Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

• Level 1 – Quoted prices in active markets for identical assets and liabilities.

• Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The following tables provide a summary of the fair value measurements at March 31, 2016 and December 31, 2015 for each major category of assets and liabilities measured at fair value on a recurring basis:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
At March 31, 2016
U.S. non-qualified deferred compensation plan	$	16,388	$	—	$	—		$	16,388
Assets designated for retirement and pension plans	—		19,036		—			19,036
Acquisition earnout accruals	—		—		(13,372		)	(13,372		)
	$	16,388	$	19,036	$	(13,372	)	$	22,052

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
At December 31, 2015
U.S. non-qualified deferred compensation plan	$	14,145	$	—	$	—		$	14,145
Assets designated for retirement and pension plans	—		18,164		—			18,164
Acquisition earnout accruals	—		—		(12,033		)	(12,033		)
	$	14,145	$	18,164	$	(12,033	)	$	20,276

The Level 2 assets above are fair valued using a market approach. The Level 3 liabilities include accruals for future earnout payments related to prior acquisitions, the values of which are determined based on discounted cash flow models. The Company considers the recorded value of its financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, and accounts payable, to approximate the fair value of the respective assets and liabilities at March 31, 2016 and December 31, 2015 based upon the short-term nature of the assets and liabilities.

The following table provides a reconciliation of the beginning and ending balance of Level 3 assets and liabilities for the three months ended March 31, 2016.

	Acquisition Earnout Accruals
Balance at December 31, 2015	$	(12,033	)
Acquisition earnout (Note 7)	(1,454		)
Earnout accretion	(345		)
Earnout payments	387
Foreign currency translation	73
Balance at March 31, 2016	$	(13,372	)