XML 48 R24.htm IDEA: XBRL DOCUMENT v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following tables set forth our assets that are measured at fair value on a recurring basis as of the dates indicated.

June 30, 2023Level 1Level 2Level 3Total
Fair Value
(In thousands)
Financial Assets
Fixed maturity securities available-for-sale:    
U.S. Treasury and U.S. Government-sponsored enterprises$5,769 3,684 — 9,453 
States and political subdivisions— 301,807 — 301,807 
Corporate45 744,060 — 744,105 
Commercial mortgage-backed— 167 — 167 
Residential mortgage-backed— 100,383 — 100,383 
Asset-backed— 50,468 — 50,468 
Foreign governments— 100 — 100 
Total fixed maturity securities available-for-sale5,814 1,200,669 — 1,206,483 
Equity securities:    
Stock mutual funds2,727 — — 2,727 
Bond mutual funds4,348 — — 4,348 
Common stock790 — — 790 
Non-redeemable preferred stock8 — — 8 
Non-redeemable preferred stock fund3,837 — — 3,837 
Total equity securities11,710 — — 11,710 
Other long-term investments (1)
— — — 76,999 
Total financial assets$17,524 1,200,669 — 1,295,192 
(1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
December 31, 2022Level 1Level 2Level 3Total
Fair Value
(In thousands)
Financial Assets
Fixed maturity securities available-for-sale:    
U.S. Treasury and U.S. Government-sponsored enterprises$9,567 3,711 — 13,278 
States and political subdivisions— 307,358 — 307,358 
Corporate44 715,601 — 715,645 
Commercial mortgage-backed— 169 — 169 
Residential mortgage-backed— 99,826 — 99,826 
Asset-backed— 43,242 — 43,242 
Foreign governments— 101 — 101 
Total fixed maturity securities available-for-sale9,611 1,170,008 — 1,179,619 
Equity securities:    
Stock mutual funds2,615 — — 2,615 
Bond mutual funds4,337 — — 4,337 
Common stock857 — — 857 
Non-redeemable preferred stock8 — — 8 
Non-redeemable preferred stock fund3,773 — — 3,773 
Total equity securities11,590 — — 11,590 
Other long-term investments (1)
— — — 66,846 
Total financial assets$21,201 1,170,008 — 1,258,055 
(1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
Fair Value Measurements, Recurring and Nonrecurring These investments are included in other long-term investments on the consolidated balance sheets.
June 30, 2023December 31, 2022
(In thousands, except years)Fair Value
 Using NAV Per Share		Unfunded Commit-
ments
Range
(In years)
Fair Value
 Using NAV Per Share		Unfunded Commit-
ments
Range
(In years)
Description
Limited partnerships
Middle marketInvestments in privately-originated, performing senior secured debt primarily in North America-based companies$34,996 3,452 4$33,234 6,011 5
Global equity fundInvestments in common stocks of U.S., international developed and emerging markets with a focus on long-term capital growth9,758 — 09,037 — 0
Late-stage growthInvestments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale18,705 17,172 
5 to 7
16,892 18,444 
5 to 7
InfrastructureInvestments in climate infrastructure assets, focusing on renewable power generation in wind and solar energy13,540 12,416 
10 to 12
7,683 4,107 11
Total limited partnerships$76,999 33,040 $66,846 28,562 
Fair Value, by Balance Sheet Grouping [Table Text Block]
The carrying amount and fair value for the financial assets and liabilities on the consolidated financial statements not otherwise disclosed for the periods indicated were as follows:

 June 30, 2023December 31, 2022
(In thousands)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial Assets:    
Policy loans$77,944 77,944 78,773 78,773 
Residential mortgage loan45 46 49 50 
Cash and cash equivalents20,914 20,914 22,973 22,973 
Financial Liabilities:    
Annuity - investment contracts67,136 62,253 67,344 61,701 
Fair Value Option, Disclosures The following table summarizes the carrying amounts of these investments.
Carrying Value
(In thousands)
June 30, 2023December 31, 2022
Other long-term investments:
Limited partnerships$76,999 69,294 
FHLB common stock196 193 
Mortgage loans45 49 
All other investments22 22 
Total other long-term investments$77,262 69,558