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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Our financial assets and (liabilities) carried at fair value measured on a recurring basis as of December 31, 2015 and 2014, consisted of the following (in thousands):

 
 
 
 
Fair Value Measurements Using
 
 
Total Fair
 
Quoted prices in
 
Significant other
 
Significant
 
 
Value at
 
active markets
 
observable inputs
 
Unobservable inputs
Description
 
December 31, 2015
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
 
 
 
 
 
 
Interest rate contracts (1)
 
$
2

 
$

 
$
2

 
$

Foreign currency contracts (2)
 
$
(278
)
 
$

 
$
(278
)
 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements Using
 
 
Total Fair
 
Quoted prices in
 
Significant other
 
Significant
 
 
Value at
 
active markets
 
observable inputs
 
Unobservable inputs
Description
 
December 31, 2014
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
 
 
 
 
 
 
Interest rate contracts (1)
 
$
573

 
$

 
$
573

 
$

 
 
 
 
 
 
 
 
 



(1)    The fair value of the interest rate contracts is determined using Level 2 fair value inputs and is recorded as other assets in the Consolidated Balance Sheets.
(2)    The fair value of the foreign currency contracts is determined using Level 2 fair value inputs and is recorded as accrued expenses in the Consolidated Balance Sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Changes in the fair value of our contingent consideration liability during the years ended December 31, 2015 and 2014, consisted of the following (in thousands):

 
2015
 
2014
Beginning balance
$
1,886

 
$
2,526

Contingent consideration liability recorded as the result of acquisitions (see Note 2)
270

 

Fair value adjustments recorded to income during the period
80

 
(572
)
Contingent payments made
(1,212
)
 
(68
)
Ending balance
$
1,024

 
$
1,886

Fair Value Inputs, Liabilities, Quantitative Information
The recurring Level 3 measurement of our contingent consideration liability includes the following significant unobservable inputs at December 31, 2015 and 2014 (amount in thousands):
Contingent consideration liability
 
Fair value at December 31, 2015
 
Valuation technique
 
Unobservable inputs
 
Range
Revenue-based payments
 
$
874

 
Discounted cash flow

 
Discount rate
 
5% - 15%
 
 
 
 
 
Probability of milestone payment
 
100%
 
 
 
 
 
 
Projected year of payments
 
2016-2028
 
 
 
 
 
 
 
 
 
Other payments
 
$
150

 
Discounted cash flow

 
Discount rate
 
—%
 
 
 
 
 
Probability of milestone payment
 
100%
 
 
 
 
 
 
Projected year of payments
 
2016
 
 
 
 
 
 
 
 
 
Contingent consideration liability
 
Fair value at December 31, 2014
 
Valuation technique
 
Unobservable inputs
 
Range
Revenue-based payments
 
$
1,610

 
Discounted cash flow

 
Discount rate
 
1% - 14%
 
 
 
 
 
Probability of milestone payment
 
90%
 
 
 
 
 
 
Projected year of payments
 
2015-2028
 
 
 
 
 
 
 
 
 
Other payments
 
$
276

 
Discounted cash flow

 
Discount rate
 
5%
 
 
 
 
 
Probability of milestone payment
 
100%
 
 
 
 
 
 
Projected year of payments
 
2015-2016