(15)Fair Value

The table below presents information about items which are carried at fair value on a recurring basis:


	September 30, 2019
	(In thousands)
	Level 1		Level 2		Level 3		Total

Cash equivalents	$	20,997	$	—	$	—	$	20,997
Contingent consideration		—		—		(3,200)		(3,200)
Blueapple RNCI		(974,727)		—		—		(974,727)
eService RNCI		—		—		(133,917)		(133,917)
Total	$	(953,730)	$	—	$	(137,117)	$	(1,090,847)


	December 31, 2018
	(In thousands)
	Level 1		Level 2		Level 3		Total

Cash equivalents	$	106,164	$	—	$	—	$	106,164
Contingent consideration		—		—		(8,189)		(8,189)
Blueapple RNCI		(885,986)		—		—		(885,986)
eService RNCI		—		—		(124,107)		(124,107)
Total	$	(779,822)	$	—	$	(132,296)	$	(912,118)

Cash equivalents consist of a money market fund that is valued using a market price in an active market (Level 1). Level 1 instrument valuations are obtained from real‑time quotes for transactions in active exchange markets involving identical assets.

Contingent consideration relates to potential payments that the Company may be required to make associated with acquisitions. To the extent that the valuation of these liabilities are based on inputs that are less observable or not observable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for measures categorized in Level 3.

In the determination of the fair value of the RNCI in eService, the Company used an income approach based on internal forecasts of expected future cash flows. Significant unobservable inputs included the Weighted Average Cost of Capital (“WACC”) used to discount the future cash flows, which was 15.0%, based on the markets in which the business operates and growth rate used within the future cash flows, which were between 3.0% and 10.7%, based on historic trends, current and expected market conditions, and management’s forecast assumptions. A future increase in the WACC would result in a decrease in the fair value of RNCI in eService. The fair value of the RNCI in Blueapple is derived from the closing stock price of the Company’s Class A common stock on the last day of the period.

The estimated fair value of receivables, settlement processing assets and liabilities, due to and due from related parties and settlement lines of credit approximate their respective carrying values due to their short term nature. The estimated fair value of total long term debt, which approximates its carrying value, is based on quoted bid-ask spreads within the lender syndicate (Level 2).

Visa Series C preferred stock are carried at cost in the amount of $14.7 million as of September 30, 2019 and December 31, 2018, respectively, and are presented in other assets on the consolidated balance sheets. The estimated fair value of the Visa Series C preferred stock of $32.5 million as of September 30, 2019 is based upon inputs classified as Level 3 of the fair value hierarchy. These inputs include the fair value of Visa Class A common stock as of September 30, 2019 and the conversion factor of Visa Series C preferred stock to Visa Class A common stock, inclusive of a discount rate due to the lack of liquidity, which represents a measure of fair value that is unobservable or requires management’s judgment.