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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2015
Fair Value Measurements [Abstract] |
Assets and Liabilities Measured at Fair Value on a Recurring Basis |
|  |  |  |  | Fair Value Measurements Using
|  |  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  |  | Quoted prices |  |  | other |  |  | Significant
|  |  | Total |  |  | in active |  |  | observable |  |  | unobservable
|  |  | Carrying |  |  | markets |  |  | inputs |  |  | inputs
As of June 30, 2015 |  |  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3)
|  | (in thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents (a) |  | $ | 106,917 |  | $ | 106,917 |  | $ | — |  | $ | —
Restricted cash (a) |  |  | 39,493 |  |  | 39,493 |  |  | — |  |  | —
Investments in lieu of retainage (b) |  |  | 36,482 |  |  | 26,579 |  |  | 9,903 |  |  | —
Total |  | $ | 182,892 |  | $ | 172,989 |  | $ | 9,903 |  | $ | —
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contract (c) |  | $ | 208 |  | $ | — |  | $ | 208 |  | $ | —
Contingent consideration (d) |  |  | 26,334 |  |  | — |  |  | — |  |  | 26,334
|  | $ | 26,542 |  | $ | — |  | $ | 208 |  | $ | 26,334
|  |  |  |  | Fair Value Measurements Using
|  |  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  |  | Quoted prices |  |  | other |  |  | Significant
|  |  | Total |  |  | in active |  |  | observable |  |  | unobservable
|  |  | Carrying |  |  | markets |  |  | inputs |  |  | inputs
As of December 31, 2014 |  |  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3)
|  | (in thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents (a) |  | $ | 135,583 |  | $ | 135,583 |  | $ | — |  | $ | —
Restricted cash (a) |  |  | 44,370 |  |  | 44,370 |  |  | — |  |  | —
Investments in lieu of retainage (b) |  |  | 33,224 |  |  | 25,761 |  |  | 7,463 |  |  | —
Total |  | $ | 213,177 |  | $ | 205,714 |  | $ | 7,463 |  | $ | —
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contract (c) |  | $ | 381 |  | $ | — |  | $ | 381 |  | $ | —
Contingent consideration (d) |  |  | 24,814 |  |  | — |  |  | — |  |  | 24,814
|  | $ | 25,195 |  | $ | — |  | $ | 381 |  | $ | 24,814
| (a) |  | Cash, cash equivalents and restricted cash consist primarily of money market funds with original maturity dates of three months or less, for which fair value is determined through quoted market prices.
| (b) |  | Investments in lieu of retainage are classified as account receivables, including retainage and are comprised primarily of money market funds for which fair value is determined through quoted market prices. Investment in lieu of retainage also includes U.S. Treasury Notes and other municipal bonds for which fair value is determined through quoted market prices and other similar high quality investments whose values are determined from readily-available pricing sources for comparable instruments.
| (c) |  | As discussed in Note 10 — Financial Commitments, the Company entered into a swap agreement with Bank of America, N.A. to establish a long-term interest rate for its former $200 million five-year term loan. The swap agreement became effective for the term loan principal balance outstanding at January 31, 2012. This term loan was paid off and the then current amount refinanced on June 5, 2014, providing for a $250 million term loan maturing on June 5, 2019. The interest rate swap continues on its original basis for the initial term and amount and finalizes on June 30, 2016. Bank of America calculates the fair market value of the interest rate swap liability by utilizing a mark-to-market valuation model that is based on current observable interest rates, expected future interest rates and the Company’s credit risk. The Company reviews the mark-to-market valuation when determining the fair value of the interest rate swap liability to be recognized. This liability is classified as a component of other long-term liabilities.
| (d) |  | The liabilities listed as of June 30, 2015 and December 31, 2014 above represent the contingent consideration for the Company’s acquisitions in 2011 for which the measurement periods for purchase price analyses for the acquisitions have concluded.
Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis |
|  | Contingent
|  | Consideration
|  | (in thousands)
Balance at December 31, 2014 |  | $ | 24,814
Fair value adjustments included in other income (expense), net |  |  | 746
Contingent consideration settled |  |  | —
Balance at March 31, 2015 |  | $ | 25,560
Fair value adjustments included in other income (expense), net |  |  | 774
Contingent consideration settled |  |  | —
Balance at June 30, 2015 |  | $ | 26,334
|  | Contingent
|  | Consideration
|  | (in thousands)
Balance at December 31, 2013 |  | $ | 46,022
Fair value adjustments included in other income (expense), net |  |  | 3,404
Contingent consideration settled |  |  | (1,031)
Balance at March 31, 2014 |  | $ | 48,395
Fair value adjustments included in other income (expense), net |  |  | 2,162
Contingent consideration settled |  |  | (229)
Balance at June 30, 2014 |  | $ | 50,328

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- 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 + Details
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- 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 + Details
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