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Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENTS:

ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value and requires additional disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows:

•Level 1 – quoted market prices in active markets for identical assets and liabilities

•Level 2 – inputs other than quoted prices that are directly or indirectly observable

•Level 3 – unobservable inputs where there is little or no market activity

Our strategic investment in InvestCloud discussed in Note 3 "Investments" is excluded from the recurring fair value table shown below, as we have elected to apply the measurement alternative for that investment.

The following table summarizes the values of our assets and liabilities as of the dates indicated within the fair value hierarchy (in thousands):


	Level 1		Level 2		Level 3		Measured at NAV ⁽¹⁾		Total
As of December 31, 2019
Investments in trading securities	$	50,324	$	—	$	—	$	—	$	50,324
Private investment fund	—		—		—		263		263
Private equity	—		—		3,975		—		3,975
Total assets measured at fair value	$	50,324	$	—	$	3,975	$	263	$	54,562

As of December 31, 2018
Investments in trading securities	$	65,781	$	—	$	—	$	—	$	65,781
Total assets measured at fair value	$	65,781	$	—	$	—	$	—	$	65,781
⁽¹⁾ Comprised of certain investments measured at fair value using NAV as a practical expedient. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our Consolidated Balance Sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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