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Fair Value Measurements
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company's assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 21, as of December 31, 2022 and 2021, by fair value hierarchy level were as follows: 
December 31, 2022
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$287,126 $— $— $287,126 
Investment securities - fair value
Sponsored funds62,744 — — 62,744 
Equity securities14,255 — — 14,255 
Nonqualified retirement plan assets10,154 — — 10,154 
Total assets measured at fair value$374,279 — $— $374,279 
Liabilities
Contingent consideration$— $— $78,100 $78,100 
Total liabilities measured at fair value$— $— $78,100 $78,100 
 
December 31, 2021
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$307,277 $— $— $307,277 
Investment securities - fair value
Sponsored funds66,326 — — 66,326 
Equity securities14,009 — — 14,009 
Nonqualified retirement plan assets13,321 — — 13,321 
Total assets measured at fair value$400,933 $— $— $400,933 
Liabilities
Contingent consideration$— $— $88,400 $88,400 
Total liabilities measured at fair value$— $— $88,400 $88,400 

The following is a discussion of the valuation methodologies used for the Company's assets and liabilities measured at fair value.
 
Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are classified as Level 1.

Sponsored funds represent investments in open-end funds, closed-end funds and ETFs for which the Company acts as the investment manager. The fair value of open-end funds is determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1.

Equity securities represent securities traded on active markets, are valued at the official closing price (typically the last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1.

Nonqualified retirement plan assets represent mutual funds within the Company's nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1.
Contingent consideration represents liabilities associated with the Company's business combinations. See Note 4 for a discussion of the transactions. The estimated fair values are measured using a simulation model using unobservable market data inputs prepared with the assistance of an independent valuation firm. These liabilities are categorized as Level 3.

Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.

The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:

(in thousands)20222021
Contingent consideration, beginning of year$88,400 $— 
Additions for acquisitions1,200 96,000 
Reduction of liability for payments made(19,520)(20,000)
Increase (reduction) of liability related to re-measurement of fair value, net8,020 12,400 
Contingent consideration, end of year$78,100 $88,400