Fair Value of Assets Measured on a 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 December 31, 2016 and December 31, 2015 (in thousands).
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As of December 31, 2016
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Other Observable Inputs (Level 2)
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Unobservable Inputs (Level 3)
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Total
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U.S. Treasury securities and obligations of U.S. Government
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$
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-
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$
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42,022
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$
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-
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$
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42,022
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Corporate bonds
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-
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226,062
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-
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226,062
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Collateralized corporate bank loans
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-
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106,009
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-
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106,009
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Municipal bonds
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-
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158,216
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5,679
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163,895
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Mortgage-backed
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-
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59,469
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-
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59,469
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Total debt securities
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-
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591,778
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5,679
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597,457
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Total equity securities
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51,445
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-
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266
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51,711
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Total other investments
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4,951
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-
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-
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4,951
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Total investments
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$
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56,396
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$
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591,778
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$
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5,945
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$
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654,119
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As of December 31, 2015
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Other Observable Inputs (Level 2)
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Unobservable Inputs (Level 3)
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Total
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U.S. Treasury securities and obligations of U.S. Government
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$
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-
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$
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76,269
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$
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-
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$
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76,269
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Corporate bonds
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-
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121,709
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-
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121,709
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Collateralized corporate bank loans
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-
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81,596
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-
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81,596
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Municipal bonds
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-
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178,281
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14,087
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192,368
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Mortgage-backed
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-
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59,383
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-
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59,383
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Total debt securities
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-
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517,238
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14,087
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531,325
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Total equity securities
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47,050
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-
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-
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47,050
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Total other investments
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454
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-
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-
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454
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Total investments
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$
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47,504
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$
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517,238
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$
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14,087
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$
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578,829
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Fair Value, Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) |
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 year ended December 31, 2016 and 2015 (in thousands).
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2016
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2015
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Beginning balance as of January 1
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$
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14,087
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$
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14,598
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Sales
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-
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(370)
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Settlements
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(8,825)
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-
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Purchases
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-
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-
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Issuances
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-
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-
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Total realized/unrealized gains included in net income
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417
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-
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Net losses included in other comprehensive income
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-
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(141)
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Transfers into Level 3
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266
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-
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Transfers out of Level 3
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-
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-
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Ending balance as of December 31
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$
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5,945
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$
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14,087
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