Fair Value

9 Months Ended

Sep. 30, 2025

NOTE 13 – FAIR VALUE

Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated balance sheets are as follows:


	September 30, 2025
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	105	$	—	$	105	Prepaid expenses and other assets
Company-owned life insurance policies		—		25,943		—		25,943	Other assets

Liabilities:
Interest rate swaps - current portion	$	—	$	366	$	—	$	366	Accrued expenses and other current liabilities
Interest rate swaps - long-term portion		—		2,890		—		2,890	Other long-term liabilities


	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	825	$	—	$	825	Prepaid expenses and other assets
Interest rate swaps - long-term portion		—		129		—		129	Other assets
Company-owned life insurance policies		—		23,174		—		23,174	Other assets

Liabilities:
Interest rate swaps - current portion	$	—	$	15	$	—	$	15	Accrued expenses and other current liabilities
Interest rate swaps - long-term portion		—		153		—		153	Other long-term liabilities

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

ICF International, Inc. 10-Q