XML 26 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Marketable Securities
 6 Months Ended
Jun. 30, 2018
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
Investments Available for Sale
Investments available for sale classified as non-current assets consist of: 
 
At June 30, 2018
 
Cost
Amount
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair
Value
SEI-sponsored mutual funds
$
7,388

 
$
96

 
$
(355
)
 
$
7,129

Equities and other mutual funds
3,461

 
452

 
—

 
3,913

Debt securities
80,409

 
—

 
(2,432
)
 
77,977

 
$
91,258

 
$
548

 
$
(2,787
)
 
$
89,019

 
At December 31, 2017
 
Cost
Amount
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair
Value
SEI-sponsored mutual funds
$
7,369

 
$
110

 
$
(143
)
 
$
7,336

Equities and other mutual funds
3,456

 
458

 
—

 
3,914

Debt securities
77,745

 
—

 
(1,012
)
 
76,733

 
$
88,570

 
$
568

 
$
(1,155
)
 
$
87,983


The Company adopted ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01) on January 1, 2018 which requires the Company to recognize all changes in fair value of available-for-sale equity securities in current period earnings. Previously, these changes in fair value were recognized as a separate component of comprehensive income. The adoption of ASU 2016-01 did not have a material impact to the Company's consolidated financial statements.
Net unrealized losses at June 30, 2018 and December 31, 2017 of the Company's available-for-sale debt securities were $1,873 (net of income tax benefit of $559) and $779 (net of income tax benefit of $233), respectively. These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.
There were no material realized gains or losses from available-for-sale securities during the six months ended June 30, 2018 and 2017. Gains and losses from available-for-sale securities, including amounts reclassified from accumulated comprehensive loss, are reflected in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations.
Investments in Affiliated Funds
The Company has an investment in funds sponsored by LSV. The Company records this investment on the accompanying Consolidated Balance Sheets at fair value. Unrealized gains and losses from the change in fair value of these funds are recognized in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations.
The investment primarily consists of U.S. dollar denominated funds that invest primarily in securities of Canadian, Australian and Japanese companies as well as various other global securities. The underlying securities held by the funds are translated into U.S. dollars within the funds. The funds had a fair value of $5,739 and $6,034 at June 30, 2018 and December 31, 2017, respectively. The Company recognized gains of $205 and $194 during the three months ended June 30, 2018 and 2017, respectively, from the change in fair value of the funds. The Company recognized losses of $295 and gains of $492 during the six months ended June 30, 2018 and 2017, respectively, from the change in fair value of the funds.
Securities Owned
The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. The securities had a fair value of $28,981 and $21,526 at June 30, 2018 and December 31, 2017, respectively. There were no material net gains or losses related to the securities during the three and six months ended June 30, 2018 and 2017.