FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

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, 2021:


	As of December 31, 2021
	Balance		Level 1		Level 2		Level 3
Foreign exchange derivative assets	$	1,429	$	—	$	1,429	$	—
Rights to acquire noncontrolling interest in consolidated subsidiaries	6,093		—		—		6,093
Total assets measured at fair value on a recurring basis	$	7,522	$	—	$	1,429	$	6,093

Foreign exchange derivative liabilities	$	5,849	$	—	$	5,849	$	—
Contingent consideration	23,114		—		—		23,114
Total liabilities measured at fair value on a recurring basis	$	28,963	$	—	$	5,849	$	23,114

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, 2020.


	As of December 31, 2020
	Balance		Level 1		Level 2		Level 3
Foreign exchange derivative assets	$	4,955	$	—	$	4,955	$	—
Total assets measured at fair value on a recurring basis	$	4,955	$	—	$	4,955	$	—

Foreign exchange derivative liabilities	$	243	$	—	$	243	$	—
Contingent consideration	7,470		—		—		7,470
Total liabilities measured at fair value on a recurring basis	$	7,713	$	—	$	243	$	7,470

A reconciliation of the beginning and ending balances of Level 3 acquisition-related contingent consideration liabilities using significant unobservable inputs for the years ended December 31, 2019, December 31, 2020 and December 31, 2021 are as follows:


	Amount
Contingent consideration liabilities as of January 1, 2019	$	7,468
Acquisition date fair value of contingent consideration — Other 2019 Acquisitions (Note 2)	2,100
Changes in fair value of contingent consideration included in Interest and other (loss)/income, net	1,776
Payment of contingent consideration for previously acquired businesses	(1,104)
Effect of net foreign currency exchange rate changes	255
Contingent consideration liabilities as of December 31, 2019	$	10,495
Acquisition date fair value of contingent consideration — 2020 Acquisitions (Note 2)	5,292
Changes in fair value of contingent consideration included in Interest and other (loss)/income, net	1,827
Payment of contingent consideration for previously acquired businesses	(9,619)
Effect of net foreign currency exchange rate changes	(525)
Contingent consideration liabilities as of December 31, 2020	$	7,470
Acquisition date fair value of contingent consideration — PolSource acquisition (Note 2)	35,400
Acquisition date fair value of contingent consideration — CORE acquisition (Note 2)	4,007
Acquisition date fair value of contingent consideration — Emakina acquisition (Note 2)	213
Acquisition date fair value of contingent consideration — Other 2021 Acquisitions (Note 2)	17,629
Changes in fair value of contingent consideration included in Interest and other (loss)/income, net	8,782
Payment of contingent consideration for previously acquired businesses	(50,000)
Effect of net foreign currency exchange rate changes	(387)
Contingent consideration liabilities as of December 31, 2021	$	23,114

Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

The following tables present the estimated fair values of the Company’s financial assets and liabilities not measured at fair value on a recurring basis as of the dates indicated:


					Fair Value Hierarchy
	Balance		Estimated Fair Value		Level 1		Level 2		Level 3
December 31, 2021
Financial Assets:
Cash equivalents:
Money market funds	$	78,302	$	78,302	$	78,302	$	—	$	—
Total cash equivalents	$	78,302	$	78,302	$	78,302	$	—	$	—
Restricted cash	$	2,722	$	2,722	$	2,722	$	—	$	—
Employee loans	$	818	$	818	$	—	$	—	$	818
Financial Liabilities:
Short term debt	$	16,018	$	16,018	$	—	$	16,018	$	—
Borrowings under 2021 Credit Agreement	$	25,000	$	25,000	$	—	$	25,000	$	—
Other long term debt	$	5,234	$	5,234	$	—	$	5,234	$	—


					Fair Value Hierarchy
	Balance		Estimated Fair Value		Level 1		Level 2		Level 3
December 31, 2020
Financial Assets:
Cash equivalents:
Money market funds	$	153,783	$	153,783	$	153,783	$	—	$	—
Total cash equivalents	$	153,783	$	153,783	$	153,783	$	—	$	—
Restricted cash	$	1,390	$	1,390	$	1,390	$	—	$	—
Time deposits included in Short-term investments	$	60,007	$	60,007	$	—	$	60,007	$	—
Employee loans	$	794	$	794	$	—	$	—	$	794
Financial Liabilities:
Borrowings under 2017 Credit Facility	$	25,007	$	25,007	$	—	$	25,007	$	—