Selected Balance Sheet Data (Tables)
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6 Months Ended |
Jun. 30, 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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Mortgage servicing rights (“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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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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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. |
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Includes allowance for doubtful accounts related to current receivables of $398 and $514 as of June 30, 2019 and December 31, 2018, respectively. The Company recorded a provision for bad debt expense of $91 and $77 and wrote-off $100 and $4 of these receivables for the three months ended June 30, 2019 and 2018, respectively. The Company recorded a recovery for bad debt expense of $(13) and $(29) and wrote-off $103 and $55 of these receivables for the six months ended June 30, 2019 and 2018, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. |
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Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $60 and $192 for the six months ended June 30, 2019 and 2018, respectively. See Note 9 – “Related-Party Transactions” for additional information. |
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| Summary of Net Change in Carrying Value of MSRs |
The net change in the carrying value of MSRs consisted of the following (in thousands):
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$ |
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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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Stock appreciation rights (“SARs”) liability (1)
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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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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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Increase 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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$ |
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Increase 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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$ |
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(1) |
Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. |
(2) |
Recorded in selling, general and administrative expense in the condensed 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 portions of contingent consideration in the amounts of $853 and $821 as of June 30, 2019 and December 31, 2018, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. |
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