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Investments (Tables)

12 Months Ended

Dec. 31, 2023

The following tables summarize debt and equity securities at December 31, 2023 and 2022.


	(dollars in thousands)
	Gross Unrealized
2023	Cost		Gains		Losses		Fair Value
Equity	$	344,669	$	246,795	$	(5,549)	$	585,915
Debt	908,316		3,938		(25,181)		887,073
Other	2,889		61		(36)		2,914
Total	$	1,255,874	$	250,794	$	(30,766)	$	1,475,902


	(dollars in thousands)
	Gross Unrealized
2022	Cost		Gains		Losses		Fair Value
Equity	$	323,907	$	159,445	$	(8,949)	$	474,403
Debt	833,035		372		(46,369)		787,038
Other	10,445		20		(9)		10,456
Total	$	1,167,387	$	159,837	$	(55,327)	$	1,271,897

Schedule of contractual maturities of debt securities

The contractual maturities of debt securities, which are included in the estimated fair value table above, at December 31, 2023 and 2022 are as follows:


	(dollars in thousands)
	2023				2022
	Cost		Fair Value		Cost		Fair Value
Due within one year	$	486,602	$	477,726	$	367,199	$	353,180
Due after one year through five years	267,690		260,193		293,523		275,073
Due after five years through ten years	47,804		47,416		66,255		62,576
Due after ten years	106,220		101,738		106,058		96,209
Total	$	908,316	$	887,073	$	833,035	$	787,038

Summary of realized gains and losses and proceeds from sales of securities

The following table summarizes the realized gains and losses and proceeds from sales of securities for the years ended December 31, 2023, 2022 and 2021:


	(dollars in thousands)
	2023		2022		2021
Gross realized gains	$	15,518	$	10,029	$	33,501
Gross realized losses	(8,564)		(31,979)		(19,985)
Proceeds from sales	720,186		301,128		913,600

Schedule of investments in associated companies

Investments in associated companies were as follows at December 31, 2023 and 2022:


	(dollars in thousands)
	2023		2022
National Rural Utilities Cooperative Finance Corporation (CFC)	$	24,068	$	24,081
CT Parts, LLC	6,568		6,574
Georgia Transmission Corporation	40,806		38,287
Georgia System Operations Corporation	6,500		7,750
Other	4,191		2,245
Total	$	82,133	$	78,937