Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 18 — Fair Value Measurements

We use interest rates swaps to convert a portion of our Revolving Credit Facility's outstanding balance from a variable rate of interest to a fixed rate and foreign currency forward contracts to hedge the effect of foreign currency changes on certain revenues and costs denominated in foreign currencies. These derivative financial instruments are measured at fair value on a recurring basis.

The table below summarizes the financial liabilities and assets that were measured at fair value on a recurring basis as of December 31, 2020 and the loss recorded during the year ended December 31, 2020:

	(Liability) Asset Carrying Value at December 31, 2020		Quoted Prices in Active Markets for Identical (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Loss for Year Ended December 31, 2020
Interest rate swap	$	(2,217)	$	—	$	(2,217)	$	—	$	432
Foreign currency hedges	$	1,125	$	—	$	1,125	$	—	$	887

The table below summarizes the financial assets that were measured at fair value on a recurring basis as of December 31, 2019 and the gain recorded during the year ended December 31, 2019:

	Asset Carrying Value at December 31, 2019		Quoted Prices in Active Markets for Identical (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		(Gain) for Year Ended December 31, 2019
Interest rate swap	$	4	$	—	$	4	$	—	$	(491)
Foreign currency hedges	$	580	$	—	$	580	$	—	$	(952)

The fair value of our interest rate swaps and foreign currency hedges were measured using standard valuation models using market-based observable inputs over the contractual terms, including forward yield curves, among others. There is a readily determinable market for these derivative instruments, but the market is not active and therefore they are classified within level 2 of the fair value hierarchy.

Our long-term debt consists of the Revolving credit facility which is recorded at its carrying value. There is a readily determinable market for our long-term debt and it is classified within Level 2 of the fair value hierarchy as the market is not deemed to be active.  The fair value of long-term debt approximates carrying value and was determined by valuing a similar hypothetical coupon bond and attributing that value to our long-term debt under the Revolving Credit Facility.