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Fair Value of Assets and Liabilities
 9 Months Ended
Sep. 30, 2017
Text Block [Abstract]  
Fair Value of Assets and Liabilities
Fair Value of Assets and Liabilities
As of September 30, 2017, the Company held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis. These consisted of the Company’s derivative instruments related to foreign exchange rates, deferred compensation plan liabilities and contingent consideration resulting from the Champion Europe acquisition. The fair values of foreign currency derivatives are determined using the cash flows of the foreign exchange contract, discount rates to account for the passage of time and current foreign exchange market data and are categorized as Level 2. The fair value of deferred compensation plans is based on readily available current market data and is categorized as Level 2. The fair value of the contingent consideration obligation was determined by applying a multiple of 10 times Champion Europe’s EBITDA for calendar year 2016 in excess of €18,600, as defined per the purchase agreement, as further described in Note 3 to the Company’s condensed consolidated financial statements, and is categorized as Level 3. An initial payment of €37,820 was made on April 28, 2017 to the sellers, which represents the mutually agreed portion of the contingent consideration. The remaining contingent consideration obligation will be revalued each reporting period until the related contingencies are resolved, with any adjustments to the fair value recognized in earnings. The Company’s defined benefit pension plan investments are not required to be measured at fair value on a recurring basis.
There were no changes during the quarter ended September 30, 2017 to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. There were no transfers into or out of Level 1, Level 2 or Level 3 during the quarter ended September 30, 2017. As of and during the quarter and nine months ended September 30, 2017, the Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring or non-recurring basis.
The following tables set forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities accounted for at fair value on a recurring basis.
 
Assets (Liabilities) at Fair Value as of
September 30, 2017
 
Total
 
Quoted Prices In
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Foreign exchange derivative contracts
$
1,448

 
$
—

 
$
1,448

 
$
—

Foreign exchange derivative contracts
(25,672
)
 
—

 
(25,672
)
 
—

 
(24,224
)
 
—

 
(24,224
)
 
—

Champion Europe contingent consideration
(3,383
)
 
—

 
—

 
(3,383
)
Deferred compensation plan liability
(53,237
)
 
—

 
(53,237
)
 
—

Total
$
(80,844
)
 
$
—

 
$
(77,461
)
 
$
(3,383
)
 
 
Assets (Liabilities) at Fair Value as of
December 31, 2016
 
Total
 
Quoted Prices In
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Foreign exchange derivative contracts
$
21,092

 
$
—

 
$
21,092

 
$
—

Foreign exchange derivative contracts
(379
)
 
—

 
(379
)
 
—

 
20,713

 
—

 
20,713

 
—

Champion Europe contingent consideration
(42,378
)
 
—

 
—

 
(42,378
)
Deferred compensation plan liability
(51,868
)
 
—

 
(51,868
)
 
—

Total
$
(73,533
)
 
$
—

 
$
(31,155
)
 
$
(42,378
)

Fair Value of Financial Instruments
The carrying amounts of cash and cash equivalents, trade accounts receivable, notes receivable and accounts payable approximated fair value as of September 30, 2017 and December 31, 2016. The carrying amount of trade accounts receivable included allowance for doubtful accounts, chargebacks and other deductions of $23,998 and $18,726 as of September 30, 2017 and December 31, 2016, respectively. The fair value of debt, which is classified as a Level 2 liability, was $4,206,792 and $3,729,270 as of September 30, 2017 and December 31, 2016, respectively. Debt had a carrying value of $4,012,382 and $3,732,583 as of September 30, 2017 and December 31, 2016, respectively. The fair values were estimated using quoted market prices as provided in secondary markets, which consider the Company’s credit risk and market related conditions. The carrying amounts of the Company’s notes payable, which is classified as a Level 2 liability, approximated fair value as of September 30, 2017 and December 31, 2016, primarily due to the short-term nature of these instruments.