Selected Balance Sheet Data (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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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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MSRs, net of amortization |
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$ |
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$ |
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$ |
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$ |
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Due from independent contractors, net (1)(2)
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— |
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Employee notes receivable (3)
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Customer trust accounts and other |
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$ |
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$ |
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$ |
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$ |
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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 five years. |
(2) |
Includes allowance for doubtful accounts related to current receivables of $512 and $514 as of December 31, 2019 and 2018, respectively. The Company recorded a provision for bad debt expense of $114, $291 and $219 and wrote off $116, $271 and $38 of these receivables for the years ended December 31, 2019, 2018 and 2017, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. |
(3) |
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable represents noncash investing activity and was $60 and $192 for the years ended December 31, 2019 and 2018, respectively. See Note 9 – “Related-Party Transactions” for additional information. |
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| Summary of Net Change in Carrying Value of MSRs |
The net change in the carrying value of MSRs consisted of the following (in thousands):
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$ |
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$ |
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Additions from acquisition |
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) |
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) |
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$ |
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$ |
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| Components of Deferred Compensation and Commissions |
Deferred compensation and commissions consisted of the following (in thousands):
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$ |
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$ |
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$ |
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$ |
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Commissions payable to investment sales and financing professionals |
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Deferred compensation liability (1)
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$ |
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$ |
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$ |
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$ |
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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 separation as a service provider 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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Increase (decrease) in the carrying value of the assets held in the rabbi trust (1)
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$ |
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$ |
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$ |
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Increase (decrease) in the net carrying value of the deferred compensation obligation (2)
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$ |
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$ |
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$ |
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(1) |
Recorded in other income (expense), net in the consolidated statements of net and comprehensive income. |
(2) |
Recorded in selling, general and administrative expense in the consolidated statements of net and comprehensive income. |
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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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$ |
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$ |
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Contingent consideration and other (2)
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$ |
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$ |
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(1) |
The Company does not have deferred rent in 2019 due to adoption of the new lease standard on January 1, 2019. |
(2) |
The current portion of contingent consideration in the amounts of $1,238 and $821 as of December 31, 2019 and 2018, respectively, are included in accounts payable and other liabilities in the consolidated balance sheets. |
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