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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Carrying Amounts and Estimated Fair Values of Financial Insruments
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2015 and 2014:
 
2015
 
2014
(In thousands)
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Assets:
 

 
 

 
 

 
 

Fixed maturity securities
$
12,444,394

 
$
12,462,847

 
$
12,705,160

 
$
12,725,806

Equity securities available for sale
150,866

 
150,866

 
170,991

 
170,991

Arbitrage trading account
376,697

 
376,697

 
450,648

 
450,648

Loans receivable
273,103

 
275,747

 
322,012

 
325,219

Cash and cash equivalents
763,631

 
763,631

 
674,441

 
674,441

Trading accounts receivable from brokers and clearing organizations
383,115

 
383,115

 
371,034

 
371,034

Due from broker
1,713

 
1,713

 

 

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Due to broker

 

 
23,133

 
23,133

Trading account securities sold but not yet purchased
37,035

 
37,035

 
106,079

 
106,079

Subordinated debentures
340,320

 
355,880

 
340,060

 
332,640

Senior notes and other debt
1,844,621

 
2,029,572

 
2,115,527

 
2,344,292