Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:



December 31,	2019
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In thousands)
Assets:
Money market funds ⁽¹⁾	$	10,028	$	—	$	—	$	10,028

Liabilities:
Contingent earnout liability ⁽²⁾	—		—		454		454



December 31,	2018
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Money market funds ⁽¹⁾	$	10,354	$	—	$	—	$	10,354

Liabilities:
Contingent earnout liability ⁽²⁾	—		—		360		360

____________________


⁽¹⁾	The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents."

⁽²⁾

The contingent earnout liability relates to businesses acquired during 2019 and 2018 by the Crawford Specialty Solutions operating segment. See Note 3, "Acquisitions and Disposition of Business Line" for further details. The fair value of the contingent earnout liability was estimated using internally-prepared revenue projections which is Level 3 data, with the maximum possible earnout of $1,036,000. As such, the fair value is not expected to vary materially from the balance recorded. The fair value of the contingent earnout liability is included in "Other accrued liabilities" on the Company's Consolidated Balance Sheets, based upon the term of the contingent earnout agreement.

Pension Plan Assets within Fair Value Hierarchy

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.S Qualified Plan at December 31, 2019 and 2018:



December 31,	2019									2018
	Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
	(In thousands)
Asset Category:
Cash and cash equivalents	$	8,082	$	—	$	—	$	8,082		$	2,274	$	—	$	—	$	2,274
Short-term investment funds	—		5,496		—		5,496			—		5,005		—		5,005
Common Collective Equity funds:
U.S.	—		60,039		—		60,039			—		52,882		—		52,882
International	—		26,142		—		26,142			—		22,747		—		22,747
Common Collective Fixed Income Funds and Fixed Income Securities:
U.S.	51,247		224,747		—		275,994			38,719		183,152		—		221,871
International	—		3,745		—		3,745			—		17,523		—		17,523
Alternative strategy funds	—		8,880		14,766		23,646			—		8,915		16,488		25,403
TOTAL PLAN ASSETS	$	59,329	$	329,049	$	14,766	403,144			$	40,993	$	290,224	$	16,488	347,705

Other plan liabilities, net (a)							(26,220		)							—
NET PLAN ASSETS							$	376,924								$	347,705

(a) net amounts payable for unsettled security transactions.

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.K. plans at December 31, 2019 and 2018:



December 31,	2019								2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Asset Category:
Cash and cash equivalents	$	2,338	$	—	$	—	$	2,338	$	3,156	$	—	$	—	$	3,156
Common Collective Equity funds:
U.S.	—		43,613		—		43,613		—		38,307		—		38,307
International	—		9,418		—		9,418		—		9,916		—		9,916
Common Collective Fixed Income Funds and Fixed Income Securities:
Short-term Investment funds:	—		167,741		—		167,741		—		160,609		—		160,609
Government securities	—		34,926		—		34,926		—		31,531		—		31,531
Alternative strategy funds	—		29,172		—		29,172		—		14,044		—		14,044
Real estate funds	—		—		9,735		9,735		—		—		9,945		9,945
TOTAL	$	2,338	$	284,870	$	9,735	$	296,943	$	3,156	$	254,407	$	9,945	$	267,508

Reconciliation of Level 3 Assets

The following table provides a reconciliation of the beginning and ending balance of Level 3 assets within the Company's U.S. and U.K. pension plans during the years ended December 31, 2019 and 2018:



	U.S			U.K.
	(in thousands)
Balance at December 31, 2017	$	15,134		$	9,689
Actual return on plan assets:
Related to assets still held at the reporting date	1,354			256
Balance at December 31, 2018	16,488			9,945
Actual return on plan assets:
Related to assets still held at the reporting date	(1,722		)	(210		)
Balance at December 31, 2019	$	14,766		$	9,735