• Filing Date: 2020-03-06
  • Form Type: 10-K
  • Description: Annual report
v3.19.3.a.u2
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2019
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

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, 2019 and 2018:

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

As of December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

229,218

 

 

$

 

 

$

 

 

$

229,218

 

Restricted cash

 

$

700

 

 

$

 

 

$

 

 

$

700

 

Short-term investments

 

$

491

 

 

$

 

 

$

 

 

$

491

 

Fixed-maturity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and U.S. government agencies

 

$

25,294

 

 

$

1,001

 

 

$

 

 

$

26,295

 

Corporate bonds

 

 

159,364

 

 

 

 

 

 

 

 

 

159,364

 

State, municipalities, and political subdivisions

 

 

 

 

 

7,912

 

 

 

 

 

 

7,912

 

Exchange-traded debt

 

 

9,145

 

 

 

 

 

 

 

 

 

9,145

 

Redeemable preferred stock

 

 

123

 

 

 

 

 

 

 

 

 

123

 

Total available-for-sale securities

 

$

193,926

 

 

$

8,913

 

 

$

 

 

$

202,839

 

Equity securities

 

$

35,285

 

 

$

 

 

$

 

 

$

35,285

 

 

 

 

 

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

 

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, 2019 and 2018:

 

 

 

Carrying

Value

 

 

Fair Value Measurements Using

 

 

Estimated

Fair Value

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

 

 

As of December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Limited partnership investments

 

$

28,346

 

 

$

 

 

$

 

 

$

28,346

 

 

$

28,346

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility

 

$

9,750

 

 

$

 

 

$

9,750

 

 

$

 

 

$

9,750

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.25% Convertible senior notes

 

$

134,075

 

 

$

 

 

$

147,375

 

 

$

 

 

$

147,375

 

3.95% Promissory note

 

 

8,875

 

 

 

 

 

 

 

 

 

8,887

 

 

 

8,887

 

4% Promissory note

 

 

7,237

 

 

 

 

 

 

 

 

 

7,409

 

 

 

7,409

 

3.75% Promissory note

 

 

7,837

 

 

 

 

 

 

 

 

 

7,861

 

 

 

7,861

 

4.55% Promissory note

 

 

5,611

 

 

 

 

 

 

 

 

 

5,802

 

 

 

5,802

 

Total long-term debt

 

$

163,635

 

 

$

 

 

$

147,375

 

 

$

29,959

 

 

$

177,334

 

 

 

 

Carrying

Value

 

 

Fair Value Measurements Using

 

 

Estimated

Fair Value

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

 

 

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