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FAIR VALUE | 12 Months Ended
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Dec. 31, 2017
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE The following table provides a summary of fair value assets and liabilities as of December 31, 2017 measured at fair value on a recurring basis:
Description |  | Balance as of December 31, 2017 |  | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 2,776 |  |  | $ | — |  |  | $ | 2,776 |  |  | $ | — |
Marketable securities |  | 179,125 |  |  | — |  |  | 179,125 |  |  | — |
Total assets |  | $ | 181,901 |  |  | $ | — |  |  | $ | 181,901 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 4,351 |  |  | $ | — |  |  | $ | 4,351 |  |  | $ | — |
Interest rate swap agreements |  | 5,085 |  |  | — |  |  | 5,085 |  |  | — |
Contingent considerations |  | 7,086 |  |  | — |  |  | — |  |  | 7,086 |
Deferred compensation |  | 25,397 |  |  | — |  |  | 25,397 |  |  | — |
Total liabilities |  | $ | 41,919 |  |  | $ | — |  |  | $ | 34,833 |  |  | $ | 7,086 |
The following table provides a summary of fair value assets and liabilities as of December 31, 2016 measured at fair value on a recurring basis:
Description |  | Balance as of December 31, 2016 |  | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 1,185 |  |  | $ | — |  |  | $ | 1,185 |  |  | $ | — |
Marketable securities |  | 38,922 |  |  | — |  |  | 38,922 |  |  | — |
Total assets |  | $ | 40,107 |  |  | $ | — |  |  | $ | 40,107 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 2,452 |  |  | $ | — |  |  | $ | 2,452 |  |  | $ | — |
Interest rate swap agreements |  | 5,439 |  |  | — |  |  | 5,439 |  |  | — |
Contingent considerations |  | 8,154 |  |  | — |  |  | — |  |  | 8,154 |
Forward contract |  | 15,272 |  |  | — |  |  | — |  |  | 15,272 |
Deferred compensation |  | 25,244 |  |  | — |  |  | 25,244 |  |  | — |
Total liabilities |  | $ | 56,561 |  |  | $ | — |  |  | $ | 33,135 |  |  | $ | 23,426 |
The Company's derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts and interest rate swap agreements using Level 2 inputs based on observable spot and forward rates in active markets. During the year ended December 31, 2017, there were no transfers between Levels 1, 2 or 3. The Company measures the fair value of marketable securities using Level 2 inputs based on quoted market prices for similar assets in active markets. In connection with acquisitions, the Company recorded contingent considerations fair valued at $7,086 as of December 31, 2017. Under the contingent consideration agreements the amounts to be paid are based upon actual financial results of the acquired entity for specified future periods. The fair value of the contingent considerations are a Level 3 valuation and fair valued using either a probability weighted discounted cash flow analysis or an option pricing model. In connection with an acquisition, the Company obtained a controlling financial interest in the acquired entity and at the same time entered into a forward contract to obtain the remaining financial interest in the entity over a three-year period. The final payment associated with the forward contract was paid by the Company in the second quarter of 2017. The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections. The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations. The fair value of Cash and cash equivalents, Accounts receivable, Amounts due banks and Trade accounts payable approximated book value due to the short-term nature of these instruments at both December 31, 2017 and December 31, 2016. Refer to Note 8 to the consolidated financial statements for the fair value estimate of debt.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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