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Fair Value | 9 Months Ended
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Sep. 30, 2018
Fair Value [Abstract] |
Fair Value | Note 16 – Fair Value 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. A three-tier fair value hierarchy of inputs is employed to det ermine fair value measurements. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 inputs are observable prices that are not quoted on active exchanges, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable or whose significant val ue drivers are observable. Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inp uts when determining fair value. The Company’s financial instruments include cash equivalents, accounts and other receivable s, accounts payable, accrued liabilities and long-term debt and capital lease obligations. The Company believes that the carrying values of these instruments approximate fair value. As of September 30, 2018, the Company’s long-term investmen ts and derivative instruments were recorded at fair va lue using Level 3 inputs. The Company uses derivative instruments to manage the variability of foreign currency o bligations and interest rates. The Company does not enter into derivatives for speculative purposes. The forward currency exchange contracts i n place as of September 30, 2018 have not been designated as accounting hedges and, therefore, changes in fai r value are recorded within the Condensed C onsolidated Statements of In come. The Company has an interest rate swap agreemen t, with notiona l amounts of $145.5 million and $155.3 m illion as of September 30, 2018 and December 31, 2017, respectively, to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under this interest rate swap agreement, the Company receive s variable rate interest payments based on the one-month LIBOR rate and pay s fixed rate interest payments. The fixed interest rate for the contract is 1.4935%. The effect of this swa p is to convert a portion of the floating rate interest expense to fixed interest rate expense. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Agreement, the interest rate contract was determined to be effective, and thus qualifies and has been designated as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in other comprehens ive income on the accompanying Condensed C onsolidated Balance S heets until earnings are affected by the variability of cash flows. The fair value of t he interest rate swap was a $3.5 million asset as of September 30, 2018 and a $2.0 million asset as of December 31, 2017. During the nine months ended September 30, 2018, the Co mpany recorded unrealized gain of $1.5 million ($1.2 million net of tax) on the swap in other comprehensive income. See Note 17.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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