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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2016
Fair Value Disclosures [Abstract] |
Fair Value Measurements |
7. | Fair Value Measurements
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investment carried and fair value and the supporting methodologies and assumptions. The Company uses various pricing sources to validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlates with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Recurring Fair Value Measurements The Company values its investments including assets held in rabbi trust, money market funds and investments in marketable securities, available-for-sale at fair value on a recurring basis. Investments carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands):
|  | September 30, 2016 |  |  | December 31, 2015 |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets held in rabbi trust |  | $ | 7,309 |  |  | $ | — |  |  | $ | 7,309 |  |  | $ | — |  |  | $ | 5,661 |  |  | $ | — |  |  | $ | 5,661 |  |  | $ | — |
Money market funds (1) |  | $ | 60,513 |  |  | $ | 60,513 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,987 |  |  | $ | 5,987 |  |  | $ | — |  |  | $ | — |
Marketable securities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 24,878 |  |  | $ | 24,878 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,272 |  |  | $ | 62,272 |  |  | $ | — |  |  | $ | — |
U.S. Government Sponsored Entities |  |  | 11,513 |  |  |  | — |  |  |  | 11,513 |  |  |  | — |  |  |  | 17,559 |  |  |  | — |  |  |  | 17,559 |  |  |  | — |
Corporate debt securities |  |  | 11,986 |  |  |  | — |  |  |  | 11,986 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Asset-backed securities and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29 |  |  |  | — |  |  |  | 29 |  |  |  | — |
|  | $ | 48,377 |  |  | $ | 24,878 |  |  | $ | 23,499 |  |  | $ | — |  |  | $ | 79,860 |  |  | $ | 62,272 |  |  | $ | 17,588 |  |  | $ | — |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | $ | 50,698 |  |  | $ | 50,698 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,171 |  |  | $ | 15,171 |  |  | $ | — |  |  | $ | — |
U.S. Government Sponsored Entities |  |  | 16,014 |  |  |  | — |  |  |  | 16,014 |  |  |  | — |  |  |  | 12,022 |  |  |  | — |  |  |  | 12,022 |  |  |  | — |
Corporate debt securities |  |  | 18,769 |  |  |  | — |  |  |  | 18,769 |  |  |  | — |  |  |  | 16,705 |  |  |  | — |  |  |  | 16,705 |  |  |  | — |
Asset-backed securities and other |  |  | 8,798 |  |  |  | — |  |  |  | 8,798 |  |  |  | — |  |  |  | 10,497 |  |  |  | — |  |  |  | 10,497 |  |  |  | — |
|  | $ | 94,279 |  |  | $ | 50,698 |  |  | $ | 43,581 |  |  | $ | — |  |  | $ | 54,395 |  |  | $ | 15,171 |  |  | $ | 39,224 |  |  | $ | — |
(1) | Included in cash and cash equivalents.
There were no transfers in or out of Level 1 and Level 2 during the three and nine months ended September 30, 2016. Assets and Liabilities not Measured at Fair Value The Company’s cash and cash equivalents, commissions receivable, amounts due from employees (included in other assets, net current and other assets non-current captions) and investment sales and financing professionals (included in other assets, net current caption), accounts payable and accrued expenses and commissions payable are carried at cost, which approximates fair value based on their immediate or short-term maturities and terms which approximate current market rates and are considered to be in the Level 1 classification. As the Company’s obligations under notes payable to former stockholders bear fixed interest rates that approximate current interest rates for debt instruments with similar terms and maturities, the Company has determined that the carrying value on these instruments approximates fair value. As the Company’s obligations under SARs liability (included in deferred compensation and commission’s caption) bear interest at a variable rate based on U.S. Treasuries, the Company has determined that the carrying value approximates the fair value. These are considered to be in the Level 2 classification.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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