Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Fair Value Measurements, Recurring and Nonrecurring

The following table presents fair value measurements as of December 31, 2017 (in thousands):



	Level 1		Level 2		Level 3		Investments Measured at NAV ⁽²⁾		Total
Cash equivalents ⁽¹⁾	$	173,270	$	—	$	—	$	—	$	173,270
Trading investments
Common stocks	$	5,961	$	—	$	—	$	—	$	5,961
Fixed income securities	—		6,755		—		—		6,755
Limited partnership interests	—		—		605		725		1,330
Preferred securities	7,658		53,152		—		—		60,810
Total trading investments	$	13,619	$	59,907	$	605	$	725	$	74,856
Equity method investments	$	—	$	—	$	—	$	6,176	$	6,176
Available-for-sale investments
Common stocks	$	7,238	$	—	$	—	$	—	7,238
Company-sponsored funds	14,632		—		—		—		14,632
Fixed income securities	—		3,961		—		—		3,961
Preferred securities	999		125		—		—		1,124
Other	—		—		—		119		119
Total available-for-sale investments	$	22,869	$	4,086	$	—	$	119	$	27,074
Derivatives - assets
Commodity contracts	$	487	$	—	$	—	$	—	$	487
Foreign exchange contracts	—		—		—		—		—
Total derivatives - assets	$	487	$	—	$	—	$	—	$	487
Derivatives - liabilities
Commodity contracts	$	286	$	—	$	—	$	—	$	286
Foreign exchange contracts	—		64		—		—		64
Total derivatives - liabilities	$	286	$	64	$	—	$	—	$	350

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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 consolidated statement of financial position.

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 investments	$	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 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 years ended December 31, 2017 and 2016 (in thousands):



	Trading Investments
	Limited Partnership Interests
Balance at January 1, 2016	$	1,312
Purchases / contributions	51
Sales / distributions	(53		)
Realized gains	—
Unrealized gains (losses) ⁽¹⁾	(114		)
Transfers into (out of) level 3	—
Balance at December 31, 2016	$	1,196
Purchases / contributions	419
Sales / distributions	(1,291		)
Realized gains	162
Unrealized gains (losses) ⁽¹⁾	119
Transfers into (out of) level 3	—
Balance at December 31, 2017	$	605

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(1)	Pertains to unrealized gains (losses) from securities held at December 31, 2017 and 2016.

Fair Value Measurements, Valuation Techniques

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 (in thousands)		Fair Value Methodology	Significant Unobservable Inputs	Input / 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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