Selected Balance Sheet Data (Tables)
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6 Months Ended |
Jun. 30, 2017 |
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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 |
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Non-Current |
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June 30, |
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December 31, |
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June 30, |
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December 31, |
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2017 |
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2016 |
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2017 |
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2016 |
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Due from independent contractors, net (1) (2)
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$ |
1,585 |
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$ |
2,231 |
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$ |
20,028 |
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$ |
8,702 |
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Security deposits
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— |
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— |
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1,134 |
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1,059 |
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Employee notes receivable (3)
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273 |
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314 |
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246 |
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132 |
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Customer trust accounts and other
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2,496 |
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2,557 |
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62 |
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88 |
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$ |
4,354 |
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$ |
5,102 |
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$ |
21,470 |
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$ |
9,981 |
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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. |
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(2) |
Includes allowance for doubtful
accounts related to current receivables of $249 and $313 as of
June 30, 2017 and December 31, 2016, respectively. The
Company recorded a (recovery) provision for bad debt expense of
$(10) and $(13) and wrote off $(6) and $11 of these receivables for
the three months ended June 30, 2017 and 2016, respectively.
The Company recorded a (recovery) provision for bad debt expense of
$(54) and $3 and wrote off $10 and $65 of these receivables for the
six months ended June 30, 2017 and 2016, respectively. Any
cash receipts on notes are applied first to unpaid principal
balance prior to any income being recognized. |
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(3) |
See Note 6 –
“Related-Party Transactions” for additional
information. |
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| Components of Deferred Compensation and Commissions |
Deferred compensation and commissions consisted of the following
(in thousands):
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Current |
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Non-Current |
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June 30, |
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December 31, |
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June 30, |
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December 31, |
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2017 |
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2016 |
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2017 |
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2016 |
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Stock appreciation rights (“SARs”) liability
(1)
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$ |
1,734 |
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$ |
1,366 |
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$ |
19,681 |
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$ |
20,949 |
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Commissions payable to investment sales and financing
professionals
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27,802 |
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42,781 |
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12,917 |
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17,101 |
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Deferred compensation liability (1)
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913 |
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607 |
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7,525 |
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6,405 |
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$ |
30,449 |
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$ |
44,754 |
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$ |
40,123 |
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$ |
44,455 |
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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 an employee 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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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Increase in the carrying value of the assets held in the rabbi
trust (1)
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$ |
170 |
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$ |
150 |
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$ |
369 |
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$ |
184 |
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Increase in the net carrying value of the deferred compensation
obligation (2)
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$ |
188 |
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$ |
151 |
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$ |
399 |
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$ |
188 |
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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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