Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2021

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	June 30, 2021		December 31, 2020
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)	$	8,642	$	2,589
Total Level 1 inputs	8,642		2,589
Values based on Level 2 inputs:
Deferred compensation plan assets (1)	90,946		85,932
Foreign currency forward contracts (2)	44		885
Total Level 2 inputs	90,990		86,817
Total Assets	$	99,632	$	89,406
Liabilities:
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1)	$	106,390	$	94,538
Foreign currency forward contracts (2)	182		2,399
Interest rate swap contracts (3)	80,041		109,175
Total Level 2 inputs	186,613		206,112
Total Liabilities	$	186,613	$	206,112

(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 11 — 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 8 — 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.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The table below presents the carrying amounts (net of deferred financing costs) and fair values of financial instruments that are not recorded at fair value in the Company’s Condensed Consolidated Balance Sheets (in thousands). The estimated fair value of

the financial instruments was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input.

	Carrying Amount				Fair Value
	June 30,		December 31,		June 30,		December 31,
Description	2021		2020		2021		2020
2028 Notes	$	791,302	$	790,783	$	846,248	$	846,296
2029 Notes	592,742		—		611,418		—
2030 Notes	791,087		790,690		819,608		843,800
Total	$	2,175,131	$	1,581,473	$	2,277,274	$	1,690,096