Quarterly report pursuant to Section 13 or 15(d)

Selected Balance Sheet Data (Tables)

v3.21.1
Selected Balance Sheet Data (Tables)
 3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Allowance for Credit Losses for Advances and Loans and Commissions Receivable
Allowance for credit losses for advances and loans and commissions receivable consisted of the following (in thousands):
 
    
Advances
 and
Loans
      Commissions
Receivable		      Total  
Beginning balance as of January 1, 2021
    $ 563      $ 94      $ 657  
Credit loss recovery
      (67 )       (79 )       (146 ) 
Write-offs
      (2 )       —          (2 ) 
    
 
 
     
 
 
     
 
 
  
Ending balance as of March 31, 2021
    $ 494      $ 15      $ 509  
    
 
 
     
 
 
     
 
 
  
 
    
Advances
 and
Loans
      Commissions
Receivable		     Total  
Beginning balance as of January 1, 2020
    $ 512      $ 32 
(1)
 		   $ 544  
Credit loss recovery
      (120 )       —         (120 ) 
Write-offs
      (2 )       —         (2 ) 
    
 
 
     
 
 
    
 
 
  
Ending balance as of March 31, 2020
    $ 390      $ 32     $ 422  
    
 
 
     
 
 
    
 
 
  
 
(1)
 
Includes cumulative-effect adjustment related to the adoption of ASU No. 2016-13,
Financial Instruments – Credit Losses.
Schedule of Other Assets
Other Assets
Other assets consisted of the following (in thousands):
 
     Current     
Non-Current
  
     March 31,
2021		      December 31,
2020		      March 31,
2021		      December 31,
2020		  
Mortgage servicing rights (“MSRs”), net of amortization
    $ —        $ —        $ 2,062      $ 1,897  
Security deposits
      —          —          1,463        1,461  
Employee notes receivable
(1)
      165        185        13        246  
Customer trust accounts and other
      5,477        4,526        537        572  
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 5,642      $ 4,711      $ 4,075      $ 4,176  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $10 and $0
 
for the three months ended March 31, 2021 and 2020, respectively. See Note 7 – “Related-Party Transactions” for additional information.
Summary of Net Change in Carrying Value of MSRs
The net change in the carrying value of MSRs consisted of the following (in thousands):
 
     Three Months Ended
March 31,		  
     2021      2020  
Beginning balance
    $ 1,897      $
 
 2,002  
Additions
      303        77  
Amortization
      (138 )       (129 ) 
    
 
 
     
 
 
  
Ending balance
    $ 2,062      $ 1,950  
    
 
 
     
 
 
  
Schedule of Deferred Compensation and Commissions
Deferred compensation and commissions consisted of the following (in thousands):
 
     Current     
Non-Current
  
     March 31,
2021		      December 31,
2020		      March 31,
2021		      December 31,
2020		  
Stock appreciation rights (“SARs”) liability (1)
    $ 2,225      $
 
 2,162      $
 
 14,568      $ 16,671  
Commissions payable to investment sales and financing professionals
      29,054        54,082        7,389        15,306  
Deferred compensation liability (1)
      1,485        1,519        6,788        6,768  
Other
      435        343        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
     $ 33,199      $ 58,106      $ 28,745      $ 38,745  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered 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. 
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):
 
     Three Months Ended
March 31,		  
     2021      2020  
Increase (decrease) in the carrying value of the assets held in the rabbi trust
(1)
    $ 333      $ (1,388 ) 
    
 
 
     
 
 
  
Increase (decrease) in the net carrying value of the deferred compensation obligation
(2)
    $ 260      $ (1,273 ) 
    
 
 
     
 
 
  
 
(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.
Summary of Other Liabilities
Other liabilities consisted of the following (in thousands):
 
    
Non-Current
  
     March 31,
2021		      December 31,
2020		  
Deferred consideration
(1) (2)
    $ 7,171      $ 8,582  
Contingent consideration
(1)
      4,033        4,219  
Other
      1,013        1,015  
    
 
 
     
 
 
  
     $ 12,217      $ 13,816  
    
 
 
     
 
 
  
 
(1)
The current portions of deferred consideration in the amounts of $6,571 and $6,666 as of March 31, 2021 and December 31, 2020, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. The current portions of contingent consideration in the amounts of $1,268 and $1,353 as of March 31, 2021 and December 31, 2020, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets.
(2)
Includes a measurement period adjustment made during the three months ended March 31, 2021, which represents a noncash investing activity. See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information.