Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Company's Recurring Financial Assets and Liabilities Subject to Fair Value Measurements

The Company’s financial assets and liabilities subject to fair value measurements were as follows:


	Fair Value Measurements as of December 31, 2021
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	130,583	$	130,583	$	—	$	—

Commercial paper (1)	24,426		—		24,426		—

Certificates of deposit (2)	110		—		110		—



Investment securities at fair value
Equity securities at fair value
Marketable equity securities	19,560		19,560		—		—
Mutual funds invested in debt securities	23,221		23,221		—		—
Total equity securities at fair value	42,781		42,781		—		—
Debt securities available for sale
U.S. government securities	6,481		—		6,481		—
Corporate securities	47,531		—		47,531		—
U.S. government and federal agency	19,572		—		19,572		—


Commercial paper	29,103		—		29,103		—

Foreign fixed-income securities	1,219		—		1,219		—
Total debt securities available for sale	103,906		—		103,906		—

Total investment securities at fair value	146,687		42,781		103,906		—

Long-term investments
Long-term investment securities at fair value (3)	32,089		—		—		—

Total	$	333,895	$	173,364	$	128,442	$	—

Liabilities:
Fair value of contingent liability	$	2,646	$	—	$	—	$	2,646

Total	$	2,646	$	—	$	—	$	2,646

_____________________________

(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets.

(2)Amounts included in current restricted assets and non-current restricted assets on the consolidated balance sheets.

(3)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.


	Fair Value Measurements as of December 31, 2020
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	194,095	$	194,095	$	—	$	—

Commercial paper (1)	44,397		—		44,397		—

Certificates of deposit (2)	1,542		—		1,542		—

Money market funds securing legal bonds (2)	535		535		—		—

Investment securities at fair value
Equity securities at fair value
Marketable equity securities	21,155		21,155		—		—
Mutual funds invested in debt securities	23,226		23,226		—		—
Total equity securities at fair value	44,381		44,381		—		—
Debt securities available for sale
U.S. government securities	19,200		—		19,200		—
Corporate securities	52,434		—		52,434		—
U.S. government and federal agency	10,484		—		10,484		—

Commercial paper	9,086		—		9,086		—



Total debt securities available for sale	91,204		—		91,204		—

Total investment securities at fair value	135,585		44,381		91,204		—

Long-term investments
Long-term investment securities at fair value (3)	33,981		—		—		—
Total	$	410,135	$	239,011	$	137,143	$	—

_____________________________

(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets.

(2)Amounts included in current restricted assets and non-current restricted assets on the consolidated balance sheets.

(3)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Schedule of Unobservable Inputs Related to the Valuations of the Level 3 Liabilities

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2021:


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	December 31, 2021		Valuation Technique	Unobservable Input	Range (Actual)

















Fair value of contingent liability	$	2,646	Monte Carlo simulation model	Estimated fair value of the Douglas Elliman reporting unit	$	776,351
				Risk-free rate for a 0.75-year term	0.39		%
				Leverage-adjusted equity volatility of peer firms	26.13		%

Schedule of Investment in Real Estate Ventures Subject to Nonrecurring Fair Value Measurements

The Company’s investment in real estate ventures subject to nonrecurring fair value measurements are as follows:


			Fair Value Measurement Using:
	Year Ended December 31, 2021				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description	Impairment Charge		Total

Assets:
Investments in real estate ventures	$	2,713	$	—	$	—	$	—	$	—


			Fair Value Measurement Using:
	Year Ended December 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description	Impairment Charge		Total

Assets:
Investments in real estate ventures	$	16,513	$	—	$	—	$	—	$	—

- 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.

+ References + Details