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65
Financial Assets:
Benefit plan and deferred compensation assets
Foreign currency forward contracts
Financial Liabilities:
Benefit plan and deferred compensation obligations
Foreign currency forward contracts
December 31,
2010
$ 1,795
389
$ 4,226
1
Fair Value Measurements at Reporting Date Using
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
$ 998
—
$ 998
—
Significant
Other
Observable
Inputs (Level 2)
$ 797
389
$ 3,228
1
Significant
Unobservable
Inputs
(Level 3)
$ —
—
$ —
—
The fair values of level 1 benefit plan and deferred compensation assets and the corresponding obligations are determined using a
market approach and are based on quoted market prices of the underlying securities. The fair values of level 2 benefit plan and
deferred compensation assets are determined using an income approach based on observable inputs including the prices for
recently traded financial instruments with similar underlying terms as well as directly or indirectly observable inputs, such as
interest rates and yield curves that are observable at commonly quoted intervals. The fair values of level 2 benefit plan and
deferred compensation liabilities are derived using valuation models, such as the projected unit credit method, with significant
inputs derived from or corroborated by observable market data, such as mortality and disability rates from published sources, for
example the RT 2005 G mortality tables, and discount rates that are observable at commonly quoted intervals.
The fair values of foreign currency forward contracts are classified as level 2 in the fair value hierarchy and are measured at fair
value on a recurring basis using an income approach based on observable inputs. The primary inputs used to fair value foreign
currency forward contracts are published foreign currency exchange rates as of the date of valuation. See Note D for information
on the Company's foreign currency forward contracts.
The carrying amounts of the Company's other financial assets and liabilities including cash, cash equivalents, accounts receivable,
borrowings under revolving credit facilities, accounts payable and accrued liabilities approximate their respective fair values
because of the relatively short period of time between their origination and their expected realization.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables summarize the Company's fair value hierarchy for assets and liabilities measured at fair value on a
nonrecurring basis during the year ended December 31, 2011 and 2010 (in thousands):
Liabilities:
Facilities-related restructuring accruals
Year Ended
December 31,
2011
$ 3,996
Fair Value Measurements Using
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
$ —
Significant
Other
Observable
Inputs (Level 2)
$ 3,996
Significant
Unobservable
Inputs
(Level 3)
$ —
Total
Related
Expenses
$ 3,996
Liabilities:
Facilities-related restructuring accruals
Year Ended
December 31,
2010
$ 4,718
Fair Value Measurements Using
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
$ —
Significant
Other
Observable
Inputs (Level 2)
$ 4,718
Significant
Unobservable
Inputs
(Level 3)
$ —
Total
Related
Expenses
$ 4,718
The Company typically uses the following valuation techniques to determine fair values of assets and liabilities measured on a
nonrecurring basis: