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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

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 September 30, 2021 and December 31, 2020:

			September 30, 2021
			Level 1						Level 2						Level 3						Total
Debt Securities Carried by Broker-Dealers			$	564,877					$	—					$	—					$	564,877
Other Debt and Equity Securities(1)			460,916						—						—						460,916
Investment Funds			136,556						—						—						136,556
Total Assets Measured At Fair Value			$	1,162,349					$	—					$	—					$	1,162,349
			December 31, 2020
			Level 1						Level 2						Level 3						Total
Debt Securities Carried by Broker-Dealers			$	550,026					$	—					$	—					$	550,026
Other Debt and Equity Securities(1)			410,456						—						—						410,456
Investment Funds			107,354						—						—						107,354
Total Assets Measured At Fair Value			$	1,067,836					$	—					$	—					$	1,067,836

(1)Includes $6,900 and $7,000 of treasury bills and notes classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of September 30, 2021 and December 31, 2020, 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.

									September 30, 2021
			Carrying						Estimated Fair Value
			Amount						Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and Cash Equivalents			$	471,919					$	471,919					$	—					$	—					$	471,919
Certificates of Deposit			114,512						—						114,512						—						114,512
Receivables(1)			475,858						—						471,843						—						471,843
Contract Assets(2)			93,348						—						92,741						—						92,741
Receivable from Employees and Related Parties			21,596						—						21,596						—						21,596
Closely-held Equity Securities			673						—						—						673						673
Financial Liabilities:
Accounts Payable and Accrued Expenses			$	45,528					$	—					$	45,528					$	—					$	45,528
Payable to Employees and Related Parties			33,622						—						33,622						—						33,622
Notes Payable			375,991						—						393,931						—						393,931
									December 31, 2020
			Carrying						Estimated Fair Value
			Amount						Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and Cash Equivalents			$	822,598					$	822,598					$	—					$	—					$	822,598
Debt Security Investment			7,385						—						—						7,385						7,385
Receivables(1)			439,321						—						434,083						—						434,083
Contract Assets(2)			34,610						—						34,052						—						34,052
Receivable from Employees and Related Parties			23,593						—						23,593						—						23,593
Closely-held Equity Securities			683						—						—						683						683
Financial Liabilities:
Accounts Payable and Accrued Expenses			$	37,961					$	—					$	37,961					$	—					$	37,961
Payable to Employees and Related Parties			24,047						—						24,047						—						24,047
Notes Payable(3)			376,492						—						409,682						—						409,682

(1)Includes Accounts Receivable, as well as long-term receivables, which are 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.

(3)Includes current and long-term Notes Payable included in Current Portion of Notes Payable and Notes Payable on the Unaudited Condensed Consolidated Statements of Financial Condition.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- References

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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