XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Accounting
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Accounting
FAIR VALUE ACCOUNTING
Fair value of financial instruments
Available for sale securities - The fair value of available for sale securities at September 30, 2017 and December 31, 2016 was $4.7 million and $4.4 million, respectively. The fair value was based upon either Level 1 inputs when the securities are actively traded with quoted market prices or Level 2 when the securities are not frequently traded.
Long-term borrowings - The fair values of the 2024 Dollar Senior Notes, 2024 Euro Senior Notes and 2025 Euro Senior Notes at September 30, 2017 were $502.5 million, $419.8 million and $558.7 million, respectively. The fair values at December 31, 2016 were $500.0 million, $363.8 million and $472.2 million, respectively. The estimated fair values of these notes are based on recent trades, as reported by a third-party pricing service. Due to the infrequent trades of the New Senior Notes, these inputs are considered to be Level 2 inputs.
The fair values of the 2024 Dollar Term Loans and the 2023 Euro Term Loans at September 30, 2017 were $2,079.8 million and $471.8 million, respectively. The fair values of the 2023 Dollar Term Loans and the 2023 Euro Term Loans at December 31, 2016 were $1,560.5 million and $421.8 million, respectively. The estimated fair values of the 2024 Dollar Term Loans and the 2023 Euro Loans are based on recent trades, as reported by a third-party pricing service. Due to the infrequent trades of the Current Term Loans, these inputs are considered to be Level 2 inputs.
Fair value of contingent consideration
The fair value of contingent consideration associated with acquisitions completed in current and prior years are valued at each balance sheet date, until amounts become payable, with adjustments recorded within selling, general and administrative expenses on the condensed consolidated statement of operations. The fair value of contingent consideration at September 30, 2017 was $7.5 million. During the three and nine months ended September 30, 2017, the Company recorded gains of $0.7 million and $4.6 million associated with the changes to fair value, respectively. The fair value of contingent consideration at December 31, 2016 was $10.0 million. Due to the significant unobservable inputs used in the valuations, these liabilities are categorized within Level 3 of the fair value hierarchy.