| Schedule 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 on a recurring basis in the condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018, based on the three-tier fair value hierarchy:
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September 30, 2019 |
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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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$ |
32,830 |
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$ |
32,830 |
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$ |
— |
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$ |
— |
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Assets to fund deferred compensation liability(2)
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8,127 |
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— |
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— |
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|
8,127 |
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Total assets |
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$ |
40,957 |
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$ |
32,830 |
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$ |
— |
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$ |
8,127 |
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Liabilities: |
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Contingent consideration |
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$ |
16,830 |
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$ |
— |
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$ |
— |
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$ |
16,830 |
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Deferred compensation liability(3)
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8,249 |
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8,249 |
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— |
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— |
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Total liabilities |
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$ |
25,079 |
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$ |
8,249 |
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$ |
— |
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$ |
16,830 |
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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(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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(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. |
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(2) |
The fair value of assets to fund the deferred compensation liability approximates the cash surrender value of the life insurance premiums and is included in other non-current assets in the condensed consolidated balance sheets. |
(3)
The fair market value of the deferred compensation liability is based on the daily quoted market prices for the net asset value of the various funds in which the participants have selected, and is included in other non-current liabilities in the condensed consolidated balance sheets.
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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 the Company's contingent consideration liabilities, which were measured at fair value on a recurring basis using significant unobservable inputs (Level III) for the period from December 31, 2018 to September 30, 2019:
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Fair Value of Contingent Consideration Liabilities |
Balance at December 31, 2018 |
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$ |
732 |
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Private company acquisition |
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7,580 |
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PortfolioCenter acquisition |
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8,300 |
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Settlement of contingent consideration liability |
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(749 |
) |
Accretion on contingent consideration |
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967 |
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Balance at September 30, 2019 |
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$ |
16,830 |
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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 used to fund deferred the Company's deferred compensation liability, which is measured at fair value on a recurring basis using significant unobservable inputs (Level III) for the period from December 31, 2018 to September 30, 2019:
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Fair Value of Assets to Fund Deferred Compensation Liability |
Balance at December 31, 2018 |
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$ |
6,346 |
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Contributions and fair value adjustments |
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1,781 |
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Balance at September 30, 2019 |
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$ |
8,127 |
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