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Fair Value Measurements
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were recognized at fair value:
Quoted Prices
in Active
Markets for
Identical Assets		Significant
Other
Observable
Inputs		Significant
Other
Unobservable
Inputs
As of September 30, 2022(Level 1)(Level 2)(Level 3)Total
Assets
Cash equivalents - Money market funds*
$2,085 $— $— $2,085 
Mutual funds**99,435 — — 99,435 
Derivative financial instruments — 1,581 — 1,581 
Total$101,520 $1,581 $— $103,101 
Liabilities
Derivative financial instruments $— $20,011 $— $20,011 
Contingent consideration***
— — 11,439 11,439 
Total$— $20,011 $11,439 $31,450 
Quoted Prices
in Active
Markets for
Identical Assets		Significant
Other
Observable
Inputs		Significant
Other
Unobservable
Inputs
As of December 31, 2021(Level 1)(Level 2)(Level 3)Total
Assets
Cash equivalents - Money market funds*
$5,374 $— $— $5,374 
Mutual funds**127,551 — — 127,551 
Derivative financial instruments — 14,989 — 14,989 
Total$132,925 $14,989 $— $147,914 
Liabilities
Derivative financial instruments $— $3,637 $— $3,637 
Contingent consideration***
— — 9,000 9,000 
Total$— $3,637 $9,000 $12,637 

* Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

** Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

*** Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.
Derivative Financial Instruments:

The Company’s derivative financial instruments consist of foreign currency forward contracts and interest rate swaps. Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. Refer to Note 17 - Derivatives and Hedge Accounting to the unaudited consolidated financial statements for further details.

Fair Value of Contingent Consideration:

The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for its acquisition of Clairvoyant and Inbound. The measurement is calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals by Clairvoyant during the 2022 and 2023 calendar years and Inbound during the 2022 to 2024 calendar years. The Company estimated the fair value of the contingent consideration based on the Monte Carlo simulation model and scenario-based method. Refer to Note 10 - Business Combinations, Goodwill and Intangible Assets to the unaudited consolidated financial statements for further details.

The following table summarizes the changes in the fair value of contingent consideration:

Three months ended September 30,Nine months ended September 30,
2022202120222021
Opening balance$11,439 $— $9,000 $— 
Acquisitions— — 1,439 — 
Fair value changes— — 1,000 — 
Closing balance
$11,439 $— $11,439 $— 
During the three months and nine months ended September 30, 2022 and 2021 there were no transfers among Level 1, Level 2 and Level 3.

Financial Instruments Not Carried at Fair Value:

The Company’s other financial instruments not carried at fair value consist primarily of cash and cash equivalents (except investments in money market funds, as disclosed above), short-term investments (except investments in mutual funds, as disclosed above), restricted cash, accounts receivable, net, long-term investments, accrued capital expenditures, accrued expenses, client liabilities and interest payable on borrowings for which fair values approximate their carrying amounts. The carrying value of the Company’s outstanding revolving credit facility approximates its fair value because the Company’s interest rate yield is near current market rates for comparable debt instruments.