Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Fair Value Measured at Fair Value on Recurring Basis

The table below shows liabilities measured at fair value on a recurring basis.

	As of March 31, 2022
(in thousands)	Total			Level 1		Level 2		Level 3
Financial Assets
Investments in proprietary funds	$	800		$	800	$	-	$	-
Deferred compensation plan investments		31,588			31,588		-		-
Interest rate swap asset		29,234		$	-		29,234	$	-
Total Financial Assets	$	61,622		$	32,388	$	29,234	$	-
Financial Liabilities
Contingent consideration arrangements⁽¹⁾		(305,000	)		-		-		(305,000	)
Total Financial Liabilities	$	(305,000	)	$	-	$	-	$	(305,000	)

(1)

Contingent consideration arrangement liabilities of $305.0 million plus $0.6 million of consideration payable to sellers for WestEnd acquisition net working capital adjustments equal $305.6 million in consideration payable for acquisition of business on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2022.

	As of December 31, 2021
(in thousands)	Total			Level 1		Level 2		Level 3
Financial Assets
Investments in proprietary funds	$	912		$	912	$	-	$	-
Deferred compensation plan investments		30,812			30,812		-		-
Interest rate swap asset		7,774			-		7,774		-
Total Financial Assets	$	39,498		$	31,724	$	7,774	$	-
Financial Liabilities
Contingent consideration arrangements⁽¹⁾		(308,500	)		-		-		(308,500	)
Total Financial Liabilities	$	(308,500	)	$	-	$	-	$	(308,500	)

(1)

Contingent consideration arrangement liabilities of $308.5 million plus $0.3 million and $0.6 million of consideration payable to sellers for estimated net working capital adjustments for the NEC and WestEnd acquisitions, respectively, equal $309.4 million in consideration payable for acquisition of business on the unaudited Condensed Consolidated Balance Sheets as of December 31, 2021.

Summary of Change in Contingent Consideration Arrangement Liabilities

The following table presents the change in contingent consideration arrangement liabilities for the three months ended March 31, 2022.

(in thousands)	Contingent Consideration Liabilities
Balance, December 31, 2021	$	(308,500	)
USAA AMCO change in fair value measurement		2,800
WestEnd change in fair value measurement		700
Balance, March 31, 2022	$	(305,000	)