| Schedule of Other Assets |
Other assets consisted of the following (in thousands):
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Current |
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Non-Current
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September 30, |
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December 31, |
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September 30, |
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December 31, |
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2015 |
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2014 |
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2015 |
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2014 |
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Due from independent contractors, net (1) (2)
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$ |
1,581 |
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$ |
1,577 |
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$ |
5,184 |
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$ |
1,820 |
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Security deposits
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— |
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— |
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1,299 |
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1,240 |
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Customer trust accounts and other
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1,823 |
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1,262 |
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102 |
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222 |
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$ |
3,404 |
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$ |
2,839 |
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$ |
6,585 |
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$ |
3,282 |
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(1) |
Includes allowance for doubtful
accounts related to current of $261,000 as of September 30,
2015 and $193,000 as of December 31, 2014, respectively. The
Company recorded a provision for bad debt expense of $48,000 and
$44,000 and wrote off $24,000 and $23,000 of these receivables for
the three months ended September 30, 2015 and, 2014,
respectively. The Company recorded a provision for bad debt expense
of $127,000 and $86,000 and wrote off $59,000 and $110,000 of these
receivables for the nine months ended September 30, 2015 and,
2014, respectively. |
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(2) |
Represents amounts advanced, notes
receivable and other receivables due from the Company’s sales
and financing professionals. The notes receivable along with
interest, are typically collected from future commissions and are
generally due in one to five years. Any cash receipts on notes are
applied first to unpaid principal balance prior to any income being
recognized. |
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| Components of Deferred Compensation and Commissions |
Deferred compensation and commissions consisted of the following
(in thousands):
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September 30,
2015 |
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December 31,
2014 |
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SARs liability
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$ |
21,184 |
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$ |
20,542 |
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Commissions payable to sales and financing professionals
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12,451 |
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12,176 |
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Deferred compensation liability
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4,951 |
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3,863 |
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$ |
38,586 |
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$ |
36,581 |
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| Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Obligation |
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 obligation, each exclusive of additional
contributions and distributions consisted of the following (in
thousands):
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Three Months
Ended September 30,
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Nine Months
Ended September 30,
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2015 |
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2014 |
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2015 |
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2014 |
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Increase (decrease) in the carrying value of the assets held in the
rabbi trust (1)
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$ |
(351 |
) |
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$ |
(51 |
) |
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$ |
(340 |
) |
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$ |
177 |
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Increase (decrease) in the carrying value of the deferred
compensation obligation (2)
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$ |
(307 |
) |
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$ |
(32 |
) |
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$ |
(248 |
) |
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$ |
201 |
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(1) |
Recorded in other income (expense),
net in the condensed consolidated statements of net and
comprehensive income. |
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(2) |
Recorded in selling, general and
administrative expense in the condensed consolidated statements of
net and comprehensive income. |
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