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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping

The following table summarizes the fair value balances (in thousands):

 

 

 

 

 

Fair Value Measurement at

 

 

 

 

 

 

September 30, 2022

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Company owned life insurance policies (1)

 

$

23,833

 

 

$

—

 

 

$

23,833

 

 

$

—

 

 

 

$

23,833

 

 

$

—

 

 

$

23,833

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation liabilities

 

$

17,412

 

 

$

—

 

 

$

17,412

 

 

$

—

 

 

 

$

17,412

 

 

$

—

 

 

$

17,412

 

 

$

—

 

 

 

 

 

 

 

 

Fair Value Measurement at

 

 

 

 

 

 

December 31, 2021

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Company owned life insurance policies (1)

 

$

32,299

 

 

$

—

 

 

$

32,299

 

 

$

—

 

 

 

$

32,299

 

 

$

—

 

 

$

32,299

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation liabilities

 

$

22,114

 

 

$

—

 

 

$

22,114

 

 

$

—

 

10 year forward interest rate swap

 

 

5,446

 

 

 

—

 

 

 

5,446

 

 

 

—

 

 

 

$

27,560

 

 

$

—

 

 

$

27,560

 

 

$

—

 

(1) Deferred compensation assets consist of cash surrender value of life insurance policies and are intended to assist in the funding of the deferred compensation liabilities.