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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 Value on Recurring Basis The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of the date indicated.
 December 31, 2020
 TotalLevel 1Level 2Level 3
 (In thousands)
Debt securities, available-for-sale$10,770,923 — 10,770,923 — 
Equity securities17,744 17,744 — — 
Derivatives, index options132,821 — — 132,821 
Total assets$10,921,488 17,744 10,770,923 132,821 
Policyholder account balances (a)
$161,351 — — 161,351 
Other liabilities (b)
6,202 — — 6,202 
Total liabilities$167,553 — — 167,553 

 December 31, 2019
 TotalLevel 1Level 2Level 3
 (In thousands)
Debt securities, available-for-sale$3,356,945 — 3,356,945 — 
Equity securities23,594 23,594 — — 
Derivatives, index options157,588 — — 157,588 
Other invested assets2 2 — — 
Total assets$3,538,129 23,596 3,356,945 157,588 
Policyholder account balances (a)
$155,902 — — 155,902 
Other liabilities (c)
15,301 — — 15,301 
Total liabilities$171,203 — — 171,203 

(a)  Represents the fair value of certain product-related embedded derivatives that were recorded at fair value.
(b)  Represents the liability for share-based compensation.
(c)  Represents the liability for share-based compensation and contingent consideration for businesses acquired.
Schedule of Significant Unobservable Inputs for Fair Value Measurements
The following table provides additional information about fair value measurements for which significant unobservable inputs (Level 3) were utilized to determine fair value.



December 31, 2020
AssetsOther Liabilities
Derivatives, Index OptionsTotal AssetsPolicyholder Account BalancesShare-based CompContingent ConsiderationTotal Other Liabilities
 (In thousands)
Beginning balance, January 1, 2020$157,588 157,588 155,902 11,225 4,076 171,203 
Total realized and unrealized gains (losses):
Included in net earnings14,754 14,754 44,970 (2,350)(4,076)38,544 
Included in other comprehensive income— — — — — — 
Purchases, sales, issuances and settlements, net:
Purchases61,837 61,837 61,837 — — 61,837 
Sales— — — — — — 
Issuances— — — 164 — 164 
Settlements(101,358)(101,358)(101,358)(2,837)— (104,195)
Transfers into (out of) Level 3— — — — — — 
Balance at end of period$132,821 132,821 161,351 6,202 — 167,553 
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets/liabilities held at the end of the reporting period:
Net investment income$70,984 70,984 — — — — 
Benefits and expenses— — 70,984 (2,350)(4,076)64,558 
Total$70,984 70,984 70,984 (2,350)(4,076)64,558 
December 31, 2019
AssetsOther Liabilities
Derivatives, Index OptionsTotal AssetsPolicyholder Account BalancesShare-based CompContingent ConsiderationTotal Other Liabilities
 (In thousands)
Beginning balance, January 1, 2019$14,684 14,684 44,781 11,923 — 56,704 
Total realized and unrealized gains (losses):
Included in net earnings123,207 123,207 91,424 2,306 376 94,106 
Included in other comprehensive income— — — — — — 
Purchases, sales, issuances and settlements, net:
Purchases76,928 76,928 76,928 — — 76,928 
Sales— — — — — — 
Issuances— — — 115 3,700 3,815 
Settlements(57,231)(57,231)(57,231)(3,119)— (60,350)
Transfers into (out of) Level 3— — — — — — 
Balance at end of period$157,588 157,588 155,902 11,225 4,076 171,203 
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets/liabilities held at the end of the reporting period:
Net investment income$80,724 80,724 — — — — 
Benefits and expenses— — 80,724 2,306 376 83,406 
Total$80,724 80,724 80,724 2,306 376 83,406 
Schedule of Fair Value, Valuation Techniques and Significant Unobservable Inputs for Financial Instruments Categorized as Level 3
The following table presents the valuation method for financial assets and liabilities categorized as level 3, as well as the unobservable inputs used in the valuation of those financial instruments:

 December 31, 2020
 Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)
 (In thousands)
Assets:
Derivatives, index options$132,821 Broker pricesImplied volatility
12.96% - 53.69% (20.70%)
Total assets$132,821 
Liabilities:
Policyholder account balances$161,351 Deterministic cash flow modelProjected option cost
0.0% - 45.04% (3.27%)
Share based compensation6,202 Black-Scholes modelExpected term
1.0 to 9.9 years
Expected volatility33.47%
Total liabilities$167,553 

 December 31, 2019
 Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)
 (In thousands)
Assets:
Derivatives, index options$157,588 Broker pricesImplied volatility
13.10% - 19.90% (15.25%)
Total assets$157,588 
Liabilities:
Policyholder account balances$155,902 Deterministic cash flow modelProjected option cost
0.0% - 17.55% (3.14%)
Share based compensation11,225 Black-Scholes modelExpected term
1.9 to 10 years
Expected volatility22.19%
Contingent consideration on businesses acquired4,076 Probabilistic MethodDiscount rate10.0%
Projected renewal premium
$57.2 - $82.4 million ($71.9)
Total liabilities$171,203 
Schedule of Assets by Pricing Source and Fair Value Hierarchy Measured at Fair Value on Recurring Basis
The following table presents, by pricing source and fair value hierarchy level, the Company’s assets that are measured at fair value on a recurring basis:

 December 31, 2020
 TotalLevel 1Level 2Level 3
 (In thousands)
Debt securities, available-for-sale:    
Priced by third-party vendors$10,770,923 — 10,770,923 — 
Priced internally— — — — 
Subtotal10,770,923 — 10,770,923 — 
Equity securities:    
Priced by third-party vendors17,744 17,744 — — 
Priced internally— — — — 
Subtotal17,744 17,744 — — 
Derivatives, index options:    
Priced by third-party vendors132,821 — — 132,821 
Priced internally— — — — 
Subtotal132,821 — — 132,821 
Total$10,921,488 17,744 10,770,923 132,821 
Percent of total100.0 %0.2 %98.6 %1.2 %
Schedule of Carrying Amounts and Fair Values of Financial Instruments
The carrying amounts and fair values of the Company's financial instruments are as follows:

December 31, 2020
 Fair Value Hierarchy Level
Carrying
Values		Fair
Values		Level 1Level 2Level 3
 (In thousands)
ASSETS    
Debt securities, available-for-sale$10,770,923 10,770,923 — 10,770,923 — 
Cash and cash equivalents581,059 581,059 581,059 — — 
Mortgage loans332,521 348,175 — — 348,175 
Real estate33,783 48,577 — — 48,577 
Policy loans74,083 121,260 — — 121,260 
Other loans23,396 23,691 — — 23,691 
Derivatives, index options132,821 132,821 — — 132,821 
Equity securities17,744 17,744 17,744 — — 
Life interest in Libbie Shearn Moody Trust9,083 12,775 — — 12,775 
Other invested assets4,513 22,580 — 22,580 
LIABILITIES
Deferred annuity contracts$6,662,730 5,192,663 — — 5,192,663 
Immediate annuity and supplemental contracts412,526 467,538 — — 467,538 
Contingent consideration on businesses acquired— — — — — 
December 31, 2019
 Fair Value Hierarchy Level
Carrying
Values		Fair
Values		Level 1Level 2Level 3
 (In thousands)
ASSETS    
Debt securities, held-to-maturity$7,106,245 7,407,703 — 7,407,703 — 
Debt securities, available-for-sale3,356,945 3,356,945 — 3,356,945 — 
Cash and cash equivalents253,524 253,524 253,524 — — 
Mortgage loans272,422 270,931 — — 270,931 
Real Estate34,588 57,204 — — 57,204 
Policy loans80,008 123,650 — — 123,650 
Other loans13,547 13,698 — — 13,698 
Derivatives, index options157,588 157,588 — — 157,588 
Equity Securities23,594 23,594 23,594 — — 
Life interest in Libbie Shearn Moody Trust9,230 12,775 — — 12,775 
Other invested assets197 16,182 2 — 16,180 
LIABILITIES
Deferred annuity contracts (1)
$7,014,833 5,931,352 — — 5,931,352 
Immediate annuity and supplemental contracts400,465 422,931 — — 422,931 
Contingent consideration on businesses acquired4,076 4,076 — — 4,076 
(1) Revised for an adjustment related to reserve liabilities of $15.0 million. See Note (1).