Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.19.2
Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Assets (Liabilities) Measured at Fair Value
A summary of assets (liabilities) measured at fair value is as follows:
   
As of June 30, 2019
   
Total
 
Level 1
 
Level 2
 
Level 3
Commodity contract derivatives
$
(2,250
)
 
$
(722
)
 
$
(1,528
)
 
$

Contingent considerations for acquisitions
$
(4,037
)
 

 

 
(4,037
)
 
$
(6,287
)
 
$
(722
)
 
$
(1,528
)
 
$
(4,037
)
   
As of December 31, 2018
   
Total
 
Level 1
 
Level 2
 
Level 3
Commercial paper
$
22,872

 
$

 
$
22,872

 
$

Corporate bonds
$
28,060

 

 
28,060

 

Commodity contract derivatives
$
10,044

 
499

 
9,545

 

Contingent considerations for acquisitions
$
(9,861
)
 

 

 
(9,861
)
   
$
51,115

 
$
499

 
$
60,477

 
$
(9,861
)

Liabilities Measured at Fair Value on a Recurring Basis
The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
 
Contingent Consideration for Acquisitions
 
2019
 
2018
Balance at beginning of period, January 1
$
9,861

 
$
20,485

Change in estimates included in earnings
304

 
459

Settlements
(3,316
)
 
(2,813
)
Balance at end of period, March 31
$
6,849

 
$
18,131

Change in estimates included in earnings

 
30

Settlements
(2,812
)
 
(2,846
)
Balance at end of period, June 30
$
4,037

 
$
15,315


Estimated Fair Values of the Company's Financial Instruments
The estimated fair values of the Company’s financial instruments, which are not recorded at fair value, are as follows:
   
As of June 30, 2019
 
As of December 31, 2018
   
Asset (Liability)
Carrying
Amount
 
Fair Value
 
Asset (Liability)
Carrying
Amount
 
Fair Value
Financial liabilities:
   
 
   
 
   
 
   
Debt and lines of credit
$
(187,695
)
 
$
(256,387
)
 
$
(200,067
)
 
$
(410,564
)