Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2013

Financial Instruments Measured at Fair Value on Recurring Basis

At December 31, 2013, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1		Level 2		Level 3		Fair value measurements
	($000 omitted)
Investments available-for-sale:
Debt securities:
Municipal		—		47,252		—		47,252
Corporate		—		291,832		—		291,832
Foreign		—		162,367		—		162,367
U.S. Government		—		15,197		—		15,197
Equity securities:		20,695		—		—		20,695
		20,695		516,648		—		537,343

At December 31, 2012, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1		Level 2		Level 3		Fair value measurements
	($000 omitted)
Investments available-for-sale:
Debt securities:
Municipal		—		19,011		—		19,011
Corporate		—		287,528		—		287,528
Foreign		—		169,009		—		169,009
U.S. Government		—		16,638		—		16,638
Equity securities:		11,073		—		—		11,073
		11,073		492,186		—		503,259

Assets Measured at Fair Value on Nonrecurring Basis

As of December 31, 2013, assets measured at fair value on a nonrecurring basis are summarized below:

	Level 3		Impairment loss recorded
	($000 omitted)
Cost-basis investments		1,000		995

The carrying amount of certain cost-basis investments exceeded their fair value and an impairment charge of $1.0 million was recorded in investment and other gains (losses) – net in 2013. The valuations were based on the values of the underlying assets of the investee.

As of December 31, 2012, assets measured at fair value on a nonrecurring basis are summarized below:

	Level 3		Impairment loss recorded
	($000 omitted)
Cost-basis investments		1,640		753