Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Valuation of Company's Assets and Liabilities Measured at Fair Value

The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2.

	Level 1		Level 2			Level 3		Total
	(In thousands)
As of September 30, 2020
Money market funds	$	24,424	$	—		$	—	$	24,424
Securities available-for-sale
Corporate debt		—		—			—		—
Trading securities
Corporate debt		—		23,237			—		23,237
Mutual funds held in rabbi trust		—		8,037			—		8,037
Foreign currency forward position		—		(1,932	)		—		(1,932	)
Total	$	24,424	$	29,342		$	—	$	53,766
As of December 31, 2019
Money market funds	$	99,755	$	—		$	—	$	99,755
Securities available-for-sale
Corporate debt		—		137,835			—		137,835
Trading securities
Corporate debt		—		31,120			—		31,120
U.S. Treasuries		—		55,305			—		55,305
Mutual funds held in rabbi trust		—		6,217			—		6,217
Foreign currency forward position		—		(2,772	)		—		(2,772	)
Total	$	99,755	$	227,705		$	—	$	327,460

Carrying Value of Financial Asset and Liability Not Measured at Fair Value

The table below presents the carrying value, fair value and fair value hierarchy category of the Company's financial assets and liabilities that are not measured at fair value on the Consolidated Statement of Financial Condition. The carrying values of the Company's financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities.

	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
					(In thousands)
As of September 30, 2020
Financial assets not measured at fair value:
Cash and cash equivalents	$	310,368	$	310,368	$	310,368	$	—	$	—	$	310,368
Cash segregated under federal regulations		50,033		50,033		50,033		—		—		50,033
Receivables from broker-dealers, clearing organizations and customers		380,853		380,853		76,830		304,023		—		380,853
Total	$	741,254	$	741,254	$	437,231	$	304,023	$	—	$	741,254
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing organizations and customers	$	138,120	$	138,120	$	—	$	138,120	$	—	$	138,120
As of December 31, 2019
Financial assets not measured at fair value:
Cash and cash equivalents	$	270,124	$	270,124	$	270,124	$	—	$	—	$	270,124

Summary of Foreign Currency Forward Contracts

A summary of the Company’s foreign currency forward position is as follows:

	As of
	September 30, 2020			December 31, 2019
	(In thousands)
Notional value	$	157,195		$	155,885
Fair value of notional		159,127			158,657
Fair value of the (liability)	$	(1,932	)	$	(2,772	)

Summary of Company's Investments

The following is a summary of the Company’s investments:

	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
	(In thousands)
As of September 30, 2020
Trading securities
Corporate debt	$	23,130	$	107	$	-		$	23,237
Mutual funds held in rabbi trust		7,680		126		231			8,037
Total trading securities		30,810		233		231			31,274
Total investments	$	30,810	$	233	$	231		$	31,274
As of December 31, 2019
Securities available-for-sale
Corporate debt	$	137,119	$	721	$	(5	)	$	137,835
Trading securities
Corporate debt		31,120		14		(14	)		31,120
U.S. Treasuries		54,738		567		—			55,305
Mutual funds held in rabbi trust		5,173		1,044		—			6,217
Total trading securities		91,031		1,625		(14	)		92,642
Total investments	$	228,150	$	2,346	$	(19	)	$	230,477

Summary of Fair Value of Investments Based upon Contractual Maturities

The following table summarizes the fair value of the investments based upon the contractual maturities:

	As of
	September 30, 2020		December 31, 2019
	(In thousands)
Less than one year	$	21,362	$	120,850
Due in 1 - 5 years		9,912		109,627
Total	$	31,274	$	230,477

Fair Values and Unrealized Losses on Investments

The following table provides fair values and unrealized losses on investments and by the aging of the securities’ continuous unrealized loss position as of September 30, 2020 and December 31, 2019:

	Less than Twelve Months					Twelve Months or More					Total
	Estimated fair value		Gross unrealized losses			Estimated fair value		Gross unrealized losses			Estimated fair value		Gross unrealized losses
	(In thousands)
As of September 30, 2020
Corporate debt	$	—	$	—		$	—	$	—		$	—	$	—
As of December 31, 2019
Corporate debt	$	27,999	$	(18	)	$	4,406	$	(1	)	$	32,405	$	(19	)