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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities at June 30, 2017 and December 31, 2016 that are measured at fair value on a recurring basis subsequent to initial recognition and indicates the fair value hierarchy of the valuation techniques utilized by us to determine such fair value (in thousands):

 

 

 

Level

 

June 30,

2017

 

 

December 31,

2016

 

Deferred compensation plan assets

 

1

 

$

76,251

 

 

$

69,912

 

Corporate and municipal bonds

 

1

 

$

52,441

 

 

$

44,573

 

Interest rate swaps

 

2

 

$

642

 

 

$

529

 

Contingent purchase price liabilities

 

3

 

$

(43,226

)

 

$

(33,709

)

 
Change in Level 3 Fair Values of Contingent Purchase Price Liabilities

 

During the six months ended June 30, 2017 and 2016, there were no transfers between the valuation hierarchy Levels 1, 2 and 3. The following table summarizes the change in Level 3 fair values of our contingent purchase price liabilities for the six months ended June 30, 2017 and 2016 (pre-tax basis) (in thousands):

 

 

 

2017

 

 

2016

 

Beginning balance – January 1

 

$

(33,709

)

 

$

(24,817

)

Additions from business acquisitions

 

 

(17,526

)

 

 

(15,088

)

Settlement of contingent purchase price liabilities

 

 

7,253

 

 

 

6,349

 

Change in fair value of contingencies

 

 

1,032

 

 

 

714

 

Change in net present value of contingencies

 

 

(276

)

 

 

(106

)

Ending balance – June 30

 

$

(43,226

)

 

$

(32,948

)