XML 42 R27.htm IDEA: XBRL DOCUMENT

Fair Value Measurements Fair Value of Financial Instruments Policy (Policies)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments, Policy [Policy Text Block]	The recorded values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair value based on their short-term nature. Long-term debt recorded in the Company’s Consolidated Balance Sheets at December 31, 2016 was $640.4 million (net of $15.6 million of unamortized deferred loan costs, see “Note 7. Long-Term Debt”). The fair value of the long-term debt at that same date was $662.6 million as determined using Level 1 inputs (quoted prices in active markets for identical liabilities) from the fair value hierarchy. Related to its acquisitions, the Company had obligations to pay contingent consideration in cash if certain performance targets were met. Contingent consideration obligations were paid during the current year. Prior to completing the performance period, the fair value of the contingent consideration was determined using an expected present value technique. Expected cash flows were determined using the probability-weighted average of possible outcomes that would occur should certain financial metrics be reached. There is no market data available to use in valuing the contingent consideration, therefore, the Company developed its own assumptions related to the future financial performance of the businesses to evaluate the fair value of these liabilities. As such, the contingent consideration was classified within Level 3 inputs (unobservable inputs) from the fair value hierarchy. The fair value of the liability for contingent consideration was established at the time of the acquisition and finalized by the end of the measurement period. The fair value was then remeasured on a recurring basis with changes due to the accretion of the present value discount recorded in interest expense, and changes related to new developments in expected performance recorded in SG&A expenses. In 2016, there was accretion of discount totaling $0.9 million and a reduction in expense of $0.3 million related to a decrease in the obligation. In 2015, there was accretion of discount totaling $1.4 million and expense of $2.8 million related to an increase in the obligation.