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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2022

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Company owned life insurance policies (1)

 

$

23,787

 

 

$

—

 

 

$

23,787

 

 

$

—

 

 

 

$

23,787

 

 

$

—

 

 

$

23,787

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation liabilities

 

$

16,284

 

 

$

—

 

 

$

16,284

 

 

$

—

 

 

 

$

16,284

 

 

$

—

 

 

$

16,284

 

 

$

—

 

 

 

 

 

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 interest rate swap

 

 

5,446

 

 

 

—

 

 

 

5,446

 

 

 

—

 

 

 

$

27,560

 

 

$

—

 

 

$

27,560

 

 

$

—

 

(1) Company owned life insurance policies have cash surrender value and are intended to assist in the funding of the deferred compensation liabilities.