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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2018
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 8. Fair Value Measurements We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There were no transfers between Level 1, Level 2, or Level 3 during the six months ended June 30, 2018. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table provides information by level for assets and liabilities that are measured at fair value on a recurring basis (in thousands):
|  | Fair Value as of June 30, 2018 |  | Fair Value Measurements Using Inputs Considered as:
|  |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities - designated as cash flow hedges (foreign currency exchange rate "FX") |  | $ | 1,209 |  |  | $ | — |  |  | $ | 1,209 |  |  | $ | — |
Derivative liabilities - designated as cash flow hedges (interest rate swaps) |  | 1,221 |  |  | — |  |  | 1,221 |  |  | — |
Derivative liabilities - freestanding instruments (FX) |  | 827 |  |  | — |  |  | 827 |  |  | — |
Contingent consideration (1) |  | 181,133 |  |  | — |  |  | — |  |  | 181,133 |
|  | $ | 184,390 |  |  | $ | — |  |  | $ | 3,257 |  |  | $ | 181,133 |
|  | Fair Value as of December 31, 2017 |  | Fair Value Measurements Using Inputs Considered as:
|  |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Derivative assets - freestanding instruments (FX) |  | $ | 519 |  |  | $ | — |  |  | $ | 519 |  |  | $ | — |
|  | $ | 519 |  |  | $ | — |  |  | $ | 519 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities - designated as cash flow hedges (FX) |  | $ | 460 |  |  | $ | — |  |  | $ | 460 |  |  | $ | — |
Derivative liabilities - designated as cash flow hedges (interest rate swaps) |  | 1,585 |  |  | — |  |  | 1,585 |  |  | — |
Contingent consideration (1) |  | 33,973 |  |  | — |  |  | — |  |  | 33,973 |
|  | $ | 36,018 |  |  | $ | — |  |  | $ | 2,045 |  |  | $ | 33,973 |
(1) | The contingent consideration liability represents contingent payments related to five completed acquisitions: Cellplex PTY Ltd., Inversiones Drilltex SAS, Caisson, ImThera and TandemLife. See the table below for additional information.
Our recurring fair value measurements, using significant unobservable inputs (Level 3), relate solely to our contingent consideration liability. The following table provides a reconciliation of the beginning and ending balance of the contingent consideration liability (in thousands):
Total contingent consideration liability at December 31, 2017 |  | $ | 33,973 |
Purchase price - ImThera contingent consideration |  | 112,744 |
Purchase price - TandemLife contingent consideration |  | 40,190 |
Payments |  | (196 | )
Changes in fair value (1) |  | (5,546 | )
Effect of changes in foreign currency exchange rates |  | (32 | )
Total contingent consideration liability at June 30, 2018 |  | 181,133 |
Less current portion of contingent consideration liability at June 30, 2018 |  | 2,684 |
Long-term portion of contingent consideration liability at June 30, 2018 |  | $ | 178,449 |
(1) | Includes a decrease of $6.1 million due to the delay in the timing of anticipated regulatory approval for ImThera. See “Note 3. Business Combinations” for additional discussion.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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