Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 were as follows:

	Fair Value Measurements as of
	September 30, 2020 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	6,306	$	—	$	—	Prepaid and other assets
Foreign exchange derivative instruments	—		2,217		—		Prepaid and other assets
Deferred compensation program assets	876		—		—		Other assets
Foreign exchange derivative instruments	—		184		—		Other assets
Total assets	$	7,182	$	2,401	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	2,107	$	—	Accrued expenses and other liabilities
Interest rate derivative instruments	—		2,530		—		Accrued expenses and other liabilities
Deferred compensation program liabilities	876		—		—		Other noncurrent liabilities
Foreign exchange derivative instruments	—		606		—		Other noncurrent liabilities
Total liabilities	$	876	$	5,243	$	—

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 were as follows:

	Fair Value Measurements as of
	December 31, 2019 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	6,070	$	—	$	—	Prepaid and other assets
Foreign exchange derivative instruments	—		4,549		—		Prepaid and other assets
Deferred compensation program assets	870		—		—		Other assets
Foreign exchange derivative instruments	—		1,109		—		Other assets
Total assets	$	6,940	$	5,658	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	2,561	$	—	Accrued expenses and other liabilities
Interest rate derivative instruments	—		1,862		—		Accrued expenses and other liabilities
Deferred compensation program liabilities	870		—		—		Other noncurrent liabilities
Foreign exchange derivative instruments	—		115		—		Other noncurrent liabilities
Interest rate derivative instruments	—		789		—		Other noncurrent liabilities
Total liabilities	$	870	$	5,327	$	—

Rabbi trust assets are used to fund certain retirement obligations of the Company. The assets underlying the Rabbi trust are equity and fixed income exchange-traded funds.

Deferred compensation program assets and liabilities represent a program where select employees could defer compensation until termination of employment. Effective July 29, 2011, this program was amended to cease all employee compensation deferrals and provided for the distribution of all previously deferred employee compensation. The program remains in effect with respect to the value attributable to the employer match contributed prior to July 29, 2011.

Foreign exchange derivative instruments are foreign exchange forward contracts primarily used to limit currency risk that would otherwise result from changes in foreign exchange rates (Note 5). The Company uses the mid-price of foreign exchange forward rates as of the close of business on the valuation date to value each foreign exchange forward contract at each reporting period.

Interest rate derivative instruments are interest rate swap contracts used to reduce interest rate risk related to the Company's floating rate debt (Note 5). The valuation for the interest rate swap is calculated as the net of the discounted future cash flows of the pay and receive legs of the swap. Mid-market interest rates on the valuation date are used to create the forward curve for floating legs and discount curve.