Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables present fair value measurements:

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	85,889	$	—	$	—	$	—	$	—	$	85,889
Equity investments at fair value
Common stocks	$	87,408	$	—	$	—	$	—	$	—	$	87,408
Company-sponsored funds	132		—		—		—		—		132
Limited partnership interests	1,048		—		—		337		—		1,385
Preferred securities	704		108		—		—		—		812
Other	—		—		—		135		—		135
Total	$	89,292	$	108	$	—	$	472	$	—	$	89,872
Trading investments
Fixed income	$	—	$	14,980	$	—	$	—	$	—	$	14,980
Total	$	—	$	14,980	$	—	$	—	$	—	$	14,980
Held-to-maturity investments
Fixed income	$	—	$	—	$	—	$	—	$	49,807	$	49,807
Total	$	—	$	—	$	—	$	—	$	49,807	$	49,807
Equity method investments	$	—	$	—	$	—	$	554	$	—	$	554
Total investments	$	89,292	$	15,088	$	—	$	1,026	$	49,807	$	155,213
Derivatives - assets
Commodity futures contracts	$	570	$	—	$	—	$	—	$	—	$	570
Foreign exchange contracts	—		74		—		—		—		74
Total	$	570	$	74	$	—	$	—	$	—	$	644
Derivatives - liabilities
Commodity futures contracts	$	339	$	—	$	—	$	—	$	—	$	339
Commodity swap contracts	—		173		—		—		—		173
Foreign exchange contracts	—		44		—		—		—		44
Total	$	339	$	217	$	—	$	—	$	—	$	556

	December 31, 2018
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	78,147	$	—	$	—	$	—	$	—	$	78,147
Equity investments at fair value
Common stocks	21,982		$	—	$	—	$	—	$	—	$	21,982
Company-sponsored funds	9,456		—		—		—		—		9,456
Limited partnership interests	1,056		—		—		550		—		1,606
Preferred securities	30,448		3,193		—		—		—		33,641
Other	—		—		—		110		—		110
Total	$	62,942	$	3,193	$	—	$	660	$	—	$	66,795
Trading investments
Fixed income	$	—	$	108,363	$	—	$	—	$	—	$	108,363
Total	$	—	$	108,363	$	—	$	—	$	—	$	108,363
Held-to-maturity investments
Fixed income	$	—	$	—	$	—	$	—	$	49,748	$	49,748
Total	$	—	$	—	$	—	$	—	$	49,748	$	49,748
Equity method investments	$	—	$	—	$	—	$	26	$	—	$	26
Total investments	$	62,942	$	111,556	$	—	$	686	$	49,748	$	224,932
Derivatives - assets
Commodity futures contracts	$	486	$	—	$	—	$	—	$	—	$	486
Commodity swap contracts	—		739		—		—		—		739
Total	$	486	$	739	$	—	$	—	$	—	$	1,225
Derivatives - liabilities
Commodity futures contracts	$	2,181	$	—	$	—	$	—	$	—	$	2,181
Foreign exchange contracts	—		205		—		—		—		205
Total	$	2,181	$	205	$	—	$	—	$	—	$	2,386

Fair Value, Valuation Technique, Unobservable Inputs

The following table summarizes the changes in level 3 limited partnership interests in trading investments measured at fair value on a recurring basis:

	Trading Investments
	Limited Partnership Interests
	2019		2018
Balance at beginning of year	$	—	$	605
Purchases / contributions	—		—
Sales / distributions	—		(598		)
Realized gains (losses)	—		(68		)
Unrealized gains (losses)	—		61
Transfers into (out of) level 3	—		—
Balance at end of year	$	—	$	—