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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Schedule of Assets and liabilities at Fair Value on Recurring Basis | Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands):
|  | March 31, 2020 |  |  | December 31, 2019 |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets held in rabbi trust |  | $ | 7,992 |  |  | $ | — |  |  | $ | 7,992 |  |  | $ | — |  |  | $ | 9,452 |  |  | $ | — |  |  | $ | 9,452 |  |  | $ | — |
Cash equivalents (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper and other |  | $ | 9,498 |  |  | $ | — |  |  | $ | 9,498 |  |  | $ | — |  |  | $ | 5,087 |  |  | $ | — |  |  | $ | 5,087 |  |  | $ | — |
Money market funds |  |  | 146,769 |  |  |  | 146,769 |  |  |  | — |  |  |  | — |  |  |  | 185,513 |  |  |  | 185,513 |  |  |  | — |  |  |  | — |
|  | $ | 156,267 |  |  | $ | 146,769 |  |  | $ | 9,498 |  |  | $ | — |  |  | $ | 190,600 |  |  | $ | 185,513 |  |  | $ | 5,087 |  |  | $ | — |
Marketable debt securities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 114,720 |  |  | $ | 114,720 |  |  | $ | — |  |  | $ | — |  |  | $ | 124,580 |  |  | $ | 124,580 |  |  | $ | — |  |  | $ | — |
U.S. government sponsored entities |  |  | 9,137 |  |  |  | — |  |  |  | 9,137 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate debt |  |  | 19,711 |  |  |  | — |  |  |  | 19,711 |  |  |  | — |  |  |  | 26,172 |  |  |  | — |  |  |  | 26,172 |  |  |  | — |
ABS and other |  |  | 296 |  |  |  | — |  |  |  | 296 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 143,864 |  |  | $ | 114,720 |  |  | $ | 29,144 |  |  | $ | — |  |  | $ | 150,752 |  |  | $ | 124,580 |  |  | $ | 26,172 |  |  | $ | — |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 10,510 |  |  | $ | 10,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,423 |  |  | $ | 24,423 |  |  | $ | — |  |  | $ | — |
U.S. government sponsored entities |  |  | 1,328 |  |  |  | — |  |  |  | 1,328 |  |  |  | — |  |  |  | 1,355 |  |  |  | — |  |  |  | 1,355 |  |  |  | — |
Corporate debt |  |  | 25,606 |  |  |  | — |  |  |  | 25,606 |  |  |  | — |  |  |  | 26,471 |  |  |  | — |  |  |  | 26,471 |  |  |  | — |
ABS and other |  |  | 7,766 |  |  |  | — |  |  |  | 7,766 |  |  |  | — |  |  |  | 8,560 |  |  |  | — |  |  |  | 8,560 |  |  |  | — |
|  | $ | 45,210 |  |  | $ | 10,510 |  |  | $ | 34,700 |  |  | $ | — |  |  | $ | 60,809 |  |  | $ | 24,423 |  |  | $ | 36,386 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 3,162 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,162 |  |  | $ | 3,387 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,387 |
Deferred compensation liability |  | $ | 7,244 |  |  | $ | 7,244 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,241 |  |  | $ | 8,241 |  |  | $ | — |  |  | $ | — |
(1) | Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis | Assuming the achievement of the applicable performance criteria and/or service and time requirements, the Company anticipates these earn-out payments will be made over the next one to seven-year period. Changes in fair value are included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income. A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands):
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
Beginning balance (1) |  | $ | 3,387 |  |  | $ | 2,875 |
Contingent consideration in connection with acquisitions (2) |  |  | — |  |  |  | — |
Change in fair value of contingent consideration |  |  | (225 | ) |  |  | 48 |
Payments of contingent consideration |  |  | — |  |  |  | — |
Ending balance |  | $ | 3,162 |  |  | $ | 2,923 |
(1) | Beginning balance for 2020 reflects the reclassification of $1,401 from contingent consideration related to deferred consideration. See Note 7 – “Selected Balance Sheet Data – Other Liabilities” for additional information.
(2) | Contingent consideration in connections with acquisitions represents a noncash investing activity.
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques |
|  | Fair Value at March 31, 2020 |  |  | Valuation Technique |  | Unobservable inputs |  | Range (Weighted Average) (1) |
Contingent consideration |  | $ | 3,162 |  |  | Discounted cash flow |  | Expected life of cash flows |  |  | 0.2-5.5 years (2.1 years) |
|  |  |  |  |  |  |  | Discount rate |  |  | 6.7%-6.9% (6.8%) |
|  |  |  |  |  |  |  | Probability of achievement |  |  | 33.0%-100.0% (74.0%) |
|  | Fair Value at December 31, 2019 |  |  | Valuation Technique |  | Unobservable inputs |  | Range (Weighted Average) (1) |
Contingent consideration |  | $ | 3,387 |  |  | Discounted cash flow |  | Expected life of cash flows |  |  | 0.4-5.8 years (2.4 years) |
|  |  |  |  |  |  |  | Discount rate |  |  | 3.6%-4.9% (4.1%) |
|  |  |  |  |  |  |  | Probability of achievement |  |  | 33.0%-100.0% (74.3%) |
(1) | Unobservable inputs were weighted by the relative fair value of the instruments.
Fair Value Liabilities Measured On NonRecurring Basis Valuation Techniques |
|  | Fair Value at March 31, 2020 |  |  | Valuation Technique |  | Unobservable inputs |  | Range (Weighted Average) (1) |
MSRs |  | $ | 2,125 |  |  | Discounted cash flow |  | Constant prepayment rates |  |  | 0.0%-20.0% (10.0%) |
|  |  |  |  |  |  |  | Constant default rate |  |  | 1.5%-1.5% (1.5%) |
|  |  |  |  |  |  |  | Loss severity |  |  | 30.2%-30.2% (30.2%) |
|  |  |  |  |  |  |  | Discount rate |  |  | 10.0%-10.0% (10.0%) |
|  | Fair Value at December 31, 2019 |  |  | Valuation Technique |  | Unobservable inputs |  | Range (Weighted Average) (1) |
MSRs |  | $ | 2,204 |  |  | Discounted cash flow |  | Constant prepayment rates |  |  | 0.0%-20.0% (10.0%) |
|  |  |  |  |  |  |  | Constant default rate |  |  | 2.0%-2.0% (2.0%) |
|  |  |  |  |  |  |  | Loss severity |  |  | 40.0%-40.0% (40.0%) |
|  |  |  |  |  |  |  | Discount rate |  |  | 9.5%-9.7% (9.7%) |
(1) | Weighted average is based on the 10% constant prepayment rate scenario which the Company uses as the reported fair value.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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