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



	Fair Value		Fair Value
Description:	December 31, 2015		December 31, 2014
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)	$	8,671	$	7,650
Total Level 1 inputs	$	8,671	$	7,650
Values based on Level 2 inputs:
Deferred compensation plan assets (1)	$	25,474	$	27,000
Foreign currency forward contracts (2)	610		458
Total Level 2 inputs	$	26,084	$	27,458
Total Assets	$	34,755	$	35,108
Liabilities:
Values based on level 2 inputs:
Deferred compensation plan liabilities (1)	$	39,071	$	39,100
Foreign currency forward contracts (2)	375		220
Interest rate swap contracts (3)	5,132		2,900
Total Level 2 inputs	$	44,578	$	42,220
Total Liabilities	$	44,578	$	42,220


(1)	The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key employees (see Note 13 — Employee Benefits). The plan’s assets consist of investments in money market and mutual funds, and company-owned life insurance contracts.

The money market funds consist of cash equivalents while the mutual fund investments consist of publicly-traded and quoted equity shares. The Company considers the fair value of these assets to be based on Level 1 inputs, and these assets had a fair value of $8.7 million and $7.7 million as of December 31, 2015 and 2014, respectively. The carrying amount of the life insurance contracts equals their cash surrender value. Cash surrender value represents the estimated amount that the Company would receive upon termination of the contract, which approximates fair value. The Company considers the life insurance contracts to be valued based on a Level 2 input, and these assets had a fair value of $25.5 million and $27.0 million at December 31, 2015 and 2014, respectively. The related deferred compensation plan liabilities are recorded at the amount needed to settle the liability, which approximates fair value, and is 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 (see Note 11 — Derivatives and Hedging). Valuation of the foreign currency forward contracts is based on foreign currency exchange rates in active markets, which the Company considers a Level 2 input.

(3)

The Company has interest rate swap contracts which hedge the risk of variability in cash flows associated with changes in floating rates of interest on its borrowings (see Note 11 — Derivatives and Hedging). The fair values of the swaps are based on mark-to-market valuations provided by a third-party broker. Valuation is based on observable interest rates from recently executed market transactions and other observable market data, which the Company considers Level 2 inputs. The Company independently corroborates the reasonableness of the valuations prepared by the third-party broker through the use of an electronic quotation service.