Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements

v3.10.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements
9.

Fair Value Measurements

Recurring Fair Value Measurements

Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands):

 

    December 31, 2018     December 31, 2017  
    Fair Value     Level 1     Level 2     Level 3     Fair Value     Level 1     Level 2     Level 3  

Assets:

                

Assets held in rabbi trust

   $ 8,268     $ —       $ 8,268     $ —       $ 8,787     $ —       $ 8,787     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash equivalents(1):

                

Commercial paper and other

   $ 1,599     $ 1,599     $ —       $ —       $ 11,441     $ —       $ 11,441     $ —    

Money market funds

     163,126       163,126       —         —         157,788       157,788       —         —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 164,725     $ 164,725     $ —       $ —       $ 169,229     $ 157,788     $ 11,441     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Marketable securities, available-for-sale:

                

Short-term investments:

                

U.S. treasuries

   $ 121,180     $ 121,180     $ —       $ —       $ 57,624     $ 57,624     $ —       $ —    

U.S. government sponsored entities

     3,505       —         3,505       —         7,008       —         7,008       —    

Corporate debt securities

     11,951       —         11,951       —         8,928       —         8,928       —    

Asset-backed securities and other

     800       —         800       —         —         —         —         —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 137,436     $ 121,180     $ 16,256     $ —       $ 73,560     $ 57,624     $ 15,936     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Long-term investments:

                

U.S. treasuries

   $ 45,010     $ 45,010     $ —       $ —       $ 17,954     $ 17,954     $ —       $ —    

U.S. government sponsored entities

     1,507       —         1,507       —         5,244       —         5,244       —    

Corporate debt securities

     31,837       —         31,837       —         22,719       —         22,719       —    

Asset-backed securities and other

     4,855       —         4,855       —         6,182       —         6,182       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 83,209     $ 45,010     $ 38,199     $ —       $ 52,099     $ 17,954     $ 34,145     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities:

                

Contingent consideration(2)

   $ 2,875     $ —       $ —       $ 2,875     $ —       $ —       $ —       $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deferred compensation liability

   $ 7,893     $ 7,893     $ —       $ —       $ 8,481     $ 8,481     $ —       $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

Included in cash and cash equivalents on the accompanying consolidated balance sheets.
(2)

Assuming the achievement of the applicable performance criteria, the Company anticipates these earn-out payments will be made over the next three to seven-year period. A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands):

 

     December 31,  
     2018      2017  

Beginning balance

    $ —        $ —    

Contingent consideration in connection with acquisitions

      2,674        —    

Change in fair value of contingent consideration

      201        —    

Payments of contingent consideration

      —          —    
  

 

 

     

 

 

  

Ending balance

    $ 2,875      $ —    
  

 

 

     

 

 

  

There were no transfers in or out of Level 1, Level 2 and Level 3 during the year ended December 31, 2018.

Nonrecurring Fair Value Measurements

MSRs are carried at the lower of amortized cost or fair value. The fair value of the MSRs approximated carrying value at December 31, 2018.