XML 36 R19.htm IDEA: XBRL DOCUMENT v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820") establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily-available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Investments and certain other financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:
Level 1 – Quoted prices are available in active markets for identical assets and liabilities as of the reporting date. The type of investments included in Level 1 include listed equities, listed derivatives and U.S. Treasury securities. As required by ASC 820, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Periodically, the Company holds investments in corporate bonds, municipal bonds and other debt securities, the estimated fair values of which are based on prices provided by external pricing services. The Company also periodically holds foreign exchange currency forward contracts, the estimated fair value of which is based on foreign currency exchange rates provided by external services.
Level 3 – Pricing inputs are unobservable for the asset or liability and includes situations where there is little, if any, market activity. The inputs into the determination of fair value require significant management judgment or estimation.
The following table presents the categorization of investments and certain other financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:
 December 31, 2025
 Level 1Level 2Level 3Total
Assets:
Debt Securities Carried by EGL$486,641 $— $— $486,641 
Other Debt and Equity Securities(1)
901,266 — — 901,266 
Investment Funds 175,418 — — 175,418 
Total Assets Measured At Fair Value$1,563,325 $— $— $1,563,325 
Liabilities:
Contingent Consideration Liability(2)
$— $— $24,521 $24,521 
Total Liabilities Measured at Fair Value$— $— $24,521 $24,521 
 December 31, 2024
 Level 1Level 2Level 3Total
Assets:
Debt Securities Carried by EGL$459,916 $— $— $459,916 
Other Debt and Equity Securities(1)
824,069 — — 824,069 
Investment Funds178,703 — — 178,703 
Total Assets Measured At Fair Value$1,462,688 $— $— $1,462,688 
(1)Includes $23,108 and $9,967 of U.S. Treasury securities classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2025 and 2024, respectively.
(2)The contingent consideration liability is initially recorded at fair value on the acquisition date and is included within Other Long-term Liabilities on the Company's Consolidated Statement of Financial Condition. The fair value of the contingent consideration liability is remeasured at each reporting period using the probability-weighted expected return method. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. Any change in the fair value is recognized in Other Operating Expenses on the Company's Consolidated Statement of Operations. There was no change in the fair value of this liability from acquisition to December 31, 2025.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.
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 Consolidated Statements of Financial Condition, are listed in the tables below.
  December 31, 2025
 CarryingEstimated Fair Value
 AmountLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents(1)
$1,402,912 $1,402,912 $— $— $1,402,912 
Certificates of Deposit40,421 — 40,421 — 40,421 
Receivables(2)
685,665 — 680,998 — 680,998 
Contract Assets(3)
175,349 — 173,097 — 173,097 
Closely-held Equity Securities1,673 — — 1,673 1,673 
Financial Liabilities:
Accounts Payable and Accrued Expenses$44,562 $— $44,562 $— $44,562 
Payable to Employees and Related Parties181,591 — 181,591 — 181,591 
Notes Payable(4)
588,224 — 575,879 — 575,879 
  December 31, 2024
 CarryingEstimated Fair Value
 AmountLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents(1)
$863,078 $863,078 $— $— $863,078 
Certificates of Deposit66,660 — 66,660 — 66,660 
Receivables(2)
522,816 — 518,485 — 518,485 
Contract Assets(3)
76,856 — 76,184 — 76,184 
Closely-held Equity Securities625 — — 625 625 
Financial Liabilities:
Accounts Payable and Accrued Expenses$29,041 $— $29,041 $— $29,041 
Payable to Employees and Related Parties48,494 — 48,494 — 48,494 
Notes Payable(4)
373,895 — 356,531 — 356,531 
(1)Excludes $23,108 and $9,967 of U.S. Treasury securities classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2025 and 2024, respectively.
(2)Includes Accounts Receivable, as well as long-term receivables, which are included in Other Assets on the Consolidated Statements of Financial Condition.
(3)Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Consolidated Statements of Financial Condition.
(4)Includes current and long-term Notes Payable included in Current Portion of Notes Payable and Notes Payable on the Consolidated Statements of Financial Condition.