| 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. | | | | | | | | | | | | | | | | | | June 30, 2017 (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 | | $ | 202,364 |
| | $ | — |
| | $ | — |
| | $ | 202,364 |
| U.S. agency securities | | — |
| | 26,357 |
| | — |
| | 26,357 |
| U.S. agency mortgage-backed securities | | — |
| | 397,602 |
| | — |
| | 397,602 |
| Municipal debt securities | | — |
| | 370,068 |
| | — |
| | 370,068 |
| Corporate debt securities | | — |
| | 555,965 |
| | — |
| | 555,965 |
| Residential and commercial mortgage securities | | — |
| | 69,672 |
| | — |
| | 69,672 |
| Asset-backed securities | | — |
| | 135,505 |
| | — |
| | 135,505 |
| Money market funds | | 83,508 |
| | — |
| | — |
| | 83,508 |
| Total assets at fair value | | $ | 285,872 |
| | $ | 1,555,169 |
| | $ | — |
| | $ | 1,841,041 |
|
| | | | | | | | | | | | | | | | | | December 31, 2016 (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 | | $ | 191,548 |
| | $ | — |
| | $ | — |
| | $ | 191,548 |
| U.S. agency securities | | — |
| | 18,441 |
| | — |
| | 18,441 |
| U.S. agency mortgage-backed securities | | — |
| | 316,494 |
| | — |
| | 316,494 |
| Municipal debt securities | | — |
| | 334,324 |
| | — |
| | 334,324 |
| Corporate debt securities | | — |
| | 456,357 |
| | — |
| | 456,357 |
| Residential and commercial mortgage securities | | — |
| | 68,336 |
| | — |
| | 68,336 |
| Asset-backed securities | | — |
| | 127,172 |
| | — |
| | 127,172 |
| Money market funds | | 102,430 |
| | — |
| | — |
| | 102,430 |
| Total assets at fair value | | $ | 293,978 |
| | $ | 1,321,124 |
| | $ | — |
| | $ | 1,615,102 |
|
|
| Schedule of changes during period in Level 3 liabilities measured at fair value on a recurring basis, and realized and unrealized losses related to Level 3 liabilities |
The following table presents changes during the three and six months ended June 30, 2016 in Level 3 liabilities measured at fair value on a recurring basis, and the net realized and unrealized losses related to the Level 3 liabilities in the condensed consolidated balance sheets at June 30, 2016. During the six months ended June 30, 2017, and in the year ended December 31, 2016, we had no Level 3 assets.
| | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | (In thousands) | | 2016 | | 2016 | Level 3 Liabilities | | | | | Fair value of derivative liabilities at beginning of period | | $ | 898 |
| | $ | 1,232 |
| Net realized and unrealized losses included in income | | 755 |
| | 78 |
| Other comprehensive (income) loss | | — |
| | — |
| Purchases, sales, issues and settlements, net | | 359 |
| | 702 |
| Gross transfers in | | — |
| | — |
| Gross transfers out | | — |
| | — |
| Fair value of derivative liabilities at end of period | | $ | 2,012 |
| | $ | 2,012 |
| | | | | | Changes in net unrealized losses included in income on instruments held at end of period | | $ | 755 |
| | $ | 78 |
|
|