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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value of Assets and Liabilities Measured on Recurring Basis

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.

Fair Value of Contingent Consideration

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

X

- 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.

+ 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
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: 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

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