Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2014

Financial Instruments Measured at Fair Value on Recurring Basis

At December 31, 2014, 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	—	61,689	—	61,689
Corporate	—	308,691	—	308,691
Foreign	—	166,685	—	166,685
U.S. Treasury Bonds	—	14,802	—	14,802
Equity securities:	28,236	—	—	28,236
	28,236	551,867	—	580,103

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. Treasury Bonds	—	15,197	—	15,197
Equity securities:	20,695	—	—	20,695
	20,695	516,648	—	537,343

Assets Measured at Fair Value on Nonrecurring Basis

As of December 31, 2014 and 2013, assets measured at fair value on a nonrecurring basis are summarized below:



	2014		2013
	Level 3	Impairment loss recorded	Level 3	Impairment loss recorded
	($000 omitted)
Cost-basis investments	225	1,000	1,000	995

The carrying amount of certain cost-basis investments exceeded their fair value and impairment charges of $1.0 million were recorded in investment and other gains (losses) – net in each of the years ended December 31, 2014 and 2013. The valuations were based on the values of the underlying assets of the investee.