Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Items Measured at Fair Value

The following tables categorize items measured at fair value at March 31, 2019 and December 31, 2018:

			Fair Value Measurement at Reporting Date Using
March 31, 2019			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(Dollars in thousands)
Assets
Cash surrender value	$	8,057		—		8,057		—
Derivative contracts		8,493		—		8,493		—
Total		16,550		—		16,550		—
Liabilities
Derivative contracts		7,017		—		7,017		—
Embedded derivative liability		2,508		—		—		2,508
Total	$	9,525	$	—	$	7,017	$	2,508

			Fair Value Measurement at Reporting Date Using
December 31, 2018			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(Dollars in thousands)
Assets
Certificates of deposit	$	750	$	—	$	750	$	—
Cash surrender value		8,057		—		8,057		—
Derivative contracts		4,218		—		4,218		—
Total		13,025		—		13,025		—
Liabilities
Derivative contracts		8,836		—		8,836		—
Embedded derivative liability		3,134		—		—		3,134
Total	$	11,970	$	—	$	8,836	$	3,134

Summary of Changes in Level 3 Fair Value Measurement of Embedded Derivative Liability

The following table summarizes the changes during 2019 and 2018 in level 3 fair value measurement of the embedded derivative liability relating to the redeemable preferred stock issued May 22, 2017 in connection with the acquisition of our European operations:

January 1, 2018 – March 31, 2019
(Dollars in thousands)
Beginning fair value - January 1, 2018	$	4,685
Change in fair value of redeemable preferred stock    embedded derivative liability		(3,480	)
Effect of redeemable preferred stock modification		1,929
Ending fair value - December 31, 2018		3,134
Change in fair value of redeemable preferred stock    embedded derivative liability		(626	)
Ending fair value - March 31, 2019	$	2,508

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value, as well as the carrying value, of the Company’s debt instruments are shown below:

	March 31, 2019		December 31, 2018
(Dollars in thousands)
Estimated aggregate fair value	$	627,209	$	624,943
Aggregate carrying value (1)		680,132		684,922

⁽¹⁾ Long-term debt excluding the impact of unamortized debt issuance costs.