Fair Value Measurements (Tables)

The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs we utilized to determine such fair value as of March 31, 2014 and December 31, 2013 (in thousands):



	Balance as of March 31, 2014		Fair Value Measurements as of March 31, 2014
	Balance as of March 31, 2014		Level 1		Level 2		Level 3
Assets:
Cash surrender value of life insurance	$	26,296	$	—	$	26,296	$	—
Total Assets	$	26,296	$	—	$	26,296	$	—
Liabilities:
Contingent consideration liabilities	$	57,091	$	—	$	—	$	57,091
Deferred compensation liabilities	26,169		—		26,169		—
Foreign currency forward contract	11,533		—		11,533		—
Interest rate swaps	7,760		—		7,760		—
Total Liabilities	$	102,553	$	—	$	45,462	$	57,091



	Balance as of December 31, 2013		Fair Value Measurements as of December 31, 2013
	Balance as of December 31, 2013		Level 1		Level 2		Level 3
Assets:
Cash surrender value of life insurance	$	25,745	$	—	$	25,745	$	—
Total Assets	$	25,745	$	—	$	25,745	$	—
Liabilities:
Contingent consideration liabilities	$	55,653	$	—	$	—	$	55,653
Deferred compensation liabilities	25,232		—		25,232		—
Foreign currency forward contracts	21,818		—		21,818		—
Interest rate swaps	8,470		—		8,470		—
Total Liabilities	$	111,173	$	—	$	55,520	$	55,653

The significant unobservable inputs used in the fair value measurements of our Level 3 contingent consideration liabilities were as follows:



	March 31,		December 31,
	2014		2013
Unobservable Input	(Weighted Average)
Probability of achieving payout targets	96.4	%	70.6	%
Discount rate	6.7	%	6.5	%

Changes in the fair value of our contingent consideration obligations are as follows (in thousands):



	Three Months Ended
	March 31,
	2014			2013
Beginning Balance	$	55,653		$	90,009
Contingent consideration liabilities recorded for business acquisitions	4,317			2,389
Payments	(2,006		)	(37,768		)
(Decrease) increase in fair value included in earnings	(1,222		)	823
Exchange rate effects	349			(5,888		)
Ending Balance	$	57,091		$	49,565

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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