Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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.


December 31, 2023 (In thousands)	Level 1		Level 2	Level 3	Total Fair Value
Financial assets:
Fixed maturity securities, available-for-sale:
U.S. Treasury and U.S. Government-sponsored enterprises	$	6,062	3,653	—	9,715
States and political subdivisions	—		287,231	—	287,231
Corporate	43		787,564	—	787,607
Commercial mortgage-backed	—		171	—	171
Residential mortgage-backed	—		97,123	—	97,123
Asset-backed	—		57,134	—	57,134

Total fixed maturity securities available-for-sale	6,105		1,232,876	—	1,238,981

Equity securities:

Bond mutual funds	740		—	—	740
Common stock	665		—	—	665
Non-redeemable preferred stock	7		—	—	7
Non-redeemable preferred stock fund	3,870		—	—	3,870
Total equity securities	5,282		—	—	5,282
Other long-term investments (1)	—		—	—	82,460
Total financial assets	$	11,387	1,232,876	—	1,326,723

(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 have not been classified in the fair value hierarchy. The fair value amounts presented in this table permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.


December 31, 2022 (In thousands)	Level 1		Level 2	Level 3	Total Fair Value
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
Corporate	44		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-sale	9,611		1,170,008	—	1,179,619

Equity securities:
Stock mutual funds	2,615		—	—	2,615
Bond mutual funds	4,337		—	—	4,337
Common stock	857		—	—	857
Non-redeemable preferred stock	8		—	—	8
Non-redeemable preferred stock fund	3,773		—	—	3,773
Total equity securities	11,590		—	—	11,590
Other long-term investments (1)	—		—	—	66,846
Total financial assets	$	21,201	1,170,008	—	1,258,055

Schedule of Limited Partners' Capital Account by Class [Table Text Block]

These investments are included in other long-term investments on the consolidated balance sheets.


		December 31, 2023				December 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 market	Investments in privately-originated, performing senior secured debt primarily in North America-based companies	$	34,858	3,452	4	$	33,234	6,011	5
Global equity fund	Investments in common stocks of U.S., international developed and emerging markets with a focus on long-term capital growth	10,345		—	0	9,037		—	0

Late-stage growth	Investments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale	20,524		14,271	4 to 6	16,892		18,444	5 to 7
Infrastructure	Investments in environmental infrastructure and related technology, focusing on renewable power generation and distribution	16,733		9,576	10	7,683		4,107	11
Total limited partnerships		$	82,460	27,299		$	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:


	December 31, 2023			December 31, 2022
(In thousands)	Carrying Value		Fair Value	Carrying Value	Fair Value
Financial assets:
Policy loans	$	75,359	75,359	78,773	78,773
Residential mortgage loans	42		42	49	50

Cash and cash equivalents	26,997		26,997	22,973	22,973
Financial liabilities:
Annuity - investment contracts	67,690		63,283	67,344	61,701

Other long-term investments. The following table summarizes the carrying amounts of other long-term investments.


As of December 31, (In thousands)	2023		2022
Other long-term investments:
Limited partnerships	$	82,460	69,294
FHLB common stock	202		193
Mortgage loans	42		49
All other investments	21		22
Total other long-term investments	$	82,725	69,558

We carried no limited partnership investments at cost at December 31, 2023 and $2.4 million were carried at cost at December 31, 2022.

We are a member of the FHLB of Dallas and such membership requires members to own stock in the FHLB. Our FHLB stock is carried at amortized cost, which approximates fair value.