Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of assets and liabilities that are remeasured to fair value

The following table presents the fair value of certain financial assets and liabilities (in thousands):



Description:	March 31, 2018		December 31, 2017
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)	$	16,746	$	29,108
Total Level 1 inputs	16,746		29,108
Values based on Level 2 inputs:
Deferred compensation plan assets (1)	59,477		59,017
Foreign currency forward contracts (2)	156		2,053
Interest rate swap contracts (3)	17,314		3,412
Total Level 2 inputs	76,947		64,482
Total Assets	$	93,693	$	93,590
Liabilities:
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1)	$	73,172	$	89,900
Foreign currency forward contracts (2)	651		1,605
Senior Notes due 2025 (4)	801,640		837,560
Total Level 2 inputs	875,463		929,065
Total Liabilities	$	875,463	$	929,065

(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 (see Note 10 - Derivatives and Hedging). 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 7 — 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.


(4)	As discussed in Note 7 — Debt, the Company has $800.0 million of principal amount fixed-rate Senior Notes due in 2025. The estimated fair value of the notes was derived from quoted market prices provided by an independent dealer which the Company considers to be a Level 2 input.