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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair vale on a recurring basis
All assets measured at fair value are categorized in the table below based upon the lowest level of significant input to the valuations. All fair value measurements at the reporting date were on a recurring basis.
December 31, 2020 (In thousands)Quoted Prices
in Active 
Markets for
Identical
Instruments
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Recurring fair value measurements    
Financial Assets:    
U.S. Treasury securities$268,444 $— $— $268,444 
U.S. agency securities— 18,085 — 18,085 
U.S. agency mortgage-backed securities— 995,905 — 995,905 
Municipal debt securities— 551,517 — 551,517 
Non-U.S. government securities— 61,607 — 61,607 
Corporate debt securities— 1,126,512 — 1,126,512 
Residential and commercial mortgage securities— 409,282 — 409,282 
Asset-backed securities— 454,717 — 454,717 
Money market funds679,304 — — 679,304 
Total assets at fair value (1)$947,748 $3,617,625 $— $4,565,373 

December 31, 2019 (In thousands)Quoted Prices
in Active 
Markets for
Identical
Instruments
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Recurring fair value measurements    
Financial Assets:    
U.S. Treasury securities$242,206 $— $— $242,206 
U.S. agency securities— 33,605 — 33,605 
U.S. agency mortgage-backed securities— 848,334 — 848,334 
Municipal debt securities— 361,638 — 361,638 
Non-U.S. government securities— 54,995 — 54,995 
Corporate debt securities— 880,301 — 880,301 
Residential and commercial mortgage securities— 288,281 — 288,281 
Asset-backed securities— 326,025 — 326,025 
Money market funds315,362 — — 315,362 
Total assets at fair value (1)$557,568 $2,793,179 $— $3,350,747 
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(1)Does not include the fair value of embedded derivatives, which we have accounted for separately as freestanding derivatives and included in other assets or other accrued liabilities in our consolidated balance sheet. See Note 5 for more information.