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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities at December 31, 2016 and 2015 that are measured at fair value on a recurring basis subsequent to initial recognition and indicates the fair value hierarchy of the valuation techniques utilized by us to determine such fair value (in thousands):

 

 

 

Level

 

 

December 31, 2016

 

 

December 31, 2015

 

Deferred compensation plan assets

 

 

1

 

 

$

69,912

 

 

$

64,245

 

Corporate and municipal bonds

 

 

1

 

 

$

44,573

 

 

$

43,142

 

Interest rate swap

 

 

2

 

 

$

529

 

 

$

240

 

Contingent purchase price liabilities

 

 

3

 

 

$

(33,709

)

 

$

(24,817

)

 

Change in Level 3 Fair Values of Contingent Purchase Price Liabilities

For the years ended December 31, 2016 and 2015, there were no transfers between the valuation hierarchy Levels 1, 2 and 3. The following table summarizes the change in fair value of our contingent purchase price liabilities identified as Level 3 for the years ended December 31, 2016 and 2015 (pre-tax basis, in thousands):

 

 

 

Contingent

Purchase Price

Liabilities

 

Beginning balance — January 1, 2015

 

$

(33,368

)

Additions from business acquisitions

 

 

(8,522

)

Payment of contingent purchase price payable

 

 

14,364

 

Change in fair value of contingency

 

 

2,854

 

Change in net present value of contingency

 

 

(145

)

Balance — December 31, 2015

 

$

(24,817

)

Additions from business acquisitions

 

 

(21,088

)

Settlement of contingent purchase price payable

 

 

11,202

 

Change in fair value of contingency

 

 

1,342

 

Change in net present value of contingency

 

 

(348

)

Balance — December 31, 2016

 

$

(33,709

)