Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities that are remeasured to fair value

The table below presents the fair values of certain financial assets and liabilities (in thousands).

Description	September 30, 2020		December 31, 2019
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)	$	9,010	$	2,277
Total Level 1 inputs	9,010		2,277
Values based on Level 2 inputs:
Deferred compensation plan assets (1)	69,568		73,419
Foreign currency forward contracts (2)	71		1,558
Total Level 2 inputs	69,639		74,977
Total Assets	$	78,649	$	77,254
Liabilities:
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1)	$	84,053	$	79,556
Foreign currency forward contracts (2)	176		1,499
Interest rate swap contracts (3)	120,532		64,831
2025 Notes (4)	—		835,384
2028 Notes (5)	840,392		—
2030 Notes (6)	810,752		—
Total Level 2 inputs	1,855,905		981,270
Total Liabilities	$	1,855,905	$	981,270

(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 funds, mutual funds and company-owned life insurance contracts, which are valued based on Level 1 or Level 2 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 these contracts is based on observable foreign currency exchange rates in active markets, which the Company considers to be a Level 2 input.

(3)The Company has interest rate swap contracts that hedge the risk of variability from interest payments on its borrowings (see Note 7 — Debt). The fair values of interest rate swaps are based on mark-to-market valuations prepared by a third-party broker. Those valuations are based on observable interest rates from recently executed market transactions and other observable market data, which the Company considers to be Level 2 inputs. The Company independently corroborates the reasonableness of the valuations prepared by the third-party broker by using an electronic quotation service.

(4)As discussed in Note 7 — Debt, prior to September 28, 2020, the Company had $800.0 million of principal amount with 5.125% fixed-rate 2025 Notes due in 2025. The estimated fair values of the notes were derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input. The carrying amount of the 2025 Notes was $785.0 million as of December 31, 2019.

(5)As discussed in Note 7 — Debt, on June 22, 2020 the Company issued $800 million aggregate principal amount of 4.50% fixed-rate 2028 Notes due in 2028. The estimated fair values of the notes was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input. The carrying amounts of the 2028 Notes were $790.5 million as of September 30, 2020.

(6)As discussed in Note 7 — Debt, on September 28, 2020 the Company issued $800 million aggregate principal amount of 3.75% fixed-rate 2030 Notes due in 2030. The estimated fair values of the notes was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input. The carrying amounts of the 2030 Notes were $790.5 million as of September 30, 2020.