Authoritative guidelines require the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

As of June 30, 2020, the fair values of our financial assets and liabilities were categorized as follows:


	Total		Level 1		Level 2		Level 3
Assets
Foreign exchange contracts ⁽¹⁾	$	747	$	—	$	747	$	—
Cross currency swap contract ⁽¹⁾		3,052		—		3,052		—
Total assets at fair value	$	3,799	$	—	$	3,799	$	—
Liabilities
Foreign exchange contracts ⁽¹⁾	$	137	$	—	$	137	$	—
Contingent consideration obligation		24,710		—		—		24,710
Total liabilities at fair value	$	24,847	$	—	$	137	$	24,710

As of December 31, 2019, the fair values of our financial assets and liabilities were categorized as follows:


	Total		Level 1		Level 2		Level 3
Assets
Foreign exchange contracts ⁽¹⁾	$	206	$	—	$	206	$	—
Cross currency swap contract ⁽¹⁾		2,552		—		2,552		—
Total assets at fair value	$	2,758	$	—	$	2,758	$	—
Liabilities
Foreign exchange contracts ⁽¹⁾	$	401	$	—	$	401	$	—
Contingent consideration obligation		5,930		—		—		5,930
Total liabilities at fair value	$	6,331	$	—	$	401	$	5,930

(1)	Market approach valuation technique based on observable market transactions of spot and forward rates.

The carrying amounts of our other current financial instruments such as cash and equivalents, accounts and notes receivable, notes payable and current maturities of long-term obligations approximate fair value due to the short-term maturity of the instruments. We consider our long-term obligations a Level 2 liability and utilize the market approach valuation technique based on interest rates that are currently available to us for issuance of debt with similar terms and maturities. The estimated fair value of our long-term obligations was $1.1 billion as of June 30, 2020 and $1.1 billion as of December 31, 2019.

As discussed in Note 17 - Acquisitions, we have a contingent consideration obligation to the selling equity holders of Fusion in connection with the Fusion Acquisition (as defined herein) based on 2022 cumulative performance targets, a contingent consideration obligation to the selling equity holders of Noble in connection with the Noble Acquisition (as defined herein) based on 2024 cumulative performance targets and a contingent consideration obligation to the selling equity holder of Gateway in connection with the Gateway Acquisition (as defined herein) based on 2020 and 2022 performance targets. We consider these obligations Level 3 liabilities and have estimated the aggregate fair value for these contingent consideration arrangements to be $20.3 million, $2.9 million and $1.5 million, respectively, as of June 30, 2020. During the quarter ended June 30, 2020, $1.5 million of the Gateway contingent consideration accrual was paid as a result of the business meeting their first performance target. As of December 31, 2019 the aggregate fair value for these contingent consideration arrangements was $2.9 million and $3.0 million for the Noble Acquisition and the Gateway Acquisition, respectively.