ICF International, Inc. Fair Value Disclosure
NOTE 11 - FAIR VALUE
Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated financial statements are as follows:
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December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Location on Balance Sheet |
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Assets: |
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Company-owned life insurance policies |
$ |
— |
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$ |
26,373 |
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$ |
— |
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$ |
26,373 |
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Other assets |
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Liabilities: |
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Interest swaps - current portion |
$ |
— |
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$ |
615 |
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$ |
— |
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$ |
615 |
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Accrued expenses and other current liabilities |
Interest swaps - long-term portion |
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— |
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2,060 |
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— |
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2,060 |
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Other long-term liabilities |
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December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Location on Balance Sheet |
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Assets: |
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Interest rate swaps - current portion |
$ |
— |
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$ |
825 |
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$ |
— |
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$ |
825 |
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Prepaid expenses and other assets |
Interest rate swaps - long-term portion |
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— |
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129 |
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— |
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129 |
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Other assets |
Company-owned life insurance policies |
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— |
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23,174 |
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— |
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23,174 |
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Other assets |
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Liabilities: |
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Interest swaps - current portion |
$ |
— |
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$ |
15 |
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$ |
— |
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$ |
15 |
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Accrued expenses and other current liabilities |
Interest swaps - long-term portion |
|
— |
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|
153 |
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— |
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|
153 |
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Other long-term liabilities |
Financial and non-financial instruments measured or re-measured at fair value on a non-recurring basis after initial measurement include certain impaired right-of-use assets from operating leases (see “Note 19 - Exit Activities”) using the discounted cash flows method with Level 3 inputs as of the impairment dates.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.