Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of fair value, assets and liabilities measured on recurring basis

The Company’s assets and liabilities remeasured to fair value are presented in the following table for the periods indicated (in thousands):



	Fair Value		Fair Value
Description:	September 30, 2013		December 31, 2012
Assets:
Deferred compensation plan assets (1)	$	30,983	$	27,795
Foreign currency forward contracts (2)	11		204
	$	30,994	$	27,999
Liabilities:
Deferred compensation plan liabilities (1)	$	34,741	$	31,260
Foreign currency forward contracts (2)	63		200
Interest rate swap contract (3)	7,291		10,000
	$	42,095	$	41,460

(1)

The Company has a deferred compensation plan for the benefit of certain highly compensated employees. The assets consist of investments in money market and mutual funds, and company-owned life insurance contracts, all of which are valued based on Level 1 or Level 2 valuation inputs. The related deferred compensation plan liabilities are recorded at fair value, or the estimated amount needed to settle the liability, which the Company also considers to be based on a Level 2 input.


(2)	The Company enters into foreign currency forward exchange contracts to hedge the effects of adverse fluctuations in foreign currency exchange rates. Valuation of the foreign currency forward contracts is based on observable foreign currency exchange rates in active markets, which the Company considers a Level 2 input.

(3)

The Company has an interest rate swap contract which hedges the forecasted interest payments on its borrowings (see Note 7 — Debt). To determine the fair value of this over-the-counter financial instrument, the Company relies on a mark-to-market valuation prepared by a third-party broker. The valuation is based on observable interest rates from recently executed market transactions or broker quotes corroborated by other observable market data. Accordingly, the fair value of the swap is determined under a Level 2 input. The Company independently corroborates the reasonableness of the swap valuation prepared by the third-party broker through the use of an electronic quotation service.