FAIR VALUE

The following table provides a summary of assets and liabilities as of September 30, 2018, measured at fair value on a recurring basis:



Description	Balance as of September 30, 2018		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign exchange contracts	$	5,544	$	—	$	5,544	$	—
Marketable securities	99,282		—		99,282		—
Total assets	$	104,826	$	—	$	104,826	$	—

Liabilities:
Foreign exchange contracts	$	804	$	—	$	804	$	—
Interest rate swap agreements	10,871		—		10,871		—
Contingent consideration	2,100		—		—		2,100
Deferred compensation	27,385		—		27,385		—
Total liabilities	$	41,160	$	—	$	39,060	$	2,100

The following table provides a summary of assets and liabilities as of December 31, 2017, measured at fair value on a recurring basis:



Description	Balance as of December 31, 2017		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign exchange contracts	$	2,776	$	—	$	2,776	$	—
Marketable securities	179,125		—		179,125		—
Total assets	$	181,901	$	—	$	181,901	$	—

Liabilities:
Foreign exchange contracts	$	4,351	$	—	$	4,351	$	—
Interest rate swap agreements	5,085		—		5,085		—
Contingent considerations	7,086		—		—		7,086
Deferred compensation	25,397		—		25,397		—
Total liabilities	$	41,919	$	—	$	34,833	$	7,086

During the nine months ended September 30, 2018, there were no transfers between Levels 1, 2 or 3.

The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts, net investment contracts and interest rate swap agreements using Level 2 inputs based on observable spot and forward rates in active markets.

The Company measures the fair value of marketable securities using Level 2 inputs based on quoted market prices for similar assets in active markets.

In connection with acquisitions, the Company recorded contingent consideration liabilities, which will be paid based upon actual financial results of the acquired entity for specified future periods. The fair value of the contingent considerations are a Level 3 valuation and fair valued using either a probability weighted discounted cash flow analysis or an option pricing model.

The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections.

The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both September 30, 2018 and December 31, 2017. The fair value of long-term debt at September 30, 2018 and December 31, 2017, including the current portion, was approximately $631,600 and $687,428, respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $698,578 and $704,247, respectively. Since considerable judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount that could be realized in a current market exchange.