Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and December 31, 2018:



	March 31, 2019
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities⁽¹⁾	$	108,794	$	64,768	$	—	$	173,562
Securities Investments⁽²⁾	6,380		2,053		—		8,433
Investment Funds	64,816		—		—		64,816
Financial Instruments Owned and Pledged as Collateral at Fair Value	16,978		—		—		16,978
Other	—		21		—		21
Total Assets Measured At Fair Value	$	196,968	$	66,842	$	—	$	263,810

	December 31, 2018
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities⁽¹⁾	$	109,577	$	62,801	$	—	$	172,378
Securities Investments⁽²⁾	6,232		1,982		—		8,214
Investment Funds	54,776		—		—		54,776
Financial Instruments Owned and Pledged as Collateral at Fair Value	22,349		—		—		22,349
Total Assets Measured At Fair Value	$	192,934	$	64,783	$	—	$	257,717


(1)	Includes $27,160 and $24,415 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, 2019 and December 31, 2018, respectively.


(2)	Includes $6,168 and $6,326 of treasury bills and notes and municipal bonds classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2019 and December 31, 2018, 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, 2019
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	305,015	$	305,015	$	—	$	—	$	305,015
Debt Security Investment	9,227		—		—		9,227		9,227
Securities Purchased Under Agreements to Resell	8,570		—		8,570		—		8,570
Receivables⁽¹⁾	417,797		—		412,700		—		412,700
Contract Assets⁽²⁾	2,614		—		2,369		—		2,369
Receivable from Employees and Related Parties	22,207		—		22,207		—		22,207
Closely-held Equity Security	1,079		—		—		1,079		1,079
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	38,709	$	—	$	38,709	$	—	$	38,709
Securities Sold Under Agreements to Repurchase	25,552		—		25,552		—		25,552
Payable to Employees and Related Parties	45,036		—		45,036		—		45,036
Notes Payable	168,679		—		168,442		—		168,442

			December 31, 2018
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	759,849	$	759,849	$	—	$	—	$	759,849
Certificates of Deposit	100,000		—		100,000		—		100,000
Debt Security Investment	9,717		—		—		9,717		9,717
Securities Purchased Under Agreements to Resell	2,696		—		2,696		—		2,696
Receivables⁽¹⁾	370,023		—		369,636		—		369,636
Contract Assets⁽²⁾	3,374		—		3,348		—		3,348
Receivable from Employees and Related Parties	23,836		—		23,836		—		23,836
Closely-held Equity Security	1,079		—		—		1,079		1,079
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	37,948	$	—	$	37,948	$	—	$	37,948
Securities Sold Under Agreements to Repurchase	25,075		—		25,075		—		25,075
Payable to Employees and Related Parties	31,894		—		31,894		—		31,894
Notes Payable	168,612		—		166,555		—		166,555


(1)	Includes Accounts Receivable and Long-term receivables included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.


(2)	Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.