Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Assets and liabilities measured at fair value on a recurring basis in the Company's consolidated financial statements as of March 31, 2020 and December 31, 2019 are summarized by type of inputs applicable to the fair value measurements as follows:



March 31, 2020	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities ^(a)	$	105	$	18	$	—	$	123
Long-term investments ^(a)	186,451		—		34,381		220,832
Precious metal and commodity inventories recorded at fair value	19,540		—		—		19,540
Economic interests in loans	—		—		17,501		17,501
Commodity contracts on precious metal and commodity inventories	—		94		—		94
Warrants	—		—		2,086		2,086
Total	$	206,096	$	112	$	53,968	$	260,176

Liabilities:
Commodity contracts on precious metal and commodity inventories	$	—	$	6	$	—	$	6
Other precious metal liabilities	16,270		—		—		16,270
Total	$	16,270	$	6	$	—	$	16,276



December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities ^(a)	$	170	$	50	$	—	$	220
Long-term investments ^(a)	222,178		—		53,658		275,836
Precious metal and commodity inventories recorded at fair value	11,377		—		—		11,377
Economic interests in loans	—		—		18,633		18,633
Warrants	—		—		2,086		2,086
Total	$	233,725	$	50	$	74,377	$	308,152

Liabilities:
Commodity contracts on precious metal and commodity inventories	$	—	$	381	$	—	$	381
Other precious metal liabilities	11,481		—		—		11,481
Total	$	11,481	$	381	$	—	$	11,862


(a)	For additional detail of the marketable securities and long-term investments see Note 8 - "Investments."

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Following is a summary of changes in assets measured using Level 3 inputs:



	Investments in Associated Companies ^(a)			Marketable Securities and Other ^(b)			Total
Balance as of December 31, 2019	$	52,240		$	22,137		$	74,377
Purchases	—			126			126
Sales and cash collections	—			(4,180		)	(4,180		)
Realized gains	—			2,980			2,980
Unrealized gains	460			—			460
Unrealized losses	(19,795		)	—			(19,795		)
Balance as of March 31, 2020	$	32,905		$	21,063		$	53,968

Balance as of December 31, 2018	$	40,643		$	21,274		$	61,917
Purchases	14,943			—			14,943
Sales and cash collections	—			(3,846		)	(3,846		)
Realized gains	—			2,886			2,886
Unrealized gains	3,774			—			3,774
Balance as of March 31, 2019	$	59,360		$	20,314		$	79,674


(a)	Unrealized gains and losses are recorded in Loss (income) of associated companies, net of taxes in the Company's consolidated statements of operations.


(b)	Realized and unrealized gains and losses are recorded in Realized and unrealized losses (gains) on securities, net or Financial services revenue in the Company's consolidated statements of operations.