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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Categorization of Investments and Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016:
 
March 31, 2017
 
Level I
 
Level II
 
Level III
 
Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)
$

 
$
43,262

 
$

 
$
43,262

Securities Investments (1)
4,362

 
1,734

 

 
6,096

Investment Funds
25,223

 

 

 
25,223

Financial Instruments Owned and Pledged as Collateral at Fair Value
34,808

 

 

 
34,808

Total Assets Measured At Fair Value
$
64,393

 
$
44,996

 
$

 
$
109,389

 
 
 
 
 
 
 
 
 
December 31, 2016
 
Level I
 
Level II
 
Level III
 
Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)
$

 
$
44,630

 
$

 
$
44,630

Securities Investments (1)
3,794

 
1,728

 

 
5,522

Investment Funds
25,508

 

 

 
25,508

Financial Instruments Owned and Pledged as Collateral at Fair Value
18,535

 

 

 
18,535

Total Assets Measured At Fair Value
$
47,837

 
$
46,358

 
$

 
$
94,195

(1)
Includes $11,752 and $9,173 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2017 and December 31, 2016, respectively.
Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value
The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities, which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition, are listed in the tables below.
 
 
 
March 31, 2017
 
Carrying
 
Estimated Fair Value
 
Amount
 
Level I
 
Level II
 
Level III
 
Total
Financial Assets:
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
339,508

 
$
339,508

 
$

 
$

 
$
339,508

Securities Purchased Under Agreements to Resell
535

 

 
535

 

 
535

Accounts Receivable
201,013

 

 
201,013

 

 
201,013

Receivable from Employees and Related Parties
18,063

 

 
18,063

 

 
18,063

Assets Segregated for Bank Regulatory Requirements
10,200

 
10,200

 

 

 
10,200

Closely-held Equity Security
1,079

 

 

 
1,079

 
1,079

Financial Liabilities:
 
 
 
 
 
 
 
 
 
Accounts Payable and Accrued Expenses
$
29,649

 
$

 
$
29,649

 
$

 
$
29,649

Securities Sold Under Agreements to Repurchase
35,368

 

 
35,368

 

 
35,368

Payable to Employees and Related Parties
36,461

 

 
36,461

 

 
36,461

Notes Payable
168,158

 

 
168,237

 

 
168,237

Subordinated Borrowings
10,550

 

 
10,835

 

 
10,835

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
Carrying
 
Estimated Fair Value
 
Amount
 
Level I
 
Level II
 
Level III
 
Total
Financial Assets:
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
549,351

 
$
549,351

 
$

 
$

 
$
549,351

Securities Purchased Under Agreements to Resell
12,585

 

 
12,585

 

 
12,585

Accounts Receivable
230,522

 

 
230,522

 

 
230,522

Receivable from Employees and Related Parties
15,034

 

 
15,034

 

 
15,034

Assets Segregated for Bank Regulatory Requirements
10,200

 
10,200

 

 

 
10,200

       Closely-held Equity Security
1,079

 

 

 
1,079

 
1,079

Financial Liabilities:
 
 
 
 
 
 
 
 
 
Accounts Payable and Accrued Expenses
$
30,723

 
$

 
$
30,723

 
$

 
$
30,723

Securities Sold Under Agreements to Repurchase
31,150

 

 
31,150

 

 
31,150

Payable to Employees and Related Parties
27,366

 

 
27,366

 

 
27,366

Notes Payable
168,097

 

 
170,251

 

 
170,251

Subordinated Borrowings
16,550

 

 
16,803

 

 
16,803