Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis


	Fair Value Measurements as of December 31, 2015
(in thousands)		Level 1		Level 2		Level 3		Total
Description
Cash equivalents (a)	$	28,648	$	—	$	—	$	28,648
Earnout consideration (b)	$	—	$		$	9,673	$	9,673

	Fair Value Measurements as of December 31, 2014
(in thousands)		Level 1		Level 2		Level 3		Total
Description
Cash equivalents (a)	$	190,628	$	—	$	—	$	190,628
Earnout consideration (b)	$	—	$		$	9,155	$	9,155
Redeemable noncontrolling interests (c)	$	—	$	—	$	8,872	$	8,872

^(a)

Cash equivalents include funds held in money market instruments and are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet.

^(b)

The fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. The change in earnout consideration reflects $677 of earnout accretion, partially offset by a $159 transfer to a deferred purchase payment provision.

^(c)

Redeemable noncontrolling interests represents a put option that owners of interests in a certain subsidiary have the right, in certain circumstances, to require the Company to acquire either a portion of, or all of, the remaining ownership interests held by them. As of December 31, 2014, the Company determined the fair value of the redeemable noncontrolling interests based on unobservable inputs considering the assumptions that market participants would make in pricing the obligation. Given the significance of the unobservable inputs, the valuation was classified in level 3 of the fair value hierarchy. As of December 31, 2015, the Company believes the carrying value of the put option exceeds fair value, however, this instrument cannot be written down below the initial investment and the Company no longer considers it to be a recurring fair value measurement. See Note 22 to the Consolidated Financial Statements.