Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 were as follows:



	Fair Value Measurements as of
	December 31, 2019 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	6,070	$	—	$	—	Other current assets
Foreign exchange derivative instruments	—		4,549		—		Other current assets
Deferred compensation program assets	870		—		—		Other noncurrent assets
Foreign exchange derivative instruments	—		1,109		—		Other noncurrent assets
Total assets	$	6,940	$	5,658	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	2,561	$	—	Accrued expenses and other liabilities
Interest rate swap derivative instrument	—		1,862		—		Accrued expenses and other liabilities
Deferred compensation program liabilities	870		—		—		Other noncurrent liabilities
Foreign exchange derivative instruments	—		115		—		Other noncurrent liabilities
Interest rate swap derivative instrument	—		789		—		Other noncurrent liabilities
Total liabilities	$	870	$	5,327	$	—

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 were as follows:



	Fair Value Measurements as of
	December 31, 2018 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	8,415	$	—	$	—	Other current assets
Foreign exchange derivative instruments	—		6,116		—		Other current assets
Deferred compensation program assets	1,222		—		—		Other noncurrent assets
Foreign exchange derivative instruments	—		1,015		—		Other noncurrent assets
Total assets	$	9,637	$	7,131	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	578	$	—	Accrued expenses and other liabilities
Interest rate swap derivative instruments	—		526		—		Accrued expenses and other liabilities
Deferred compensation program liabilities	1,222		—		—		Other noncurrent liabilities
Foreign exchange derivative instruments	—		161		—		Other noncurrent liabilities
Interest rate swap derivative instruments	—		925		—		Other noncurrent liabilities
Total liabilities	$	1,222	$	2,190	$	—

Rabbi trust assets are used to fund certain retirement obligations of the Company. The assets underlying the Rabbi trust are equity and fixed income exchange‑traded funds.

Deferred compensation program assets and liabilities represent a program where select employees could defer compensation until termination of employment. Effective July 29, 2011, this program was amended to cease all employee compensation deferrals and provided for the distribution of all previously deferred employee compensation. The program remains in effect with respect to the value attributable to the employer match contributed prior to July 29, 2011.

Foreign exchange derivative instruments are foreign exchange forward contracts primarily used to limit currency risk that would otherwise result from changes in exchange rates (Note 11). The Company uses the mid‑price of foreign exchange forward rates as of the close of business on the valuation date to value each foreign exchange forward contract at each reporting period.

Interest rate derivative instruments are contracts used to hedge the interest rate fluctuations of the Company's variable rate debt (Note 11). The valuation for the interest rate swap is calculated as the net of the discounted future cash flows of the pay and receive legs of the swap. Mid-market interest rates on the valuation date are used to create the forward curve for floating legs and discount curve.

- 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.

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