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