| 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:
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December 31, 2018 |
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Fair Value |
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Level I |
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Level II |
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Level III |
Assets |
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Money market funds and other(1)
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$ |
265,554 |
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$ |
265,554 |
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$ |
— |
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$ |
— |
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Assets to fund deferred compensation liability(2)
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6,346 |
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— |
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— |
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6,346 |
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Total assets |
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$ |
271,900 |
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$ |
265,554 |
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$ |
— |
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$ |
6,346 |
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Liabilities |
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Contingent consideration |
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$ |
732 |
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$ |
— |
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$ |
— |
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$ |
732 |
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Deferred compensation liability(3)
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6,196 |
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6,196 |
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— |
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— |
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Total liabilities |
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$ |
6,928 |
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$ |
6,196 |
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$ |
— |
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$ |
732 |
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December 31, 2017 |
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Fair Value |
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Level I |
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Level II |
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Level III |
Assets: |
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Money market funds (1)
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$ |
39,400 |
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$ |
39,400 |
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$ |
— |
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$ |
— |
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Assets to fund deferred compensation liability(2)
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5,185 |
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— |
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— |
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5,185 |
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Total assets |
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$ |
44,585 |
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$ |
39,400 |
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$ |
— |
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$ |
5,185 |
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Liabilities: |
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Contingent consideration |
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$ |
2,781 |
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$ |
— |
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$ |
— |
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$ |
2,781 |
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Deferred compensation liability(3)
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4,364 |
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4,364 |
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— |
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— |
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Total liabilities |
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$ |
7,145 |
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$ |
4,364 |
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$ |
— |
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$ |
2,781 |
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(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. |
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(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.
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(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.
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| 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:
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Fair Value of |
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Assets to Fund |
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Deferred |
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Compensation |
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Liability |
Balance at December 31, 2017 |
$ |
5,185 |
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Contributions and fair value adjustments |
1,161 |
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Balance at December 31, 2018 |
$ |
6,346 |
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| 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:
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Fair Value of |
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Contingent |
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Consideration |
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Liabilities |
Balance at December 31, 2017 |
$ |
2,781 |
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Payment of contingent consideration liability |
(2,193 |
) |
Accretion on contingent consideration |
144 |
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Balance at December 31, 2018 |
$ |
732 |
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