Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021
Assets
Money market funds	$	19,173	$	—	$	—	$	19,173
Trading securities
U.S. Treasuries		—		24,990		—		24,990
Mutual funds held in rabbi trust		—		10,848		—		10,848
Foreign currency forward position		—		1,595		—		1,595
Total assets	$	19,173	$	37,433	$	—	$	56,606
Liabilities
Contingent consideration payable	$	—	$	—	$	36,992	$	36,992
As of December 31, 2020
Assets
Money market funds	$	20,856	$	—	$	—	$	20,856
Trading securities
Corporate debt		—		19,222		—		19,222
Mutual funds held in rabbi trust		—		8,889		—		8,889
Total assets	$	20,856	$	28,111	$	—	$	48,967
Liabilities
Contingent consideration payable	$	—	$	—	$	15,026	$	15,026
Foreign currency forward position		—		805		—		805
Total liabilities	$	—	$	805	$	15,026	$	15,831

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 June 30, 2021
Financial assets not measured at fair value:
Cash and cash equivalents	$	413,612	$	413,612	$	413,612	$	—	$	—	$	413,612
Cash segregated under federal regulations		50,108		50,108		50,108		—		—		50,108
Accounts receivable, net of allowance		87,125		87,125		—		87,125		—		87,125
Receivables from broker-dealers, clearing organizations and customers		475,739		475,739		81,433		394,306		—		475,739
Total	$	1,026,584	$	1,026,584	$	545,153	$	481,431	$	—	$	1,026,584
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing organizations and customers	$	278,303	$	278,303	$	—	$	278,303	$	—	$	278,303
As of December 31, 2020
Financial assets not measured at fair value:
Cash and cash equivalents	$	460,858	$	460,858	$	460,858	$	—	$	—	$	460,858
Cash segregated under federal regulations		50,059		50,059		50,059		—		—		50,059
Accounts receivable, net of allowance		79,577		79,577		—		79,577		—		79,577
Receivables from broker-dealers, clearing organizations and customers		279,915		279,915		97,043		182,872		—		279,915
Total	$	870,409	$	870,409	$	607,960	$	262,449	$	—	$	870,409
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing organizations and customers	$	133,326	$	133,326	$	—	$	133,326	$	—	$	133,326

Summary of Foreign Currency Forward Contracts

The following table summarizes the Company’s foreign currency forward position:

	As of
	June 30, 2021		December 31, 2020
	(In thousands)
Notional value	$	183,907	$	157,057
Fair value of notional		182,312		157,862
Fair value of the asset (liability)	$	1,595	$	(805	)

Summary of Company's Investments

The following table summarizes the Company’s investments:

	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(In thousands)
As of June 30, 2021
Trading securities
U.S. Treasuries	$	24,989	$	1	$	—	$	24,990
Mutual funds held in rabbi trust		9,941		907		—		10,848
Total investments	$	34,930	$	908	$	—	$	35,838
As of December 31, 2020
Trading securities
Corporate debt	$	19,081	$	141	$	—	$	19,222
Mutual funds held in rabbi trust		7,680		1,209		—		8,889
Total investments	$	26,761	$	1,350	$	—	$	28,111

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
	June 30, 2021		December 31, 2020
	(In thousands)
Less than one year	$	10,848	$	18,290
Due in 1 - 5 years		24,990		9,821
Total	$	35,838	$	28,111