XML 47 R36.htm IDEA: XBRL DOCUMENT
v3.23.3

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-For-Sale Debt Securities: |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | — |  |  | $ | 24,757 |  |  | $ | — |  |  | $ | 24,757 |
Corporate bonds | — |  |  | 699,357 |  |  | — |  |  | 699,357 |
Mortgage-backed and asset-backed securities | — |  |  | 283,771 |  |  | — |  |  | 283,771 |
Municipal bonds | — |  |  | 14,713 |  |  | — |  |  | 14,713 |
Redeemable preferred stock | — |  |  | 8,960 |  |  | — |  |  | 8,960 |
Equity Securities: |  |  |  |  |  |  |
Common stock | 14,786 |  |  | — |  |  | — |  |  | 14,786 |
Mutual funds | 62,209 |  |  | — |  |  | — |  |  | 62,209 |
Total assets accounted for at fair value | $ | 76,995 |  |  | $ | 1,031,558 |  |  | $ | — |  |  | $ | 1,108,553 |
| 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 September 30, 2023 |  | As of December 31, 2022
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Liabilities (debt): |  |  |  |  |  |  |
Surplus note (1) | $ | 4,411 |  |  | $ | 4,151 |  |  | $ | 5,515 |  |  | $ | 5,126 |
5.625% Senio r unsecured notes (2) | 100,000 |  |  | 91,564 |  |  | 100,000 |  |  | 100,350 |
Total debt | $ | 104,411 |  |  | $ | 95,715 |  |  | $ | 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + 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