Fair Value

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value

NOTE 19 - FAIR VALUE

The Company measures and reports certain financial assets and liabilities at fair value in accordance with Accounting Standard Codification (“ASC 820”), Fair Value Measurements and Disclosures (“ASC 820”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Generally, fair value is based on observable quoted market prices or derived from observable market data when such market prices or data are available. ASC 820 establishes a three-level hierarchy used to estimate fair value by which each level is categorized based on the priority of the inputs used to measure fair value:

• Level 1: Quoted prices that are available in active markets for identical assets or liabilities;

• Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates and yield curves that are observable at commonly quoted intervals, and implied volatilities); and inputs derived principally from or corroborated by observable market data by correlation or other means; and

• Level 3: Uses inputs that are unobservable and require the Company to make certain assumptions and require significant estimation and judgment from management to use in pricing the fair value of the assets and liabilities.

Certain financial instruments, including cash and cash equivalents, contract receivables, and accounts payable are carried at cost, which, due to their short maturities, approximates their fair values at December 31, 2019 and 2018. The carrying value of other long-term liabilities related to capital expenditure obligations approximates their fair value at December 31, 2019 and 2018 based on the current rates offered to the Company for similar instruments with comparable maturities (Level 2). The Company believes the carrying value of its Credit Facility at December 31, 2019 and 2018 approximates the estimated fair value for debt with similar terms, interest rates, and remaining maturities currently available to companies with similar credit ratings (Level 2).

The Company applies the provisions of ASC 820 to its assets and liabilities that are required to be measured at fair value pursuant to other accounting standards, including assets and liabilities resulting from the Company’s nonqualified deferred compensation plan, interest rate swap agreement (see Note 11 – Derivative Instruments and Hedging Activities), and foreign currency forward contract agreements not eligible for hedge accounting.

Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated financial statements are as follows:

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Forward contract agreements	$	—	$	733	$	—	$	733	Prepaid expenses and other
Deferred compensation investments in cash surrender life insurance		—		15,020		—		15,020	Other assets
Total	$	—	$	15,753	$	—	$	15,753
Liabilities:
Deferred compensation plan liabilities	$	—	$	14,855	$	—	$	14,855	Long-term Liabilities: Other
Interest rate swaps		—		3,811		—		3,811	Long-term Liabilities: Other
Total	$	—	$	18,666	$	—	$	18,666

	December 31, 2018
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Deferred compensation investments in cash surrender life insurance	$	—	$	12,816	$	—	$	12,816	Other assets
Liabilities:
Deferred compensation plan liabilities	$	—	$	12,703	$	—	$	12,703	Long-term Liabilities: Other
Interest rate swaps		—		782		—		782	Long-term Liabilities: Other
Contingent liability related to acquisition		—		—		1,750		1,750	Accrued expenses and other current liabilities
Total	$	—	$	13,485	$	1,750	$	15,235