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Fair Value | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value | NOTE 19 - FAIR VALUE The Company measures and reports certain financial assets and liabilities at fair value in accordance with Accounting Standard Codification, Fair Value Measurements and Disclosures (“ASC 820”). 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 on the measurement date. Generally, fair value is based on observable quoted market prices or derived from observable market data when such market prices or data are available. ASC 820 establishes a three-level hierarchy used to estimate fair value by which each level is categorized based on the priority of the inputs used to measure fair value:
| • | Level 1: Quoted prices that are available in active markets for identical assets or liabilities;
| • | Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates and yield curves that are observable at commonly quoted intervals, and implied volatilities); and inputs derived principally from or corroborated by observable market data by correlation or other means; and
| • | Level 3: Uses inputs that are unobservable and require the Company to make certain assumptions and require significant estimation and judgment from management to use in pricing the fair value of the assets and liabilities.
Certain financial instruments, including cash and cash equivalents, contract receivables, and accounts payable are carried at cost, which, due to their short maturities, approximates their fair values at December 31, 2021 and 2020. The carrying value of other long-term liabilities related to capital expenditure obligations approximates their fair value at December 31, 2021 and 2020 based on the current rates offered to the Company for similar instruments with comparable maturities (Level 2). The Company believes the carrying value of its Credit Facility at December 31, 2021 and 2020 approximates the estimated fair value for debt with similar terms, interest rates, and remaining maturities currently available to companies with similar credit ratings (Level 2). The Company applies the provisions of ASC 820 to its assets and liabilities that are required to be measured at fair value pursuant to other accounting standards, including assets and liabilities resulting from the Company’s nonqualified deferred compensation plan, interest rate swap agreement (see Note 12 – Derivative Instruments and Hedging Activities), and foreign currency forward contract agreements not eligible for hedge accounting. Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated financial statements are as follows:
| December 31, 2021 |  |  |
(in thousands) | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Location on Balance Sheet
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contract agreements | $ | — |  |  | $ | 267 |  |  | $ | — |  |  | $ | 267 |  |  | Prepaid expenses and other
Deferred compensation investments in cash surrender life insurance |  | — |  |  |  | 20,159 |  |  |  | — |  |  |  | 20,159 |  |  | Other assets
Total | $ | — |  |  | $ | 20,426 |  |  | $ | — |  |  | $ | 20,426 |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities | $ | — |  |  | $ | 20,129 |  |  | $ | — |  |  | $ | 20,129 |  |  | Other long-term liabilities
Interest rate swaps - current portion |  | — |  |  |  | 3,026 |  |  |  | — |  |  |  | 3,026 |  |  | Accrued expenses and other current liabilities
Interest rate swaps - long-term portion |  | — |  |  |  | 888 |  |  |  | — |  |  |  | 888 |  |  | Other long-term liabilities
Total | $ | — |  |  | $ | 24,043 |  |  | $ | — |  |  | $ | 24,043 |  |  |
| December 31, 2020 |  |  |
(in thousands) | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Location on Balance Sheet
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contract agreements | $ | — |  |  | $ | 103 |  |  | $ | — |  |  | $ | 103 |  |  | Prepaid expenses and other
Deferred compensation investments in cash surrender life insurance |  | — |  |  |  | 16,796 |  |  |  | — |  |  |  | 16,796 |  |  | Other assets
Total | $ | — |  |  | $ | 16,899 |  |  | $ | — |  |  | $ | 16,899 |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities | $ | — |  |  | $ | 17,276 |  |  | $ | — |  |  | $ | 17,276 |  |  | Other long-term liabilities
Interest rate swaps - current portion |  | — |  |  |  | 3,693 |  |  |  | — |  |  |  | 3,693 |  |  | Accrued expenses and other current liabilities
Interest rate swaps - long-term portion |  | — |  |  |  | 7,234 |  |  |  | — |  |  |  | 7,234 |  |  | Long-term Liabilities: Other
Total | $ | — |  |  | $ | 28,203 |  |  | $ | — |  |  | $ | 28,203 |  |  |

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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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