  | $ | 155,627 |  |  | $ | — |  |  | $ | 141,984 |  |  | $ | 22,863 |  |  | $ | 164,847 |
|  | Carrying |  |  | Fair Value Measurements Using |  |  | Estimated |
|  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Fair Value |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility |  | $ | 9,750 |  |  | $ | — |  |  | $ | 9,750 |  |  | $ | — |  |  | $ | 9,750 |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.25% Convertible senior notes |  | $ | 134,075 |  |  | $ | — |  |  | $ | 147,375 |  |  | $ | — |  |  | $ | 147,375 |
3.95% Promissory note |  |  | 8,875 |  |  |  | — |  |  |  | — |  |  |  | 8,887 |  |  |  | 8,887 |
4% Promissory note |  |  | 7,237 |  |  |  | — |  |  |  | — |  |  |  | 7,409 |  |  |  | 7,409 |
3.75% Callable promissory note |  |  | 7,837 |  |  |  | — |  |  |  | — |  |  |  | 7,861 |  |  |  | 7,861 |
4.55% Promissory note |  |  | 5,611 |  |  |  | — |  |  |  | — |  |  |  | 5,802 |  |  |  | 5,802 |
Total long-term debt |  | $ | 163,635 |  |  | $ | — |  |  | $ | 147,375 |  |  | $ | 29,959 |  |  | $ | 177,334 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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