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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2021
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):
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets held in rabbi trust |  | $ | 11,178 |  |  | $ | — |  |  | $ | 11,178 |  |  | $ | — |  |  | $ | 10,295 |  |  | $ | — |  |  | $ | 10,295 |  |  | $ | — |
Cash equivalents (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper and other |  | $ | 1,800 |  |  | $ | — |  |  | $ | 1,800 |  |  | $ | — |  |  | $ | 9,399 |  |  | $ | — |  |  | $ | 9,399 |  |  | $ | — |
Money market funds |  |  | 167,441 |  |  |  | 167,441 |  |  |  | — |  |  |  | — |  |  |  | 158,271 |  |  |  | 158,271 |  |  |  | — |  |  |  | — |
|  | $ | 169,241 |  |  | $ | 167,441 |  |  | $ | 1,800 |  |  | $ | — |  |  | $ | 167,670 |  |  | $ | 158,271 |  |  | $ | 9,399 |  |  | $ | — |
Marketable debt securities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 74,436 |  |  | $ | 74,436 |  |  | $ | — |  |  | $ | — |  |  | $ | 75,970 |  |  | $ | 75,970 |  |  | $ | — |  |  | $ | — |
U.S. government sponsored entities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,447 |  |  |  | — |  |  |  | 32,447 |  |  |  | — |
Corporate debt |  |  | 72,736 |  |  |  | — |  |  |  | 72,736 |  |  |  | — |  |  |  | 49,841 |  |  |  | — |  |  |  | 49,841 |  |  |  | — |
|  | $ | 147,172 |  |  | $ | 74,436 |  |  | $ | 72,736 |  |  | $ | — |  |  | $ | 158,258 |  |  | $ | 75,970 |  |  | $ | 82,288 |  |  | $ | — |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 52,196 |  |  | $ | 52,196 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,641 |  |  | $ | 3,641 |  |  | $ | — |  |  | $ | — |
U.S. government sponsored entities |  |  | 913 |  |  |  | — |  |  |  | 913 |  |  |  | — |  |  |  | 1,152 |  |  |  | — |  |  |  | 1,152 |  |  |  | — |
Corporate debt |  |  | 37,649 |  |  |  | — |  |  |  | 37,649 |  |  |  | — |  |  |  | 36,287 |  |  |  | — |  |  |  | 36,287 |  |  |  | — |
ABS and other |  |  | 6,756 |  |  |  | — |  |  |  | 6,756 |  |  |  | — |  |  |  | 6,693 |  |  |  | — |  |  |  | 6,693 |  |  |  | — |
|  | $ | 97,514 |  |  | $ | 52,196 |  |  | $ | 45,318 |  |  | $ | — |  |  | $ | 47,773 |  |  | $ | 3,641 |  |  | $ | 44,132 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 6,817 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,817 |  |  | $ | 5,572 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,572 |
Deferred consideration |  | $ | 11,998 |  |  | $ | — |  |  | $ | 11,998 |  |  | $ | — |  |  | $ | 15,248 |  |  | $ | — |  |  | $ | 15,248 |  |  | $ | — |
Deferred compensation liability |  | $ | 8,346 |  |  | $ | 8,346 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,287 |  |  | $ | 8,287 |  |  | $ | — |  |  | $ | — |
(1) | Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
There were no transfers in or out of Level 3 during the six months ended June 30, 2021 and 2020.
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis | A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands):
|  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |
Beginning balance |  | $ | 5,572 |  |  | $ | 3,387 |
Contingent consideration in connection with acquisitions (1) |  |  | (100 | ) |  |  | 1,800 |
Change in fair value of contingent consideration |  |  | 1,345 |  |  |  | 21 |
Payments of contingent consideration |  |  | — |  |  |  | — |
Ending balance |  | $ | 6,817 |  |  | $ | 5,208 |
(1) | Contingent consideration in connection with acquisitions represents a noncash investing activity. Six months ended June 30, 2021 relates to a measurement period adjustment. See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information.
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques | Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands):
|  | Fair Value at June 30, 2021 |  |  | Valuation Technique |  | Unobservable inputs |  | Range (Weighted Average) (1) |
Contingent consideration |  | $ | 6,817 |  |  | Discounted cash flow |  | Expected life of cash flows |  |  | 1.9-6.3 years (3.8 years) |
|  |  |  |  |  |  |  | Discount rate |  |  | 1.9%-3.7% (2.8%) |
|  |  |  |  |  |  |  | Probability of achievement |  |  | 33.8%-100.0% (90.1%) |
|  | Fair Value at December 31, 2020 |  |  | Valuation Technique |  | Unobservable inputs |  | Range (Weighted Average) (1) |
Contingent consideration |  | $ | 5,572 |  |  | Discounted cash flow |  | Expected life of cash flows |  |  | 2.4-6.8 years (4.4 years) |
|  |  |  |  |  |  |  | Discount rate |  |  | 2.6%-4.3% (3.4%) |
|  |  |  |  |  |  |  | Probability of achievement |  |  | 50.0%-100.0% (86.1%) |
(1) | Unobservable inputs were weighted by the relative fair value of the instruments.
Fair Value Liabilities Measured On NonRecurring Basis Valuation Techniques | Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial assets measured at fair value on a nonrecurring basis consisted of the following (dollars in thousands):
|  | Fair Value at June 30, 2021 |  |  | Valuation Technique |  | Unobservable inputs |  | Range (Weighted Average) (1) |
MSRs |  | $ | 2,367 |  |  | Discounted cash flow |  | Constant prepayment rates |  |  | 0.0%-20.0% (10.0%) |
|  |  |  |  |  |  |  | Constant default rate |  |  | 0.3%-4.5% (1.2%) |
|  |  |  |  |  |  |  | Loss severity |  |  | 26.2%-31.4% (28.0%) |
|  |  |  |  |  |  |  | Discount rate |  |  | 10.0%-10.0% (10.0%) |
|  | Fair Value at December 31, 2020 |  |  | Valuation Technique |  | Unobservable inputs |  | Range (Weighted Average) (1) |
MSRs |  | $ | 2,135 |  |  | Discounted cash flow |  | Constant prepayment rates |  |  | 0.0%-20.0% (10.0%) |
|  |  |  |  |  |  |  | Constant default rate |  |  | 0.3%-4.1% (1.1%) |
|  |  |  |  |  |  |  | Loss severity |  |  | 26.2%-31.4% (28.0%) |
|  |  |  |  |  |  |  | Discount rate |  |  | 10.0%-10.0% (10.0%) |
(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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