Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The recorded carrying amounts and fair values of these instruments were as follows:



	December 31, 2019
(amounts in thousands)	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3		Assets measured at NAV ⁽¹⁾
Assets:
Cash equivalents	$	—	$	—	$	—	$	—	$	—	$	—
Derivative assets, recorded in other current assets	1,372		1,372		—		1,372		—		—
Derivative assets, recorded in other assets	6		6		—		6		—		—
Pension plan assets:
Cash and short-term investments	8,787		8,787		—		8,787		—		—
U.S. Government and agency obligations	25,206		25,206		25,206		—		—		—
Corporate and foreign bonds	104,430		104,430		—		104,430		—		—
Equity securities	28,249		28,249		28,249		—		—		—
Mutual funds	70,230		70,230		—		70,230		—		—
Common and collective funds	132,600		132,600		—		—		—		132,600
Liabilities:
Senior notes	$	800,000	$	823,500	$	—	$	823,500	$	—	$	—
Term loans	591,153		593,932		—		593,932		—		—
Derivative liabilities, recorded in accrued expenses and deferred credits	4,068		4,068		—		4,068		—		—



	December 31, 2018
(amounts in thousands)	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3		Assets measured at NAV ⁽¹⁾
Assets:
Cash equivalents	$	30	$	30	$	—	$	30	$	—	$	—
Derivative assets, recorded in other current assets	8,234		8,234		—		8,234		—		—
Pension plan assets:
Cash and short-term investments	7,254		7,254		—		7,254		—		—
U.S. Government and agency obligations	24,622		24,622		24,622		—		—		—
Corporate and foreign bonds	90,490		90,490		—		90,490		—		—
Equity securities	22,378		22,378		22,378		—		—		—
Mutual funds	60,099		60,099		—		60,099		—		—
Common and collective funds	110,596		110,596		—		—		—		110,596
Liabilities:
Senior notes, recorded in long-term debt	$	800,000	$	692,000	$	—	$	692,000	$	—	$	—
Term loans, recorded in long-term debt and current maturities of long-term debt	474,058		455,545		—		455,545		—		—
Derivative liabilities, recorded in accrued expenses and deferred credits	1,161		1,161		—		1,161		—		—

(1)

Certain pension assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These include investments in large cap equity and commingled real estate funds. Redemption of these funds is not subject to restriction.

Fair Value Measurements, Nonrecurring

The non-financial assets that are measured at fair value on a non-recurring basis are presented below:



	December 31, 2019
(amounts in thousands)	Carrying Value		Total Fair Value		Level 1		Level 2		Level 3		Total Losses
Closed operations	$	988	$	988	$	—	$	—	$	988	$	1,586
Total	$	988	$	988	$	—	$	—	$	988	$	1,586



	December 31, 2018
(amounts in thousands)	Carrying Value		Total Fair Value		Level 1		Level 2		Level 3		Total Losses
Continuing operations	$	48	$	48	$	—	$	—	$	48	$	175
Total	$	48	$	48	$	—	$	—	$	48	$	175