Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of assets and liabilities that are remeasured to fair value

The table below presents the fair values of certain financial assets and liabilities that are measured at fair value on a recurring basis in the Company's financial statements (in thousands).


Description	September 30, 2022		December 31, 2021
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)	$	8,916	$	7,428
Total Level 1 inputs	8,916		7,428
Values based on Level 2 inputs:
Deferred compensation plan assets (1)	75,391		96,627
Foreign currency forward contracts (2)	48		1,122
Interest rate swap contracts (3)	10,266		—
Total Level 2 inputs	85,705		97,749
Total Assets	$	94,621	$	105,177
Liabilities:
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1)	$	90,402	$	110,861
Foreign currency forward contracts (2)	307		1,213
Interest rate swap contracts (3)	—		53,737
Total Level 2 inputs	90,709		165,811
Total Liabilities	$	90,709	$	165,811

(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
	September 30,		December 31,		September 30,		December 31,
Description	2022		2021		2022		2021
2028 Notes	$	792,654	$	791,833	$	711,704	$	836,632
2029 Notes	593,745		593,139		499,416		608,346
2030 Notes	792,112		791,491		653,264		816,208
Total	$	2,178,511	$	2,176,463	$	1,864,384	$	2,261,186