Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2013

Financial Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

The following tables provide information regarding the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2013 and 2012:

	Total carrying value at December 31, 2013		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(Dollars in thousands)
Investments in marketable securities	$	6,150	$	6,150	$	—	$	—
Contingent consideration liabilities		20,313		—		—		20,313

	Total carrying value at December 31, 2012		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(Dollars in thousands)
Investments in marketable securities	$	4,785	$	4,785	$	—	$	—
Derivative assets		1,279		—		1,279		—
Derivative liabilities		598		—		598		—
Contingent consideration liabilities		51,196		—		—		51,196

Reconciliation of Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis

The following table provides information regarding changes in Level 3 financial liabilities related to contingent consideration in connection with various Company acquisitions, including those described in Note 3 to the consolidated financial statements during the twelve months ended December 31, 2013 and 2012:

	Contingent consideration
	2013			2012
	(Dollars in thousands)
Beginning balance – January 1	$	51,196		$	9,676
Initial estimate upon acquisition		—			58,895
Payment		(18,880	)		(18,426	)
Revaluations		(11,982	)		1,055
Translation adjustment		(21	)		(4	)
Ending balance – December 31	$	20,313		$	51,196

Valuation Technique and Inputs Used to Determine Fair Value of Assets or Liabilities

The following table provides information regarding the valuation techniques and inputs used in determining the fair value of the contingent consideration liabilities categorized as Level 3 measurements:

	Valuation Technique	Unobservable Input	Range (Weighted Average)
Contingent consideration	Discounted cash flow	Discount rate		1% - 10% (6%)
		Probability of payment		0 - 100% (31%)

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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