Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Assets and Liabilities Measured at Fair Value on Recurring Basis



	As of December 31, 2016								As of December 31, 2015
	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)	$	146,103	$	146,103	$	—	$	—	$	75,452	$	75,452	$	—	$	—
Restricted cash (a)		50,504		50,504		—		—		45,853		45,853		—		—
Investments in lieu of customer retainage (b)		51,266		46,855		4,411		—		41,566		35,350		6,216		—
Total	$	247,873	$	243,462	$	4,411	$	—	$	162,871	$	156,655	$	6,216	$	—

Liabilities:
Interest rate swap contract (c)	$	—	$	—	$	—	$	—	$	45	$	—	$	45	$	—
Total	$	—	$	—	$	—	$	—	$	45	$	—	$	45	$	—

(a)

Cash, cash equivalents and restricted cash consists primarily of money market funds with original maturity dates of three months or less measured using 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 value of money market funds is measured using quoted market prices; therefore they are classified as Level 1 assets. The fair values of the U.S. Treasury Notes and municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets.

(c)

The Company valued the interest rate swap liability utilizing a discounted cash flow model that took 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, 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	$	—