Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Assets and Liabilities Carried at Fair Value

As of September 30, 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
September 30, 2021	(In thousands)
Assets
Corporate bonds	$	—	$	9,921	$	—	$	9,921

Agency bond securities	—		223,891		—		223,891
Agency mortgage-backed securities	—		918,053		—		918,053
Municipal bonds	—		28,224		—		28,224
Asset-backed securities	—		8,127		—		8,127
Total assets	$	—	$	1,188,216	$	—	$	1,188,216

Liabilities
Contingent consideration	$	—	$	—	$	2,300	$	2,300

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

Schedule of Changes in Contingent Consideration Payable

The following table presents changes in our contingent consideration payable for the three and nine months ended September 30, 2021 and 2020, which is categorized in Level 3 of the fair value hierarchy:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands)
Balance, beginning of period	$	3,300	$	7,300	$	5,300	$	9,300

Payments of contingent consideration	(1,000)		(1,000)		(3,000)		(3,000)


Balance, end of period	$	2,300	$	6,300	$	2,300	$	6,300