XML 86 R21.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Fair Value Measurement | 6 Months Ended
--- | ---
Jun. 30, 2015
Fair Value Disclosures [Abstract] |
Fair Value Measurement | Fair Value Measurement: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy:
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability
Level 3 | Unobservable inputs for the asset or liability
We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Transfers between levels of the fair value hierarchy are deemed to have occurred on the date of the event or change in circumstance that caused the transfer. There were no transfers between Levels 1 and 2 during the six-month period ended June 30, 2015. The following tables set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 (in thousands):
| June 30, 2015 |  | Quoted Prices in Active Markets for Identical Items (Level 1) |  | Quoted Prices in Active Markets for Similar Items (Level 2) |  | Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Investments under executive deferred compensation plan(a) | $ | 21,316 |  |  | $ | 21,316 |  |  | $ | — |  |  | $ | — |
Private equity securities(b) | $ | 1,796 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 1,772 |
Foreign currency forward contracts(c) | $ | 36 |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Obligations under executive deferred compensation plan(a) | $ | 21,316 |  |  | $ | 21,316 |  |  | $ | — |  |  | $ | — |
Liability for appraisal shares(d) | $ | 74,934 |  |  | $ | — |  |  | $ | 74,934 |  |  | $ | — |
Foreign currency forward contracts(c) | $ | 291 |  |  | $ | — |  |  | $ | 291 |  |  | $ | — |
| December 31, 2014 |  | Quoted Prices in Active Markets for Identical Items (Level 1) |  | Quoted Prices in Active Markets for Similar Items (Level 2) |  | Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Investments under executive deferred compensation plan(a) | $ | 22,168 |  |  | $ | 22,168 |  |  | $ | — |  |  | $ | — |
Private equity securities(b) | $ | 1,806 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 1,785 |
Foreign currency forward contracts(c) | $ | 631 |  |  | $ | — |  |  | $ | 631 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Obligations under executive deferred compensation plan(a) | $ | 22,168 |  |  | $ | 22,168 |  |  | $ | — |  |  | $ | — |
(a) | We maintain an Executive Deferred Compensation Plan (“EDCP”) that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the “Trust”) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statements of income) and cash and cash equivalents. As such, these assets and obligations are classified within Level 1.
(b) | Primarily consists of private equity securities classified as available-for-sale and are reported in Investments in the condensed consolidated balance sheets. The changes in fair value are reported in Other income (expenses), net, in our consolidated statements of income. Holdings in private equity securities are typically valued using the net asset valuations provided by the underlying private investment companies and as such are classified within Level 3.
(c) | As a result of our global operating and financing activities, we are exposed to market risks from changes in foreign currency exchange rates, which may adversely affect our operating results and financial position. When deemed appropriate, we minimize our risks from foreign currency exchange rate fluctuations through the use of foreign currency forward contracts. Unless otherwise noted, these derivative financial instruments are not designated as hedging instruments under ASC 815, Derivatives and Hedging. The foreign currency forward contracts are valued using broker quotations or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within Level 2.
(d) | See Note 2, “Acquisitions.”
The following table presents the fair value reconciliation of Level 3 assets measured at fair value on a recurring basis for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Beginning balance | $ | 1,785 |  |  | $ | 717 |  |  | $ | 1,785 |  |  | $ | 750 |
Total unrealized (losses) gains included in earnings relating to assets still held at the reporting date | (13 | ) |  | 105 |  |  | (13 | ) |  | 72 |
Purchases | — |  |  | 1,000 |  |  | — |  |  | 1,000 |
Ending balance | $ | 1,772 |  |  | $ | 1,822 |  |  | $ | 1,772 |  |  | $ | 1,822 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: 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=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration