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FAIR VALUE
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE 
The table below presents information about items that are carried at fair value at March 31, 2020 and December 31, 2019:
Fair value Measurement as of March 31, 2020
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$259  $—  $259  
Mutual funds
39  39  —  
Total
$298  $39  $259  
Liabilities:
Derivatives (1)
$58  $—  $58  
Total
$58  $—  $58  

Fair value Measurement as of December 31, 2019
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$92  $—  $92  
Mutual funds
  —  
Total
$95  $ $92  
(1)Represents FX forwards on certain assets and liabilities as well as interest rate swaps, cross-currency swaps and forward contracts as more fully described in Note 10 to the condensed consolidated financial statements.
The following are descriptions of the methodologies utilized by the Company to estimate the fair value of its derivative contracts, mutual funds and money market mutual funds:
Derivatives:
In determining the fair value of the derivative contracts in the table above, the Company utilizes industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using spot rates, forward points, currency volatilities, interest rates as well as the risk of non-performance of the Company and the counterparties with whom it has derivative contracts. The Company established strict counterparty credit guidelines and only enters into transactions with financial institutions that adhere to these guidelines. Accordingly, the risk of counterparty default is deemed to be minimal.
Mutual funds and money market mutual funds:
The mutual funds in the table above are deemed to be equity securities with readily determinable fair values with changes in the fair value recognized through net income under ASC Topic 321. The fair value of these instruments is determined using Level 1 inputs as defined in the ASC Topic 820.