Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis subject to the requirements of ASC 820 consist of the following as of December 31, 2015 (in thousands):


			Fair Value Measurements at December 31, 2015 Using:
	Balance at		Quoted Prices in Active Markets For Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2015		Level (1)		Level (2)		Level (3)
Assets:
Foreign currency forward and option contracts included in “Other current assets” ⁽¹⁾	$	10,962	$	—	$	10,962	$	—
Equity investments held in a rabbi trust for the Deferred Compensation Plan ⁽²⁾		6,229		6,229		—		—
Debt investments held in a rabbi trust for the Deferred Compensation Plan ⁽²⁾		1,622		1,622		—		—
Guaranteed investment certificates ⁽³⁾		86		—		86		—

	$	18,899	$	7,851	$	11,048	$	—

Liabilities:
Long-term debt ⁽⁴⁾	$	70,000	$	—	$	70,000	$	—
Foreign currency forward and option contracts included in “Other accrued expenses and current liabilities” ⁽¹⁾		835		—		835		—
Contingent consideration included in “Other long-term liabilities” ⁽⁵⁾		6,280		—		—		6,280

	$	77,115	$	—	$	70,835	$	6,280

The Company’s assets and liabilities measured at fair value on a recurring basis subject to the requirements of ASC 820 consist of the following as of December 31, 2014 (in thousands):


			Fair Value Measurements at December 31, 2014 Using:
	Balance at		Quoted Prices in Active Markets For Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2014		Level (1)		Level (2)		Level (3)
Assets:
Money market funds and open-end mutual funds included in “Cash and cash equivalents” ⁽⁵⁾	$	100,915	$	100,915	$	—	$	—
Money market funds and open-end mutual funds included in “Deferred charges and other assets” ⁽⁵⁾		10		10		—		—
Foreign currency forward and option contracts included in “Other current assets” ⁽¹⁾		1,489		—		1,489		—
Foreign currency forward contracts included in “Deferred charges and other assets” ⁽¹⁾		4,060		—		4,060		—
Equity investments held in a rabbi trust for the Deferred Compensation Plan ⁽²⁾		5,589		5,589		—		—
Debt investments held in a rabbi trust for the Deferred Compensation Plan ⁽²⁾		1,363		1,363		—		—
Guaranteed investment certificates ⁽³⁾		79		—		79		—

	$	113,505	$	107,877	$	5,628	$	—

Liabilities:
Long-term debt ⁽⁴⁾	$	75,000	$	—	$	75,000	$	—
Foreign currency forward and option contracts included in “Other accrued expenses and current liabilities” ⁽¹⁾		1,261		—		1,261		—

	$	76,261	$	—	$	76,261	$	—

⁽¹⁾	In the accompanying Consolidated Balance Sheets. See Note 10, Financial Derivatives.

⁽²⁾	Included in “Other current assets” in the accompanying Consolidated Balance Sheets. See Note 11, Investments Held in Rabbi Trust.

⁽³⁾	Included in “Deferred charges and other assets” in the accompanying Consolidated Balance Sheets.

⁽⁴⁾	The carrying value of long-term debt approximates its estimated fair value as it re-prices at varying interest rates. See Note 18, Borrowings.

⁽⁵⁾	In the accompanying Consolidated Balance Sheets.

Rollforward of Fair Value of Contingent Consideration

A rollforward of the activity in the Company’s fair value of the contingent consideration is as follows (in thousands):


	Fair Value
Balance at January 1, 2015	$	—
Acquisition ⁽¹⁾		6,000
Payments		—
Imputed interest/adjustments		408
Effect of foreign currency		(128	)

Balance at December 31, 2015	$	6,280

⁽¹⁾	Related to the Qelp acquisition on July 2, 2015. See Note 2, Acquisitions.