| Schedule of assets and liabilities measured at fair value on a recurring basis |
The following tables provide information regarding the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016. The fair value of cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued expenses and other liabilities approximates their carrying value, due to their short-term nature.
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September 30, 2017
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Adjusted Cost
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Unrealized Gains
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Unrealized Losses
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Fair Value
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Assets
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Level 1:
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Equity securities
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$
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—
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$
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25
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$
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—
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$
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25
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Mutual funds
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1,483
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—
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(148
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)
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1,335
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Subtotal
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1,483
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25
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(148
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)
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1,360
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Level 2:
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Corporate fixed income
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1,443
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—
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(304
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)
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1,139
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Municipal bonds
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1,332
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|
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—
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(75
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)
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1,257
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Subtotal
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2,775
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—
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(379
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)
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2,396
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Total
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$
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4,258
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|
$
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25
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|
$
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(527
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)
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$
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3,756
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Liabilities
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Level 3:
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Contingent consideration
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$
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50,246
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Total
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$
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50,246
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December 31, 2016
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Adjusted Cost
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|
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Unrealized Gains
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Unrealized Losses
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|
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Fair Value
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|
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Assets
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|
|
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Level 1:
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|
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Equity securities
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$
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—
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$
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31
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$
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—
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$
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31
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Mutual funds
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1,483
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$
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—
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(159
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)
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1,324
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Subtotal
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1,483
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31
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(159
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)
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1,355
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Level 2:
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Corporate fixed income
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4,288
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9
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(408
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)
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3,889
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|
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Municipal bonds
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|
|
1,675
|
|
|
$
|
—
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|
|
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(94
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)
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|
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1,581
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|
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Subtotal
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5,963
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|
|
|
9
|
|
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(502
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)
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5,470
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|
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Total
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$
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7,446
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|
$
|
40
|
|
|
$
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(661
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)
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|
$
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6,825
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Liabilities
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Level 3:
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|
|
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Contingent consideration
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|
|
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$
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35,077
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Total
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$
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35,077
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| Summary of maturities of marketable securities |
Maturities of investments at September 30, 2017 are as follows:
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Adjusted Cost
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Fair Value
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Due in less than one year
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|
$
|
399
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|
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$
|
276
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Due after one year but within five years
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1,199
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1,091
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Due after five years but within ten years
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|
470
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|
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|
374
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|
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Due after ten years
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|
707
|
|
|
|
655
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Total
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$
|
2,775
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|
|
$
|
2,396
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|
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| Summary of changes in estimated fair value of contingent consideration |
A summary of the changes in the estimated fair value of contingent consideration at September 30, 2017 is as follows:
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Balance at December 31, 2016
|
|
$
|
35,077
|
|
|
Measurement period adjustment
|
|
|
6,314
|
|
|
Change in estimated fair value
|
|
|
7,860
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|
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Accretion in value
|
|
|
995
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Balance at September 30, 2017
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|
$
|
50,246
|
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