Fair Value (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Measurements, Recurring and Nonrecurring

The following table presents fair value measurements as of December 31, 2016 (in thousands):



	Level 1		Level 2		Level 3		Investments Measured at NAV ⁽²⁾		Total
Cash equivalents ⁽¹⁾	$	140,872	$	—	$	—	$	—	$	140,872
Trading investments
Common stocks	$	5,069	$	—	$	—	$	—	$	5,069
Fixed income securities	—		5,702		—		—		5,702
Limited partnership interests	—		—		1,196		722		1,918
Total trading investment	$	5,069	$	5,702	$	1,196	$	722	$	12,689
Equity method investments	$	—	$	—	$	—	$	6,459	$	6,459
Available-for-sale investments
Common stocks	$	4,508	$	—	$	—	$	—	$	4,508
Company-sponsored funds	29,877		—		—		—		29,877
Preferred securities	1,001		10		—		—		1,011
Total available-for-sale investments	$	35,386	$	10	$	—	$	—	$	35,396
Derivatives - assets
Commodity contracts	$	343	$	—	$	—	$	—	$	343
Foreign exchange contracts	—		1,417		—		—		1,417
Total derivatives - assets	$	343	$	1,417	$	—	$	—	$	1,760
Derivatives - liabilities
Commodity contracts	$	266	$	—	$	—	$	—	$	266
Total derivatives - liabilities	$	266	$	—	$	—	$	—	$	266

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(1)	Comprised of investments in actively traded U.S. Treasury money market funds measured at NAV.


(2)	Comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statement of financial position.

The following table presents fair value measurements as of June 30, 2017 (in thousands):



	Level 1		Level 2		Level 3		Investments Measured at NAV ⁽²⁾		Total
Cash equivalents ⁽¹⁾	$	148,846	$	—	$	—	$	—	$	148,846
Trading investments
Common stocks	$	5,684	$	—	$	—	$	—	$	5,684
Fixed income securities	—		7,139		—		—		7,139
Limited partnership interests	—		—		1,462		772		2,234
Preferred securities	11,715		46,784		—		—		58,499
Total trading investments	$	17,399	$	53,923	$	1,462	$	772	$	73,556
Equity method investments	$	—	$	—	$	—	$	5,892	$	5,892
Available-for-sale investments
Common stocks	$	8,867	$	—	$	—	$	—	$	8,867
Company-sponsored funds	14,617		—		—		—		14,617
Fixed income securities	—		3,620		—		—		3,620
Preferred securities	1,022		18		—		—		1,040
Other	—		—		—		113		113
Total available-for-sale investments	$	24,506	$	3,638	$	—	$	113	$	28,257
Derivatives - assets
Commodity contracts	$	344	$	—	$	—	$	—	$	344
Foreign exchange contracts	—		83		—		—		83
Total derivatives - assets	$	344	$	83	$	—	$	—	$	427
Derivatives - liabilities
Commodity contracts	$	287	$	—	$	—	$	—	$	287
Total derivatives - liabilities	$	287	$	—	$	—	$	—	$	287

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(1)	Comprised of investments in actively traded U.S. Treasury money market funds measured at NAV.


(2)	Comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statement of financial position.

Fair Value, Valuation Technique, Unobservable Inputs

The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the three and six months ended June 30, 2017 and 2016 (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017		2016
	Trading Investments
	Limited Partnership Interests
Balance at beginning of period	$	1,476		$	1,338		$	1,196	$	1,312
Purchases / contributions	114			21			138		21
Sales / distributions	—			(53		)	—		(53		)
Realized gains (losses)	—			—			—		—
Unrealized gains (losses) ⁽¹⁾	(128		)	(2		)	128		24
Transfers into (out of) level 3	—			—			—		—
Balance at end of period	$	1,462		$	1,304		$	1,462	$	1,304

_________________________

(1) Pertains to unrealized gains (losses) from securities held at June 30, 2017 and 2016.

The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of June 30, 2017 were:



	Fair Value		Fair Value	Significant	Input /
	(in thousands)		Methodology	Unobservable Inputs	Range
Limited partnership interests - direct investments in real estate	$	1,462	Discounted cash flows	Discount rates Exit capitalization rates Market rental rates	10% - 11% 7.5% - 8% $14.50 - 16.80 psf

The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2016 were:



	Fair Value		Fair Value	Significant	Input /
	(in thousands)		Methodology	Unobservable Inputs	Range
Limited partnership interests - direct investments in real estate	$	1,196	Discounted cash flows	Discount rates Exit capitalization rates Market rental rates	11% - 12.5% 8% - 8.5% $14.00 - 17.00 psf

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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