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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 were as follows:
|  | Fair Value Measurements as of |  |
|  | September 30, 2021 using: |  |
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance Sheet Location
Assets |  |  |  |  |  |  |  |
Rabbi trust |  | $ | 5,144 |  |  | $ | — |  |  | $ | — |  |  | Prepaid and other assets
Foreign exchange derivative instruments |  | — |  |  | 3,666 |  |  | — |  |  | Prepaid and other assets
Deferred compensation program assets |  | 798 |  |  | — |  |  | — |  |  | Other assets
Foreign exchange derivative instruments |  | — |  |  | 831 |  |  | — |  |  | Other assets
Total assets |  | $ | 5,942 |  |  | $ | 4,497 |  |  | $ | — |  |  |
Liabilities |  |  |  |  |  |  |  |
Foreign exchange derivative instruments |  | $ | — |  |  | $ | 1,614 |  |  | $ | — |  |  | Accrued expenses and other liabilities
Deferred compensation program liabilities |  | 798 |  |  | — |  |  | — |  |  | Other noncurrent liabilities
Foreign exchange derivative instruments |  | — |  |  | 92 |  |  | — |  |  | Other noncurrent liabilities
Total liabilities |  | $ | 798 |  |  | $ | 1,706 |  |  | $ | — |  |  |
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 were as follows:
|  | Fair Value Measurements as of |  |
|  | December 31, 2020 using: |  |
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance Sheet Location
Assets |  |  |  |  |  |  |  |
Rabbi trust |  | $ | 5,160 |  |  | $ | — |  |  | $ | — |  |  | Prepaid and other assets
Foreign exchange derivative instruments |  | — |  |  | 1,166 |  |  | — |  |  | Prepaid and other assets
Deferred compensation program assets |  | 802 |  |  | — |  |  | — |  |  | Other assets
Foreign exchange derivative instruments |  | — |  |  | 30 |  |  | — |  |  | Other assets
Total assets |  | $ | 5,962 |  |  | $ | 1,196 |  |  | $ | — |  |  |
Liabilities |  |  |  |  |  |  |  |
Foreign exchange derivative instruments |  | $ | — |  |  | $ | 6,400 |  |  | $ | — |  |  | Accrued expenses and other liabilities
Interest rate derivative instruments |  | — |  |  | 1,571 |  |  | — |  |  | Accrued expenses and other liabilities
Deferred compensation program liabilities |  | 802 |  |  | — |  |  | — |  |  | Other noncurrent liabilities
Foreign exchange derivative instruments |  | — |  |  | 985 |  |  | — |  |  | Other noncurrent liabilities
Total liabilities |  | $ | 802 |  |  | $ | 8,956 |  |  | $ | — |  |  |
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 foreign exchange rates (Note 6). 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 interest rate swap contracts used to reduce interest rate risk related to the Company's floating rate debt (Note 6). Prior to maturing in May 2021, the valuation for the interest rate swap contracts was 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 were used to create the forward curve for floating legs and discount curve.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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