JELD-WEN Holding, Inc.JELD
JELD-WEN Holding, Inc. Fair Value Disclosure
Fair Value of Financial Instruments
We record financial assets and liabilities at fair value based on FASB guidance related to fair value measurements. The guidance requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Three levels of inputs may be used to measure fair value:
Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Quoted market-based inputs or unobservable inputs that are corroborated by market data.
Level 3 – Unobservable inputs that are not corroborated by market data.
The recorded carrying amounts and fair values of these instruments were as follows:
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| (amounts in thousands) | Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | Assets measured at NAV(1) | |||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||
| Cash equivalents | $ | 65,386 | $ | 65,386 | $ | 65,386 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
| 539 | 539 | — | 539 | — | — | ||||||||||||||||||||||||||||||
| Deferred compensation plan assets, recorded in other assets | 5,773 | 5,773 | — | 5,773 | — | — | |||||||||||||||||||||||||||||
| Pension plan assets: | |||||||||||||||||||||||||||||||||||
| Cash and short-term investments | 8,524 | 8,524 | 8,524 | — | — | — | |||||||||||||||||||||||||||||
| U.S. Government and agency obligations | 12,185 | 12,185 | 12,185 | — | — | — | |||||||||||||||||||||||||||||
| Corporate and foreign bonds | 81,260 | 81,260 | — | 81,260 | — | — | |||||||||||||||||||||||||||||
| Asset-backed securities | 15,143 | 15,143 | — | 15,143 | — | — | |||||||||||||||||||||||||||||
| Mutual funds | 17,389 | 17,389 | — | 17,389 | — | — | |||||||||||||||||||||||||||||
| Common and collective funds | 18,940 | 18,940 | — | — | — | 18,940 | |||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||
| Debt, recorded in long-term debt and current maturities of long-term debt | $ | 1,179,983 | $ | 974,915 | $ | — | $ | 974,915 | $ | — | $ | — | |||||||||||||||||||||||
| 624 | 624 | — | 624 | — | — | ||||||||||||||||||||||||||||||
(1)Certain pension assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These include investments in large cap equity and commingled real estate funds, which are valued using the NAV provided by the administrator of the funds. Redemption of these funds is not subject to restriction.
| December 31, 2024 | |||||||||||||||||||||||||||||||||||
| (amounts in thousands) | Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | Assets measured at NAV(1) | |||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||
| Cash equivalents | $ | 53,935 | $ | 53,935 | $ | 53,935 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
| 1,771 | 1,771 | — | 1,771 | — | — | ||||||||||||||||||||||||||||||
| Deferred compensation plan assets, recorded in other assets | 5,074 | 5,074 | — | 5,074 | — | — | |||||||||||||||||||||||||||||
| Pension plan assets: | |||||||||||||||||||||||||||||||||||
| Cash and short-term investments | 12,446 | 12,446 | 12,446 | — | — | — | |||||||||||||||||||||||||||||
| U.S. Government and agency obligations | 37,990 | 37,990 | 37,990 | — | — | — | |||||||||||||||||||||||||||||
| Corporate and foreign bonds | 126,566 | 126,566 | — | 126,566 | — | — | |||||||||||||||||||||||||||||
| Asset-backed securities | 26,309 | 26,309 | — | 26,309 | — | — | |||||||||||||||||||||||||||||
| Mutual funds | 29,502 | 29,502 | — | 29,502 | — | — | |||||||||||||||||||||||||||||
| Common and collective funds | 29,616 | 29,616 | — | — | — | 29,616 | |||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||
| Debt, recorded in long-term debt and current maturities of long-term debt | $ | 1,191,959 | $ | 1,145,817 | $ | — | $ | 1,145,817 | $ | — | $ | — | |||||||||||||||||||||||
| 2,905 | 2,905 | — | 2,905 | — | — | ||||||||||||||||||||||||||||||
| Derivative liabilities, recorded in deferred credits and other liabilities | 36 | 36 | — | 36 | — | — | |||||||||||||||||||||||||||||
(1)Certain pension assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These include investments in large cap equity and commingled real estate funds, which are valued using the NAV provided by the administrator of the funds. Redemption of these funds is not subject to restriction.
Derivative assets and liabilities reported in level 2 primarily include: (1) as of December 31, 2025, foreign currency derivative contracts and interest rate collar agreements; (2) as of December 31, 2024, foreign currency derivative contracts, commodity derivative contracts, and interest rate collar agreements. Refer to Note 23 - Derivative Financial Instruments to our consolidated financial statements included in this Form 10-K for more information.
Deferred compensation plan assets reported in level 2 consist of mutual funds and corporate-owned life insurance.
There are no material non-financial assets or liabilities as of December 31, 2025 or December 31, 2024.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 6, 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.