Fair Value (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value, Assets Measured on Recurring Basis

The following table presents for each of the fair value hierarchy levels, our assets that are measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018 (in thousands):


	As of September 30, 2019
	Quoted Prices in
	Active Markets for
	Identical Assets		Other Observable		Unobservable
	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
U.S. Treasury securities and obligations of U.S. Government	$	—	$	48,345	$	-	$	48,345
Corporate bonds		—		283,678		444		284,122
Collateralized corporate bank loans		—		121,317		-		121,317
Municipal bonds		—		106,311		-		106,311
Mortgage-backed		—		8,736		-		8,736
Total debt securities		—		568,387		444		568,831
Total equity securities		92,099		—		—		92,099
Total other investments		3,009		—		—		3,009
Total investments	$	95,108	$	568,387	$	444	$	663,939


	As of December 31, 2018
	Quoted Prices in
	Active Markets for
	Identical Assets		Other Observable		Unobservable
	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
U.S. Treasury securities and obligations of U.S. Government	$	—	$	48,106	$	—	$	48,106
Corporate bonds		—		241,861		291		242,152
Collateralized corporate bank loans		—		126,528		—		126,528
Municipal bonds		—		115,527		—		115,527
Mortgage-backed		—		13,557		—		13,557
Total debt securities		—		545,579		291		545,870
Total equity securities		80,896		—		—		80,896
Total other investments		1,148		—		—		1,148
Total investments	$	82,044	$	545,579	$	291	$	627,914

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value for all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2019 and 2018 (in thousands):


Beginning balance as of January 1, 2019	$	291
Sales		—
Settlements		—
Purchases		—
Issuances		—
Total realized/unrealized gains included in net income		—
Net gain included in other comprehensive income		153
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of September 30, 2019	$	444


Beginning balance as of January 1, 2018	$	3,757
Sales		(2,925)
Settlements		—
Purchases		—
Issuances		—
Total realized/unrealized gains included in net income		—
Net gains included in other comprehensive income		114
Transfers into Level 3		—
Transfers out of Level 3		(621)
Ending balance as of September 30, 2018	$	325