• Filing Date: 2019-03-08
  • Form Type: 10-K
  • Description: Annual report
v3.10.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Components of Long-Term Debt and Methods Used in Estimating Fair Values
The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values:
 
  
Maturity
Date
 
Valuation Methodology
3.875% Convertible Senior Notes
 2019 
Quoted price
4.25% Convertible Senior Notes
 2037 
Quoted price
3.95% Promissory Note
 2020 
Discounted cash flow method/Level 3 inputs
4% Promissory Note
 2031 
Discounted cash flow method/Level 3 inputs
3.75% Callable Promissory Note
 2036 
Discounted cash flow method/Level 3 inputs
4.55% Promissory Note
 2036 
Discounted cash flow method/Level 3 inputs
Assets Measured at Estimated Fair Value on a Recurring Basis
Assets Measured at Estimated Fair Value on a Recurring Basis:
The following tables present information about the Company’s financial assets measured at estimated fair value on a recurring basis. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2018 and 2017:
 
 
 
Fair Value Measurements Using
 
 
 
 
 
 
(Level 1)
 
 
(Level 2)
 
 
(Level 3)
 
 
Total
 
As of December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
239,458
 
 
$
 
 
$
 
 
$
239,458
 
Restricted cash
 
 
700
 
 
 
 
 
 
 
 
 
700
 
Short-term investments
 
 
66,479
 
 
 
 
 
 
 
 
 
66,479
 
Fixed-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and U.S. government agencies
 
 
60,297
 
 
 
1,500
 
 
 
 
 
 
61,797
 
Corporate bonds
 
 
101,905
 
 
 
 
 
 
 
 
 
101,905
 
State, municipalities, and political subdivisions
 
 
 
 
 
10,662
 
 
 
 
 
 
10,662
 
Exchange-traded debt
 
 
8,247
 
 
 
 
 
 
 
 
 
8,247
 
Redeemable preferred stock
 
 
112
 
 
 
 
 
 
 
 
 
112
 
Total 
available-for-sale
 securities
 
 
170,561
 
 
 
12,162
 
 
 
 
 
 
182,723
 
Equity securities
 
 
41,143
 
 
 
 
 
 
 
 
 
41,143
 
Total
 
$
518,341
 
 
$
12,162
 
 
$
 
 
$
530,503
 
 
 
 
Fair Value Measurements Using
 
 
 
 
 
 
(Level 1)
 
 
(Level 2)
 
 
(Level 3)
 
 
Total
 
As of December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
255,884
 
 
$
 
 
$
 
 
$
255,884
 
Restricted cash
 
 
809
 
 
 
 
 
 
 
 
 
809
 
Fixed-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and U.S. government agencies
 
 
40,527
 
 
 
1,500
 
 
 
 
 
 
42,027
 
Corporate bonds
 
 
106,109
 
 
 
994
 
 
 
 
 
 
107,103
 
State, municipalities, and political subdivisions
 
 
 
 
 
80,695
 
 
 
 
 
 
80,695
 
Exchange-traded debt
 
 
7,659
 
 
 
 
 
 
 
 
 
7,659
 
Total available-for-sale securities
 
 
154,295
 
 
 
83,189
 
 
 
 
 
 
237,484
 
Equity securities
 
 
59,956
 
 
 
 
 
 
 
 
 
59,956
 
Total
 
$
470,944
 
 
$
83,189
 
 
$
 
 
$
554,133
 
Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet
The following tables present fair value information for assets and liabilities that are carried on the balance sheet at amounts other than fair value as of December 31, 2018 and 2017:
 
 
 
 Carrying
 
 
Fair Value Measurements Using
 
 
Estimated
 
 
 
 
Value
 
 
(Level 1)
 
 
(Level 2)
 
 
(Level 3)
 
 
Fair Value
 
As of December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnership investments
 
$
32,293
 
 
$
 
 
$
 
 
$
32,293
 
 
$
32,293
 
Financial Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.875% Convertible senior notes
 
$
89,181
 
 
$
 
 
$
89,824
 
 
$
 
 
$
89,824
 
4.25% Convertible senior notes
 
 
130,120
 
 
 
 
 
 
145,617
 
 
 
 
 
 
145,617
 
3.95% Promissory note
 
 
9,077
 
 
 
 
 
 
 
 
 
9,128
 
 
 
9,128
 
4% Promissory note
 
 
7,732
 
 
 
 
 
 
 
 
 
7,788
 
 
 
7,788
 
3.75% Promissory note
 
 
8,159
 
 
 
 
 
 
 
 
 
8,001
 
 
 
8,001
 
4.55% Promissory note
 
 
5,826
 
 
 
 
 
 
 
 
 
6,025
 
 
 
6,025
 
Total long-term debt
 
$
250,095
 
 
$
 
 
$
235,441
 
 
$
30,942
 
 
$
266,383
 
 
    
 
Carrying
 
 
Fair Value Measurements Using
 
 
Estimated
 
 
 
Value
 
 
(Level 1)
 
 
(Level 2)
 
 
(Level 3)
 
 
Fair Value
 
As of December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Assets:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnership investments
  
 
$
23,184
 
 
$
 
 
$
 
 
$
23,184
 
 
$
23,184
 
Financial Liabilities:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.875% Convertible senior notes
  
 
$
85,436
 
 
$
 
 
$
90,827
 
 
$
 
 
$
90,827
 
4.25% Convertible senior notes
  
 
 
126,454
 
 
 
 
 
 
124,444
 
 
 
 
 
 
124,444
 
3.95% Promissory note
  
 
 
9,270
 
 
 
 
 
 
 
 
 
9,227
 
 
 
9,227
 
4% Promissory note
  
 
 
8,206
 
 
 
 
 
 
 
 
 
7,894
 
 
 
7,894
 
3.75% Promissory note
  
 
 
8,469
 
 
 
 
 
 
 
 
 
7,820
 
 
 
7,820
 
Total long-term debt
  
 
$
237,835
 
 
$
 
 
$
215,271
 
 
$
24,941
 
 
$
240,212