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Fair Value Measurement of Investments
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Fair Value Measurements

As of March 31, 2020 and December 31, 2019, our investment balances totaled $26.3 million and $33.4 million, respectively. We classify our investments into three categories: available-for-sale, held-to-maturity, and trading securities. Our investment portfolio consists of stocks, bonds, options, mutual funds, money market funds, or exchange-traded products that replicate the model portfolios and strategies created by Morningstar. These investment accounts may also include exchange-traded products where Morningstar is an index provider. All investments in our investment portfolio have valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access, and, therefore, are classified as Level 1 within the fair value hierarchy.