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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Carrying Value and Estimated Fair Value of Financial Instruments
A summary of the carrying value and estimated fair value of our financial instruments from continuing operations at December 31, 2017 and 2016 is as follows:
 
December 31, 2017
 
December 31, 2016
 
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Assets
 
 
 
 
 
 
 
Investments
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
Held-to-maturity securities
$
150

 
$
150

 
$
150

 
$
150

Available-for-sale securities
1,535,070

 
1,535,070

 
1,453,286

 
1,453,286

Trading securities
16,842

 
16,842

 
14,390

 
14,390

Equity securities:
 
 
 
 
 
 
 
Available-for-sale securities
280,913

 
280,913

 
246,370

 
246,370

Trading securities
6,431

 
6,431

 
5,644

 
5,644

Other long-term investments
49,352

 
49,352

 
51,769

 
51,769

Short-term investments
175

 
175

 
175

 
175

Cash and cash equivalents
95,562

 
95,562

 
89,194

 
89,194

Corporate-owned life insurance
4,029

 
4,029

 
2,592

 
2,592




A summary of the carrying value and estimated fair value of our financial instruments from discontinued operations at December 31, 2017 and 2016 is as follows:
 
December 31, 2017
 
December 31, 2016
 
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Assets
 
 
 
 
 
 
 
Investments
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
Held-to-maturity securities
$
34

 
$
34

 
$
49

 
$
48

Available-for-sale securities
1,430,025

 
1,430,025

 
1,444,840

 
1,444,840

Equity securities:
 
 
 
 
 
 
 
Available-for-sale securities
23,653

 
23,653

 
24,046

 
24,046

Mortgage loans
3,594

 
3,435

 
3,895

 
3,706

Policy loans
5,815

 
5,815

 
5,366

 
5,366

Other long-term investments
16,437

 
16,437

 
15,870

 
15,870

Cash and cash equivalents
15,851

 
15,851

 
21,659

 
21,659

Liabilities
 
 
 
 
 
 
 
Policy reserves
 
 
 
 
 
 
 
Annuity (accumulations) (1)
$
591,702

 
$
611,866

 
$
646,764

 
$
666,711

Annuity (benefit payments)
147,038

 
93,560

 
144,283

 
95,129

Financial Instruments Measured at Fair Value on Recurring Basis
The following tables present the categorization for our financial instruments measured at fair value on a recurring basis. The table include financial instruments from both continuing and discontinued operations at December 31, 2017 and 2016:
 
 
 
Fair Value Measurements
Description
December 31, 2017
 
Level 1
 
Level 2
 
Level 3
AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
U.S. Treasury
$
16,891

 
$

 
$
16,891

 
$

U.S. government agency
122,168

 

 
122,168

 

States, municipalities and political subdivisions
 
 
 
 
 
 
 
General obligations
 
 
 
 
 
 
 
   Midwest
109,696

 

 
109,696

 

   Northeast
48,641

 

 
48,641

 

   South
141,519

 

 
141,519

 

   West
113,011

 

 
113,011

 

Special revenue
 
 
 
 
 
 
 
   Midwest
158,744

 

 
158,744

 

   Northeast
79,760

 

 
79,760

 

   South
263,512

 

 
263,512

 

   West
158,307

 

 
158,307

 

Foreign bonds
52,753

 

 
52,753

 

Public utilities
209,144

 

 
209,144

 

Corporate bonds
 
 
 
 
 
 
 
Energy
95,053

 

 
95,053

 

Industrials
221,707

 

 
221,707

 

Consumer goods and services
186,257

 

 
185,589

 
668

Health care
75,408

 

 
75,408

 

Technology, media and telecommunications
148,979

 

 
148,979

 

Financial services
283,151

 

 
275,474

 
7,677

Mortgage-backed securities
13,691

 

 
13,691

 

Collateralized mortgage obligations
 
 
 
 
 
 
 
Government national mortgage association
157,483

 

 
157,483

 

Federal home loan mortgage corporation
199,152

 

 
199,152

 

Federal national mortgage association
105,432

 

 
105,432

 

Asset-backed securities
4,636

 

 
3,989

 
647

Total Available-For-Sale Fixed Maturities
$
2,965,095

 
$

 
$
2,956,103

 
$
8,992

Equity securities
 
 
 
 
 
 
 
Common stocks
 
 
 
 
 
 
 
Public utilities
$
22,439

 
$
22,439

 
$

 
$

Energy
14,565

 
14,565

 

 

Industrials
66,519

 
66,517

 
2

 

Consumer goods and services
25,688

 
25,688

 

 

Health care
40,103

 
40,103

 

 

Technology, media and telecommunications
17,508

 
17,508

 

 

Financial services
116,447

 
116,447

 

 

Nonredeemable preferred stocks
1,297

 
415

 

 
882

Total Available-for-Sale Equity Securities
$
304,566

 
$
303,682

 
$
2

 
$
882

Total Available-for-Sale Securities
$
3,269,661

 
$
303,682

 
$
2,956,105

 
$
9,874

TRADING
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
Corporate bonds
 
 
 
 
 
 
 
Industrials
$
2,220

 
$

 
$
2,220

 
$

Consumer goods and services
1,535

 

 
1,535

 

Health care
3,741

 

 
3,741

 

Technology, media and telecommunications
1,221

 

 
1,221

 

Financial services
5,566

 

 
5,566

 

Redeemable preferred stocks
2,559

 
2,559

 

 

Equity securities
 
 
 
 
 
 
 
Public utilities
874

 
874

 

 

Energy
190

 
190

 

 

Industrials
989

 
989

 

 

Consumer goods and services
1,314

 
1,314

 

 

Health care
325

 
325

 

 

     Financial Services
198

 
198

 

 

Nonredeemable preferred stocks
2,541

 
2,541

 

 

Total Trading Securities
$
23,273

 
$
8,990

 
$
14,283

 
$

Short-Term Investments
$
175

 
$
175

 
$

 
$

Money Market Accounts
$
16,824

 
$
16,824

 
$

 
$

Corporate-Owned Life Insurance
$
4,029

 
$

 
$
4,029

 
$

Total Assets Measured at Fair Value
$
3,313,962

 
$
329,671

 
$
2,974,417

 
$
9,874


 
 
 
Fair Value Measurements
Description
December 31, 2016
 
Level 1
 
Level 2
 
Level 3
AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
U.S. Treasury
$
23,195

 
$

 
$
23,195

 
$

U.S. government agency
77,597

 

 
77,597

 

States, municipalities and political subdivisions
 
 
 
 
 
 
 
General obligations
 
 
 
 
 
 
 
   Midwest
144,143

 

 
144,143

 

   Northeast
58,409

 

 
58,409

 

   South
128,369

 

 
128,369

 

   West
113,731

 

 
113,731

 

Special revenue
 
 
 
 
 
 
 
   Midwest
168,310

 

 
168,142

 
168

   Northeast
68,065

 

 
68,065

 

   South
239,187

 

 
239,187

 

   West
131,744

 

 
131,744

 

Foreign bonds
65,234

 

 
65,234

 

Public utilities
215,674

 

 
215,674

 

Corporate bonds
 
 
 
 
 
 
 
Energy
108,860

 

 
108,860

 

Industrials
229,903

 

 
229,903

 

Consumer goods and services
181,687

 

 
180,590

 
1,097

Health care
83,123

 

 
83,123

 

Technology, media and telecommunications
144,612

 

 
144,612

 

Financial services
273,951

 

 
265,154

 
8,797

Mortgage-backed securities
17,248

 

 
17,248

 

Collateralized mortgage obligations
 
 
 
 
 
 
 
Government national mortgage association
144,460

 

 
144,460

 

Federal home loan mortgage corporation
174,458

 

 
174,458

 

Federal national mortgage association
101,896

 

 
101,896

 

Asset-backed securities
4,270

 

 
3,821

 
449

Total Available-For-Sale Fixed Maturities
$
2,898,126

 
$

 
$
2,887,615

 
$
10,511

Equity securities
 
 
 
 
 
 
 
Common stocks
 
 
 
 
 
 
 
Public utilities
$
19,671

 
$
19,671

 
$

 
$

Energy
15,047

 
15,047

 

 

Industrials
51,794

 
51,794

 

 

Consumer goods and services
24,117

 
24,117

 

 

Health care
27,420

 
27,420

 

 

Technology, media and telecommunications
15,369

 
15,369

 

 

Financial services
115,950

 
111,958

 

 
3,992

Nonredeemable preferred stocks
1,048

 
453

 

 
595

Total Available-for-Sale Equity Securities
$
270,416

 
$
265,829

 
$

 
$
4,587

Total Available-for-Sale Securities
$
3,168,542

 
$
265,829

 
$
2,887,615

 
$
15,098

TRADING
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
Corporate bonds
 
 
 
 
 
 
 
Industrials
$
3,919

 
$

 
$
3,919

 
$

Consumer goods and services
127

 

 
127

 

Health care
3,410

 

 
3,410

 

Technology, media and telecommunications
787

 

 
787

 

Financial services
4,842

 

 
4,842

 

Redeemable preferred stocks
1,305

 
1,305

 

 

Equity securities
 
 
 
 
 
 
 
Public utilities
613

 
613

 

 

Energy
286

 
286

 

 

Industrials
877

 
877

 

 

Consumer goods and services
1,202

 
1,202

 

 

Health care
339

 
339

 

 

     Financial Services
206

 
206

 

 

Nonredeemable preferred stocks
2,121

 
2,121

 

 

Total Trading Securities
$
20,034

 
$
6,949

 
$
13,085

 
$

Short-Term Investments
$
175

 
$
175

 
$

 
$

Money Market Accounts
$
16,802

 
$
16,802

 
$

 
$

Corporate-Owned Life Insurance
$
2,592

 
$

 
$
2,592

 
$

Total Assets Measured at Fair Value
$
3,208,145

 
$
289,755

 
$
2,903,292

 
$
15,098






































The following tables are a reconciliation for both continuing and discontinued operations of the presentation of the categorization for our financial instruments measured at fair value on a recurring basis at December 31, 2017 and 2016:
December 31, 2017
 
 
Fair Value Measurements
Description
Total
 
Level 1
 
Level 2
 
Level 3
AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
Continuing operations
$
1,535,070

 
$

 
$
1,534,323

 
$
747

Discontinued operations
1,430,025

 

 
1,421,780

 
8,245

Total Available-for-Sale Fixed Maturities
$
2,965,095

 
$


$
2,956,103


$
8,992

Equity securities:

 
 
 
 
 
 
Continuing operations
$
280,913

 
$
280,031

 
$

 
$
882

Discontinued operations
23,653

 
23,651

 
2

 

Total Available-for-Sale Equity Securities
$
304,566

 
$
303,682


$
2


$
882

Total Available-for-Sale Securities
$
3,269,661

 
$
303,682


$
2,956,105


$
9,874

TRADING

 
 
 
 
 
 
Fixed maturities:

 
 
 
 
 
 
Continuing operations
$
16,842

 
$
2,559

 
$
14,283

 
$

Discontinued operations

 

 

 

Equity securities:

 
 
 
 
 
 
Continuing operations
6,431

 
6,431

 

 

Discontinued operations

 

 

 

Total Trading Securities
$
23,273

 
$
8,990


$
14,283


$

SHORT-TERM INVESTMENTS

 
 
 
 
 
 
Continuing operations
$
175

 
$
175

 
$

 
$

Discontinued operations

 

 

 

Short-Term Investments
$
175

 
$
175


$


$

MONEY MARKET ACCOUNTS

 
 
 
 
 
 
Continuing operations
$
6,147

 
$
6,147

 
$

 
$

Discontinued operations
10,677

 
10,677

 

 

Money Market Accounts
$
16,824

 
$
16,824


$


$

CORPORATE-OWNED LIFE INSURANCE

 
 
 
 
 
 
Continuing operations
$
4,029

 
$

 
$
4,029

 
$

Discontinued operations

 

 

 

Corporate-Owned Life Insurance
$
4,029

 
$


$
4,029


$

Total Assets Measured at Fair Value
$
3,313,962

 
$
329,671


$
2,974,417


$
9,874

December 31, 2016
 
 
Fair Value Measurements
Description
Total
 
Level 1
 
Level 2
 
Level 3
AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
Continuing operations
$
1,453,286

 
$

 
$
1,452,737

 
$
549

Discontinued operations
1,444,840

 

 
1,434,878

 
9,962

Total Available-for-Sale Fixed Maturities
$
2,898,126

 
$


$
2,887,615


$
10,511

Equity securities:

 
 
 
 
 
 
Continuing operations
$
246,370

 
$
243,627

 
$

 
$
2,743

Discontinued operations
24,046

 
22,202

 

 
1,844

Total Available-for-Sale Equity Securities
$
270,416

 
$
265,829


$


$
4,587

Total Available-for-Sale Securities
$
3,168,542

 
$
265,829


$
2,887,615


$
15,098

TRADING

 
 
 
 
 
 
Fixed maturities:

 
 
 
 
 
 
Continuing operations
$
14,390

 
$
1,305

 
$
13,085

 
$

Discontinued operations

 

 

 

Equity securities:

 
 
 
 
 
 
Continuing operations
5,644

 
5,644

 

 

Discontinued operations

 

 

 

Total Trading Securities
$
20,034

 
$
6,949


$
13,085


$

SHORT-TERM INVESTMENTS

 
 
 
 
 
 
Continuing operations
$
175

 
$
175

 
$

 
$

Discontinued operations

 

 

 

Short-Term Investments
$
175

 
$
175


$


$

MONEY MARKET ACCOUNTS

 
 
 
 
 
 
Continuing operations
$
4,810

 
$
4,810

 
$

 
$

Discontinued operations
11,992

 
11,992

 

 

Money Market Accounts
$
16,802

 
$
16,802


$


$

CORPORATE-OWNED LIFE INSURANCE

 
 
 
 
 
 
Continuing operations
$
2,592

 
$

 
$
2,592

 
$

Discontinued operations

 

 

 

Corporate-Owned Life Insurance
$
2,592

 
$


$
2,592


$

Total Assets Measured at Fair Value
$
3,208,145

 
$
289,755


$
2,903,292


$
15,098

Summary of Changes in Fair Value of Level 3 Securities
The following table provides a summary of the changes in fair value of our Level 3 securities, from both continuing and discontinued operations for 2017:
 
States, municipalities and political subdivisions
 
Corporate bonds
 
Asset-backed securities
 
Equities
 
Total
Balance at January 1, 2017
$
168

 
$
9,894

 
$
449

 
$
4,587

 
$
15,098

Unrealized gains (losses) (1)
(8
)
 
(129
)
 
198

 
287

 
348

Purchases

 
100

 

 
145

 
245

Disposals
(160
)
 
(1,520
)
 

 
(4,137
)
 
(5,817
)
Balance at December 31, 2017
$

 
$
8,345

 
$
647

 
$
882

 
$
9,874


(1) Realized gains (losses) are recorded as a component of earnings, whereas unrealized gains (losses) are recorded as a component of comprehensive income.









The following table provides a summary of the changes in fair value of our Level 3 securities, from both continuing and discontinued operations for 2016:
 
States, municipalities and political subdivisions
 
Corporate bonds
 
Asset-backed securities
 
Equities
 
Total
Balance at January 1, 2016
$
343

 
$
10,895

 
$
1,036

 
$
3,978

 
$
16,252

Realized gains (losses) (1)

 

 

 

 

Unrealized gains (losses) (1)
(15
)
 
134

 
(39
)
 

 
80

Purchases

 

 

 
727

 
727

Disposals
(160
)
 
(1,135
)
 
(548
)
 
(118
)
 
(1,961
)
Balance at December 31, 2016
$
168

 
$
9,894

 
$
449

 
$
4,587

 
$
15,098

(1) Realized gains (losses) are recorded as a component of earnings, whereas unrealized gains (losses) are recorded as a component of comprehensive income.