Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Fair Values of Financial Assets and Liabilities

The fair values of financial assets and liabilities that are recorded at fair value in the Consolidated Balance Sheets and not described above were as follows (in thousands):


	As of December 31, 2018								As of December 31, 2017
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents	$	69,807	$	69,807	$	—	$	—	$	55,634	$	55,634	$	—	$	—
Derivative financial instruments		1,765		—		1,765		—		618		—		618		—

Total financial assets	$	71,572	$	69,807	$	1,765	$	—	$	56,252	$	55,634	$	618	$	—


Financial liabilities:
Derivative financial instruments	$	2,275	$	—	$	2,275	$	—	$	—	$	—	$	—	$	—
Contingent consideration		5,098		—		—		5,098		1,834		—		—		1,834

Total financial liabilities	$	7,373	$	—	$	2,275	$	5,098	$	1,834	$	—	$	—	$	1,834

Summary of Change in Fair Value of Contingent Consideration

The change in fair value of the contingent consideration was as follows (in thousands):


Contingent consideration liability—January 1, 2018	$	1,834
Preliminary purchase price		3,683
Fair value adjustments		(586	)
Accretion in value		569
Amounts paid to sellers		(402	)

Contingent consideration liability—December 31, 2018	$	5,098

Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities

The carrying values and associated fair values of financial assets and liabilities that are not recorded at fair value in the Consolidated Balance Sheets and not described above include investments which represent a Level 2 fair value measurement and are as follows (in thousands):


	As of December 31, 2018				As of December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Investments	$	10,060	$	10,053	$	30,053	$	30,038