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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Measurements [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

December 31, 2014

 

 

Fair Value Hierarchy

 

Fair Value Hierarchy

(in thousands)

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Level 1

 

Level 2

 

Level 3

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents (a)

 

$

 75,452 

 

$

 75,452 

 

$

 —

 

$

 —

 

$

 135,583 

 

$

 135,583 

 

$

 —

 

$

 —

Restricted cash (a)

 

 

 45,853 

 

 

 45,853 

 

 

 —

 

 

 —

 

 

 44,370 

 

 

 44,370 

 

 

 —

 

 

 —

Investments in lieu of customer retainage (b)

 

 

 41,566 

 

 

 35,350 

 

 

 6,216 

 

 

 —

 

 

 33,224 

 

 

 25,761 

 

 

 7,463 

 

 

 —

Total

 

$

 162,871 

 

$

 156,655 

 

$

 6,216 

 

$

 —

 

$

 213,177 

 

$

 205,714 

 

$

 7,463 

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contract (c)

 

$

 45 

 

$

 —

 

$

 45 

 

$

 —

 

$

 381 

 

$

 —

 

$

 381 

 

$

 —

Contingent consideration (d)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 24,814 

 

 

 —

 

 

 —

 

 

 24,814 

Total

 

$

 45 

 

$

 —

 

$

 45 

 

$

 —

 

$

 25,195 

 

$

 —

 

$

 381 

 

$

 24,814 

 

(a)

Cash, cash equivalents and restricted cash consist primarily of money market funds with original maturity dates of three months or less, for which fair value is determined through quoted market prices.

(b)

Investments in lieu of customer retainage are classified as accounts receivable and are comprised of money market funds, U.S. Treasury Notes and other municipal bonds, the majority of which are rated Aa3 or better. The fair values of the U.S. Treasury Notes and municipal bonds are obtained from readily-available pricing sources for comparable instruments, and as such, the Company has classified these assets as Level 2.

(c)

The Company values the interest rate swap liability utilizing a discounted cash flow model that takes into consideration forward interest rates observable in the market and the counterparty’s credit risk.
Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis

 

 

 

 

 

 

 

 

Contingent

(in thousands)

Consideration

Balance as of December 31, 2013

$

 46,022 

Fair value adjustments included in other income (expense), net

 

 5,592 

Amount no longer subject to contingency

 

 (26,800)

Balance as of December 31, 2014

$

 24,814 

Fair value adjustments included in other income (expense), net

 

 (3,739)

Amount no longer subject to contingency

 

 (21,075)

Balance as of December 31, 2015

$

 —

 

 

 

 

 

 

 

 

 

Auction Rate

(in thousands)

Securities

Balance as of December 31, 2013

$

 46,283 

Purchases

 

 —

Settlements

 

 (44,497)

Realized loss included in other income (expense), net

 

 (1,786)

Balance as of December 31, 2014

$

 —