XML 46 R34.htm IDEA: XBRL DOCUMENT v3.23.1

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured for at Fair Value on Recurring Basis

The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands):

			Fair Value Measurements
			As of March 31, 2023
			Level 1						Level 2						Level 3						Total
Available-For-Sale Debt Securities:
U.S. government obligations and agencies			$	—					$	16,177					$	—					$	16,177
Corporate bonds			—						702,851						—						702,851
Mortgage-backed and asset-backed securities			—						284,447						—						284,447
Municipal bonds			—						14,080						—						14,080
Redeemable preferred stock			—						9,000						—						9,000
Equity Securities:
Common stock			16,524						—						—						16,524
Mutual funds			76,382						—						—						76,382
Total assets accounted for at fair value			$	92,906					$	1,026,555					$	—					$	1,119,461

			Fair Value Measurements
			As of December 31, 2022
			Level 1						Level 2						Level 3						Total
Available-For-Sale Debt Securities:
U.S. government obligations and agencies			$	—					$	11,664					$	—					$	11,664
Corporate bonds			—						695,061						—						695,061
Mortgage-backed and asset-backed securities			—						287,607						—						287,607
Municipal bonds			—						12,371						—						12,371
Redeemable preferred stock			—						7,923						—						7,923
Equity Securities:
Common stock			15,313						—						—						15,313
Mutual funds			70,156						—						—						70,156
Total assets accounted for at fair value			$	85,469					$	1,014,626					$	—					$	1,100,095

Schedule of Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value

The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments not carried at fair value as of the dates presented (in thousands):

			As of March 31, 2023												As of December 31, 2022
			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Liabilities (debt):
Surplus note (1)			$	5,147					$	4,799					$	5,515					$	5,126
5.625% Senior unsecured notes (2)			100,000						100,176						100,000						100,350
Total debt			$	105,147					$	104,975					$	105,515					$	105,476

(1) The fair value of the surplus note was determined by management from the expected cash flows discounted using the interest rate quoted by the holder. The SBA is the holder of the surplus note and the quoted interest rate is below prevailing rates quoted by private lending institutions. However, as the Company’s use of funds from the surplus note is limited by the terms of the agreement, the Company has determined the interest rate quoted by the SBA to be appropriate for the purpose of establishing the fair value of the note (Level 3).

(2) The fair value of the senior unsecured notes was determined based on pricing from quoted prices for similar assets in active markets and was included as Level 2.

X

- 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration