Selected Balance Sheet Data (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Other Assets |
Other assets consisted of the following (in thousands):
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Current
December 31,
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Non-Current
December 31,
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2018 |
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2017 |
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2018 |
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2017 |
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Mortgage servicing rights, net of amortization
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$ |
— |
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$ |
— |
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$ |
2,209 |
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$ |
— |
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Due from independent contractors, net(1)(2)
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3,831 |
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3,672 |
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27,157 |
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21,726 |
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Security deposits
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— |
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— |
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1,196 |
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1,158 |
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Employee notes receivable(3)
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156 |
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366 |
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370 |
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255 |
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Customer trust accounts and other
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2,381 |
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1,491 |
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846 |
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24 |
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$ |
6,368 |
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$ |
5,529 |
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$ |
31,778 |
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$ |
23,163 |
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| (1) |
Represents amounts advanced, notes receivable and
other receivables due from the Company’s investment sales and
financing professionals. The notes receivable along with interest,
are typically collected from future commissions and are generally
due in one to four years.
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| (2) |
Includes allowance for doubtful accounts related to
current receivables of $514 and $494 as of December 31, 2018
and 2017, respectively. The Company recorded a provision for bad
debt expense of $291, $219 and $47 and wrote off $271, $38 and $93
of these receivables for the years ended December 31, 2018,
2017 and 2016, respectively. Any cash receipts on notes are applied
first to unpaid principal balance prior to any income being
recognized.
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| (3) |
See Note 8 – “Related-Party
Transactions” for additional information.
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| Summary of Net Change in Carrying Value of MSRs |
The net change in the carrying value of MSRs consisted of the
following (in thousands):
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Non-Current
December 31,
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2018 |
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2017 |
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Beginning balance
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$ |
— |
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$ |
— |
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Additions from acquisition
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2,121 |
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— |
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Additions
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391 |
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— |
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Amortization
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(303 |
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— |
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$ |
2,209 |
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$ |
— |
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| Summary of Deferred Rent and Other Liabilities |
Deferred rent and other liabilities consisted of the following (in
thousands):
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Non-Current
December 31,
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2018 |
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2017 |
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Deferred rent and other
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$ |
5,445 |
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$ |
4,505 |
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Contingent consideration(1)
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2,054 |
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— |
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$ |
7,499 |
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$ |
4,505 |
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| (1) |
The current portion of contingent consideration in the
amount of $821,000 is included in accounts payable and other
liabilities in the consolidated balance sheets.
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| Components of Deferred Compensation and Commissions |
Deferred compensation and commissions consisted of the following
(in thousands):
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Current
December 31,
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Non-Current
December 31,
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2018 |
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2017 |
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2018 |
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2017 |
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Stock appreciation rights (“SARs”) liability(1)
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$ |
1,810 |
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$ |
1,662 |
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$ |
19,299 |
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$ |
20,217 |
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Commissions payable to investment sales and financing
professionals
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44,812 |
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46,257 |
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23,983 |
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21,924 |
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Deferred compensation liability(1)
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1,288 |
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1,261 |
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6,605 |
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7,220 |
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$ |
47,910 |
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$ |
49,180 |
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$ |
49,887 |
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$ |
49,361 |
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| (1) |
The SARs and deferred compensation liability become
subject to payout as a result of a participant no longer being
considered as a service provider. As a result of the retirement of
certain participants, estimated amounts to be paid to the
participants within the next twelve months have been classified as
current.
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| Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability |
The net change in the carrying value of the assets held in the
rabbi trust and the net change in the carrying value of the
deferred compensation liability, each exclusive of additional
contributions, distributions and trust expenses consisted of the
following (in thousands):
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December 31, |
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2018 |
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2017 |
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2016 |
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(Decrease) increase in the carrying value of the assets held in the
rabbi trust(1)
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$ |
(326 |
) |
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$ |
849 |
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$ |
470 |
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(Decrease) increase in the net carrying value of the deferred
compensation obligation(2)
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$ |
(306 |
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$ |
904 |
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$ |
452 |
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| (1) |
Recorded in other income (expense), net in the
consolidated statements of net and comprehensive income.
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| (2) |
Recorded in selling, general and administrative
expense in the consolidated statements of net and comprehensive
income.
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