Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2016

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

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:	September 30, 2016		December 31, 2015
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)	$	10,051	$	8,671
Total Level 1 inputs	10,051		8,671
Values based on Level 2 inputs:
Deferred compensation plan assets (1)	26,997		25,474
Foreign currency forward contracts (2)	58		610
Total Level 2 inputs	27,055		26,084
Total Assets	$	37,106	$	34,755
Liabilities:
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1)	$	42,060	$	39,071
Foreign currency forward contracts (2)	125		375
Interest rate swap contracts (3)	14,907		5,132
Total Level 2 inputs	57,092		44,578
Total Liabilities	$	57,092	$	44,578

(1)

The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key 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 considers to be 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 interest rate swap contracts which hedge the risk of variability from interest payments on its borrowings (see Note 6 — Debt). The fair value of the swaps is based on mark-to-market valuations prepared by a third-party broker. The valuations are 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.