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Investment Securities and Certificates of Deposit
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities and Certificates of Deposit Investment Securities and Certificates of Deposit
The Company's Investment Securities and Certificates of Deposit as of December 31, 2020 and 2019 were as follows:
 December 31, 2020December 31, 2019
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueCostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Debt Securities$402,824 $39 $— $402,863 $114,204 $591 $11 $114,784 
Equity Securities666 — 73 593 666 — 168 498 
Debt Securities Carried by Broker-Dealers550,002 27 3 550,026 225,727 1,648 20 227,355 
Investment Funds87,612 19,742 — 107,354 58,704 7,809 — 66,513 
Total Investment Securities (carried at fair value)$1,041,104 $19,808 $76 $1,060,836 $399,301 $10,048 $199 $409,150 
Certificates of Deposit (carried at contract value)— 214,796 
Total Investment Securities and Certificates of Deposit$1,060,836 $623,946 
Scheduled maturities of the Company's available-for-sale debt securities as of December 31, 2020 and 2019 were as follows:
 December 31, 2020December 31, 2019
 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
Due within one year$402,824 $402,863 $108,662 $109,217 
Due after one year through five years— — 5,542 5,567 
Total$402,824 $402,863 $114,204 $114,784 
The Company has the ability and intent to hold available-for-sale securities until a recovery of fair value is equal to an amount approximating its amortized cost, which may be at maturity. Further, the securities are all U.S. Treasuries, and the Company has not incurred credit losses on its securities. As such, the Company does not consider these securities to be impaired at December 31, 2020 and has not recorded a credit allowance on these securities.
Debt Securities
Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the Consolidated Statements of Financial Condition. These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) and realized gains and losses included in earnings. The Company had net realized gains (losses) of $75, ($14) and ($28) for the years ended December 31, 2020, 2019 and 2018, respectively.
Equity Securities
Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of $95, $243 and ($193) for the years ended December 31, 2020, 2019 and 2018, respectively.
Debt Securities Carried by Broker-Dealers
EGL and other broker-dealers invest in fixed income portfolios consisting primarily of U.S. Treasury bills, municipal bonds and other debt securities. At December 31, 2020, this portfolio consisted solely of U.S. Treasury bills. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains (losses) of ($1,216), $491 and $546 for the years ended December 31, 2020, 2019 and 2018, respectively.
Included in Investment Securities above are $99,983 of U.S. Treasury bills purchased on December 31, 2020, which did not settle until January 4, 2021. As of December 31, 2020, the Company had a payable to the broker for securities purchased of $99,983 recorded in Other Current Liabilities on the Consolidated Statements of Financial Condition.
Investment Funds
The Company invests in a portfolio of exchange-traded funds and mutual funds as an economic hedge against the Company's deferred cash compensation program. See Note 19 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of $16,913, $13,785 and ($5,113) for the years ended December 31, 2020, 2019 and 2018, respectively.
The Company periodically enters into futures contracts as an economic hedge against the Company's deferred cash compensation program. See Note 20 for further information.
Certificates of Deposit
At December 31, 2019, the Company held certificates of deposit of $214,796 with certain banks with original maturities of six months or less when purchased. These certificates of deposit matured in January 2020.