FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company carries certain assets and liabilities at fair value on a recurring basis on its consolidated balance sheets. The following table shows the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019:



	As of December 31, 2019
	Balance		Level 1		Level 2		Level 3
Foreign exchange derivative assets	$	1,910	$	—	$	1,910	$	—
Total assets measured at fair value on a recurring basis	$	1,910	$	—	$	1,910	$	—

Foreign exchange derivative liabilities	$	243	$	—	$	243	$	—
Contingent consideration	10,495		—		—		10,495
Total liabilities measured at fair value on a recurring basis	$	10,738	$	—	$	243	$	10,495

The following table shows the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018.



	As of December 31, 2018
	Balance		Level 1		Level 2		Level 3
Foreign exchange derivative assets	$	181	$	—	$	181	$	—
Total assets measured at fair value on a recurring basis	$	181	$	—	$	181	$	—

Foreign exchange derivative liabilities	$	3,475	$	—	$	3,475	$	—
Contingent consideration	7,468		—		—		7,468
Total liabilities measured at fair value on a recurring basis	$	10,943	$	—	$	3,475	$	7,468

Reconciliation of Acquisition-Related Contractual Contingent Liabilities Using Significant Unobservable Inputs

A reconciliation of the beginning and ending balances of acquisition-related contractual contingent liabilities using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and December 31, 2019 are as follows:



	Amount
Contractual contingent liabilities as of January 1, 2018	$	—
Acquisition date fair value of contingent consideration — Continuum acquisition (Note 2)	2,400
Acquisition date fair value of contingent consideration — Think acquisition (Note 2)	5,990
Changes in fair value of contingent consideration included in Interest and other income, net	(900		)
Effect of net foreign currency exchange rate changes	(22		)
Contractual contingent liabilities as of December 31, 2018	$	7,468
Payment of contingent consideration	(1,104		)
Acquisition date fair value of contractual contingent consideration — Other 2019 acquisitions (Note 2)	2,100
Changes in fair value of contingent consideration included in Interest and other income, net	1,776
Effect of net foreign currency exchange rate changes	255
Contingent consideration liabilities as of December 31, 2019	$	10,495

Reported Amounts and Estimated Fair Values of the Financial Assets and Liabilities for Which Disclosure of Fair Value is Required

The following tables present the reported amounts and estimated fair values of the financial assets and liabilities for which disclosure of fair value is required, as they would be categorized within the fair value hierarchy, as of the dates indicated:



					Fair Value Hierarchy
	Balance		Estimated Fair Value		Level 1		Level 2		Level 3
December 31, 2019
Financial Assets:
Cash equivalents:
Money market funds	$	407,817	$	407,817	$	407,817	$	—	$	—
Time deposits	10,002		10,002		—		10,002		—
Total cash equivalents	$	417,819	$	417,819	$	407,817	$	10,002	$	—
Restricted cash	$	1,136	$	1,136	$	1,136	$	—	$	—
Employee loans	$	2,434	$	2,434	$	—	$	—	$	2,434
Financial Liabilities:
Borrowings under 2017 Credit Facility	$	25,017	$	25,017	$	—	$	25,017	$	—



					Fair Value Hierarchy
	Balance		Estimated Fair Value		Level 1		Level 2		Level 3
December 31, 2018
Financial Assets:
Cash equivalents
Money market funds	$	282,664	$	282,664	$	282,664	$	—	$	—
Total cash equivalents	$	282,664	$	282,664	$	282,664	$	—	$	—
Restricted cash	$	1,151	$	1,151	$	1,151	$	—	$	—
Employee loans	$	3,525	$	3,525	$	—	$	—	$	3,525
Financial Liabilities:
Borrowings under 2017 Credit Facility	$	25,020	$	25,020	$	—	$	25,020	$	—