Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.10.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of changes in fair value of the Company’s financial assets and liabilities measured at fair value
The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value in the consolidated balance sheets as of December 31, 2018 and 2017, based on the three-tier fair value hierarchy: 

 
 
 
December 31, 2018
 
 
Fair Value
 
Level I
 
Level II
 
Level III
Assets
 
 
 
 
 
 
 
 
Money market funds and other(1)
 
$
265,554

 
$
265,554

 
$

 
$

Assets to fund deferred compensation liability(2)
 
6,346

 

 

 
6,346

Total assets
 
$
271,900


$
265,554

 
$

 
$
6,346

Liabilities
 
 

 
 

 
 

 
 

Contingent consideration
 
$
732

 
$

 
$

 
$
732

Deferred compensation liability(3)
 
6,196

 
6,196

 

 

Total liabilities
 
$
6,928

 
$
6,196

 
$

 
$
732

 
 
 
December 31, 2017
 
 
Fair Value
 
Level I
 
Level II
 
Level III
Assets:
 
 
 
 
 
 
 
 
Money market funds (1)
 
$
39,400

 
$
39,400

 
$

 
$

Assets to fund deferred compensation liability(2)
 
5,185

 

 

 
5,185

Total assets
 
$
44,585

 
$
39,400

 
$

 
$
5,185

Liabilities:
 
 

 
 

 
 

 
 

Contingent consideration
 
$
2,781

 
$

 
$

 
$
2,781

Deferred compensation liability(3)
 
4,364

 
4,364

 

 

Total liabilities
 
$
7,145

 
$
4,364


$


$
2,781

(1)
The fair values of the Company’s investments in money-market funds are based on the daily quoted market prices for the net asset value of the various money market funds and time deposit accounts which mature on a daily basis.
(2)
The deferred compensation asset fair value is based upon the cash surrender value of the life insurance premiums. The Company recognized immaterial losses related to this asset within the statements of operations for the year ended December 31, 2018, and immaterial gains related to this asset within the statements of operations for the year ended December 31, 2017.
(3)
The deferred compensation liability is included in other non-current liabilities in the consolidated balance sheets and its fair market value is based on the daily quoted market prices for the net asset value of the various funds in which the participants have selected. The Company recognized immaterial gains related to this liability within the statements of operations for the years ended December 31, 2018 and 2017.
Summary of changes in the fair value of the Company's Level 3 assets
The table below presents a reconciliation of the assets to fund deferred compensation liability of which the Company measured at fair value on a recurring basis using significant unobservable inputs (Level III) for the period from December 31, 2017 to December 31, 2018:

 
Fair Value of
 
Assets to Fund
 
Deferred
 
Compensation
 
Liability
Balance at December 31, 2017
$
5,185

Contributions and fair value adjustments
1,161

Balance at December 31, 2018
$
6,346

 
Summary of changes in the fair value of the Company's Level 3 liability
The table below presents a reconciliation of contingent consideration liabilities of which the Company measured at fair value on a recurring basis using significant unobservable inputs (Level III) for the period from December 31, 2017 to December 31, 2018:
 
 
Fair Value of
 
Contingent
 
Consideration
 
Liabilities
Balance at December 31, 2017
$
2,781

Payment of contingent consideration liability
(2,193
)
Accretion on contingent consideration
144

Balance at December 31, 2018
$
732