Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019 and December 31, 2018:



	June 30, 2019
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities⁽¹⁾	$	106,378	$	68,652	$	—	$	175,030
Securities Investments⁽²⁾	6,424		2,113		—		8,537
Investment Funds	64,916		—		—		64,916
Financial Instruments Owned and Pledged as Collateral at Fair Value	22,798		—		—		22,798
Total Assets Measured At Fair Value	$	200,516	$	70,765	$	—	$	271,281

	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 $25,313 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 June 30, 2019 and December 31, 2018, respectively.

(2)

Includes $6,121 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 June 30, 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.



			June 30, 2019
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	342,887	$	342,887	$	—	$	—	$	342,887
Debt Security Investment	9,509		—		—		9,509		9,509
Securities Purchased Under Agreements to Resell	2,975		—		2,975		—		2,975
Receivables⁽¹⁾	379,526		—		376,785		—		376,785
Contract Assets⁽²⁾	82,815		—		81,989		—		81,989
Receivable from Employees and Related Parties	19,709		—		19,709		—		19,709
Closely-held Equity Securities	2,013		—		—		2,013		2,013
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	46,144	$	—	$	46,144	$	—	$	46,144
Securities Sold Under Agreements to Repurchase	25,781		—		25,781		—		25,781
Payable to Employees and Related Parties	45,651		—		45,651		—		45,651
Notes Payable	168,748		—		174,673		—		174,673

			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.