Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.19.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
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: 
 
 
September 30, 2019
 
 
Fair Value
 
Level I
 
Level II
 
Level III
Assets:
 
 
 
 
 
 
 
 
Money market funds and other (1)
 
$
32,830

 
$
32,830

 
$

 
$

Assets to fund deferred compensation liability(2)
 
8,127

 

 

 
8,127

Total assets
 
$
40,957

 
$
32,830

 
$

 
$
8,127

Liabilities:
 
 

 
 

 
 

 
 

Contingent consideration
 
$
16,830

 
$

 
$

 
$
16,830

Deferred compensation liability(3)
 
8,249

 
8,249

 

 

Total liabilities
 
$
25,079

 
$
8,249

 
$

 
$
16,830


 
 
December 31, 2018
 
 
Fair Value
 
Level I
 
Level II
 
Level III
Assets:
 
 
 
 
 
 
 
 
Money market funds(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

 
(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.
(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.
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
 
 
Fair Value of Contingent Consideration Liabilities
Balance at December 31, 2018
 
$
732

Private company acquisition
 
7,580

PortfolioCenter acquisition
 
8,300

Settlement of contingent consideration liability
 
(749
)
Accretion on contingent consideration
 
967

Balance at September 30, 2019
 
$
16,830


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:
 
 
Fair Value of Assets to Fund Deferred Compensation Liability
Balance at December 31, 2018
 
$
6,346

Contributions and fair value adjustments
 
1,781

Balance at September 30, 2019
 
$
8,127