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Fair Value
12 Months Ended
Dec. 31, 2020
Fair Value [Abstract]  
Fair Value
F.  Fair Value
 
The following tables present information about the Company’s assets and liabilities by major category measured at fair value on a recurring basis as of December 31, 2020 and 2019 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. The following tables present assets and liabilities measured at fair value on a recurring basis as of the dates specified (in thousands):
 
  
December 31, 2020
 
Assets
 
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
  
Significant Other
Observable
Inputs (Level 2)
  
Significant
Unobservable
Inputs (Level 3)
  
Total
 
Cash equivalents
 
$
34,010
  
$
-
  
$
-
  
$
34,010
 
Investments in securities (including GBL stock):
                
Trading - U.S. Treasury Bills
  
344,453
   
-
   
-
   
344,453
 
Common stocks
  
231,901
   
5,440
   
36
   
237,377
 
Mutual funds
  
1,294
   
-
   
-
   
1,294
 
Other
  
6,133
   
621
   
4,462
   
11,216
 
Total investments in securities
  
583,781
   
6,061
   
4,498
   
594,340
 
Investments in affiliated registered investment companies:
                
Closed-end funds
  
104,719
   
-
   
2,000
   
106,719
 
Mutual funds
  
63,886
   
-
   
-
   
63,886
 
Total investments in affiliated
                
registered investment companies
  
168,605
   
-
   
2,000
   
170,605
 
Total investments held at fair value
  
752,386
   
6,061
   
6,498
   
764,945
 
Total assets at fair value
 
$
786,396
  
$
6,061
  
$
6,498
  
$
798,955
 
Liabilities
                
Common stocks
 
$
16,090
  
$
-
  
$
-
  
$
16,090
 
Other
  
543
   
938
   
-
   
1,481
 
Securities sold, not yet purchased
 
$
16,633
  
$
938
  
$
-
  
$
17,571
 

  
December 31, 2019
 
 
 
Assets
 
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
  
Significant Other
Observable
Inputs (Level 2)
  
Significant
Unobservable
Inputs (Level 3)
  
Total
 
Cash equivalents
 
$
343,428
  
$
-
  
$
-
  
$
343,428
 
Investments in securities (including GBL stock):
                
Trading - U.S. Treasury Bills
  
29,037
   
-
   
-
   
29,037
 
Common stocks
  
257,520
   
4,444
   
89
   
262,053
 
Mutual funds
  
2,196
   
-
   
-
   
2,196
 
Other
  
2,428
   
509
   
4,134
   
7,071
 
Total investments in securities
  
291,181
   
4,953
   
4,223
   
300,357
 
Investments in affiliated registered investment companies:
                
Closed-end funds
  
99,834
   
-
   
-
   
99,834
 
Mutual funds
  
59,477
   
-
   
-
   
59,477
 
Total investments in affiliated
                
registered investment companies
  
159,311
   
-
   
-
   
159,311
 
Total investments held at fair value
  
450,492
   
4,953
   
4,223
   
459,668
 
Total assets at fair value
 
$
793,920
  
$
4,953
  
$
4,223
  
$
803,096
 
Liabilities
                
Common stocks
 
$
16,300
  
$
-
  
$
-
  
$
16,300
 
Other
  
-
   
119
   
-
   
119
 
Securities sold, not yet purchased
 
$
16,300
  
$
119
  
$
-
  
$
16,419
 

The following table presents additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
 
  
Year ended December 31, 2020
  
Year ended December 31, 2019
 
  
Common
Stocks
  
Other
  
Total
  
Common
Stocks
  
Other
  
Total
 
                   
Beginning balance
 
$
89
  
$
4,134
  
$
4,223
  
$
12
  
$
3,458
  
$
3,470
 
Total gains/(losses)
  
(53
)
  
16
   
(37
)
  
14
   
673
   
687
 
Purchases
  
-
   
2,000
   
2,000
   
-
   
3
   
3
 
Sales
  
-
   
(1,800
)
  
(1,800
)
  
-
   
-
   
-
 
Transfers
  
-
   
2,112
   
2,112
   
63
   
-
   
63
 
Ending balance
 
$
36
  
$
6,462
  
$
6,498
  
$
89
  
$
4,134
  
$
4,223
 
Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to Level 3 assets still held as of the reporting date
 
$
(31
)
 
$
(22
)
 
$
(53
)
 
$
(8
)
 
$
673
  
$
665
 

Total realized and unrealized gains and losses for level 3 assets are reported in net gain/(loss) from investments in the consolidated statements of income.
 
During the years ended December 31, 2020 and 2019, the Company transferred investments with a value of approximately $2,221,000 and $63,000, respectively, from Level 1 to Level 3 due to the unavailability of observable inputs.  For the year ended December 31, 2020, the Company transferred an investment with a value of approximately $109,000 from Level 3 to Level 1 due to increased availability of market price quotations.
 
At December 31, 2020, assets held in the trust account through PMV were comprised of U.S. Treasury Bills which mature in less than one year with an amortized cost and fair value of $175 million.