Schedule of Assets and Liabilities Carried at Fair Value |
As of March 31, 2021 and December 31, 2020, our assets and liabilities carried at fair value on a recurring basis were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | March 31, 2021 | (In thousands) | Assets | | | | | | | | Corporate bonds | $ | — | | | $ | 10,017 | | | $ | — | | | $ | 10,017 | | | | | | | | | | Agency bond securities | — | | | 219,036 | | | — | | | 219,036 | | Agency mortgage-backed securities | — | | | 732,772 | | | — | | | 732,772 | | Municipal bonds | — | | | 29,248 | | | — | | | 29,248 | | Asset-backed securities | — | | | 5,142 | | | — | | | 5,142 | | Total assets | $ | — | | | $ | 996,215 | | | $ | — | | | $ | 996,215 | | | | | | | | | | Liabilities | | | | | | | | Contingent consideration | $ | — | | | $ | — | | | $ | 4,300 | | | $ | 4,300 | | | | | | | | | | December 31, 2020 | | | | | | | | Assets | | | | | | | | Corporate bonds | $ | — | | | $ | 10,110 | | | $ | — | | | $ | 10,110 | | | | | | | | | | | | | | | | | | Agency bond securities | — | | | 234,157 | | | — | | | 234,157 | | Agency mortgage-backed securities | — | | | 691,029 | | | — | | | 691,029 | | Municipal bonds | — | | | 30,501 | | | — | | | 30,501 | | Asset-backed securities | — | | | 5,172 | | | — | | | 5,172 | | Total assets | $ | — | | | $ | 970,969 | | | $ | — | | | $ | 970,969 | | | | | | | | | | Liabilities | | | | | | | | Contingent consideration | $ | — | | | $ | — | | | $ | 5,300 | | | $ | 5,300 | |
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Schedule of Changes in Contingent Consideration Payable |
The following table presents changes in our contingent consideration payable for the three months ended March 31, 2021 and 2020, which is categorized in Level 3 of the fair value hierarchy: | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | | 2021 | | 2020 | | | | | | (In thousands) | Balance, beginning of period | | | | | $ | 5,300 | | | $ | 9,300 | | | | | | | | | | Payments of contingent consideration | | | | | (1,000) | | | (1,000) | | | | | | | | | | | | | | | | | | Balance, end of period | | | | | $ | 4,300 | | | $ | 8,300 | |
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