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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2016
Fair Value Measurements | 6. Fair Value Measurements The Company measures certain financial assets and liabilities, including derivative instruments, at fair value on a recurring basis. The fair value measurements of these items were determined using the following inputs as of December 31, 2015 and March 31, 2016:
|  | As of March 31, 2016 |
|  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Other Unobservable Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (Note a, c) |  | $ | 33,467 |  |  | $ | — |  |  | $ | 33,467 |  |  | $ | — |
Total |  | $ | 33,467 |  |  | $ | — |  |  | $ | 33,467 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earn-out consideration (Note b, d) |  | $ | 20,853 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,853 |
Derivative instruments (Note b, c) |  | $ | 59,110 |  |  | $ | — |  |  | $ | 59,110 |  |  | $ | — |
Total |  | $ | 79,963 |  |  | $ | — |  |  | $ | 59,110 |  |  | $ | 20,853 |
Redeemable non-controlling interest (Note e) |  | $ | 3,621 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,621 |
|  | As of December 31, 2015 |
|  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Other Unobservable Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (Note a, c) |  | $ | 30,380 |  |  | $ | — |  |  | $ | 30,380 |  |  | $ | — |
Total |  | $ | 30,380 |  |  | $ | — |  |  | $ | 30,380 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earn-out consideration (Note b, d) |  | $ | 22,820 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,820 |
Derivative instruments (Note b, c) |  | $ | 59,620 |  |  | $ | — |  |  | $ | 59,620 |  |  | $ | — |
Total |  | $ | 82,440 |  |  | $ | — |  |  | $ | 59,620 |  |  | $ | 22,820 |
(a) | Included in prepaid expenses and other current assets and other assets in the consolidated balance sheets.
(b) | Included in accrued expenses and other current liabilities and other liabilities in the consolidated balance sheets.
(c) | The Company values its derivative instruments based on market observable inputs, including both forward and spot prices for the relevant currencies and interest rate indices for relevant interest rates. The quotes are taken from an independent market database.
(d) | The fair value of earn-out consideration, calculated as the present value of expected future payments to be made to the sellers of the acquired businesses, was derived by estimating the future financial performance of the acquired businesses using the earn-out formula and performance targets specified in each purchase agreement and adjusting the result to reflect the Company’s estimate of the likelihood of achievement of such targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy.
(e) | The Company’s estimate of the fair value of redeemable non-controlling interest as of March 31, 2016 is based on unobservable inputs considering the assumptions that market participants would make in pricing the obligation. Given the significance of the unobservable inputs, the valuation was classified in level 3 of the fair value hierarchy. Refer to Note 3—Business Acquisitions.
The following table provides a roll-forward of the fair value of the contingent consideration categorized as level 3 for the three months ended March 31, 2015 and 2016:
|  | Three months ended March 31, |
|  | 2015 |  |  | 2016 |
Opening Balance |  | $ | 33,990 |  |  | $ | 22,820 |
Earn-out consideration payable in connection with acquisitions |  |  | — |  |  |  | 8,120 |
Payments made on earn-out consideration |  |  | (126 | ) |  |  | (965 | )
Change in fair value and others |  |  | (449 | ) |  |  | (9,122 | )
Ending balance |  | $ | 33,415 |  |  | $ | 20,853 |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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