FAIR VALUE

The following table provides a summary of assets and liabilities as of March 31, 2017, measured at fair value on a recurring basis:



Description	Balance as of March 31, 2017		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign exchange contracts	$	2,832	$	—	$	2,832	$	—
Marketable securities	70,045		—		70,045		—
Total assets	$	72,877	$	—	$	72,877	$	—

Liabilities:
Foreign exchange contracts	$	1,136	$	—	$	1,136	$	—
Interest rate swap agreements	5,813		—		5,813		—
Contingent considerations	8,700		—		—		8,700
Forward contract	15,588		—		—		15,588
Deferred compensation	27,600		—		27,600		—
Total liabilities	$	58,837	$	—	$	34,549	$	24,288

The following table provides a summary of assets and liabilities as of December 31, 2016, measured at fair value on a recurring basis:



Description	Balance as of December 31, 2016		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign exchange contracts	$	1,185	$	—	$	1,185	$	—
Marketable securities	38,920		—		38,920		—
Total assets	$	40,105	$	—	$	40,105	$	—

Liabilities:
Foreign exchange contracts	$	2,452	$	—	$	2,452	$	—
Interest rate swap agreements	5,439		—		5,439		—
Contingent considerations	8,154		—		—		8,154
Forward contract	15,272		—		—		15,272
Deferred compensation	25,244		—		25,244		—
Total liabilities	$	56,561	$	—	$	33,135	$	23,426

The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts and interest rate swap agreements using Level 2 inputs based on observable spot and forward rates in active markets. During the three months ended March 31, 2017, there were no transfers between Levels 1, 2 or 3.

The Company measures the fair value of marketable securities using Level 2 inputs based on quoted market prices for similar assets in active markets and are included in Other current assets.

In connection with acquisitions, the Company recorded contingent considerations fair valued at $8,700 as of March 31, 2017. Under the contingent consideration agreements, the amounts to be paid are based upon actual financial results of the acquired entity for specified future periods. The fair value of the contingent considerations are a Level 3 valuation and fair valued using either a probability weighted discounted cash flow analysis or an option pricing model.

In connection with an acquisition, the Company obtained a controlling financial interest in the acquired entity and at the same time entered into a forward contract to obtain the remaining financial interest in the entity over a three-year period. The amount to be paid to obtain the remaining financial interest was based upon actual financial results of the entity through 2016. A liability was recorded for the forward contract at a fair value of $15,588 as of March 31, 2017 and will be paid in the second quarter of 2017. The change in liability from December 31, 2016 was primarily the result of foreign exchange translation and accretion of interest expense of $148 for the three months ended March 31, 2017. The fair value of the contract is a Level 3 valuation and is based on the present value of the expected future payments.

The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections.

The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both March 31, 2017 and December 31, 2016. The fair value of long-term debt at March 31, 2017 and December 31, 2016, including the current portion, was approximately $676,164 and $669,209, respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $703,502 and $703,835, respectively. Since considerable judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount that could be realized in a current market exchange.