Financial Instruments

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Financial Instruments

17. FINANCIAL INSTRUMENTS

The Company's only financial assets and liabilities which are measured at fair value on a recurring basis relate to certain aspects of the Company's benefit plans and our derivative instruments. We use the market approach to value certain assets and liabilities at fair value using significant other observable inputs (Level 2) with the assistance of a third-party specialist. We do not have any assets or liabilities measured at fair value on a recurring basis using quoted prices in an active market (Level 1) or significant unobservable inputs (Level 3). Gains and losses related to the fair value changes in the deferred compensation assets and liabilities are recorded in General and administrative expense in the Consolidated Statements of Operations. Gains and losses related to the fair value of the interest rate swaps are recorded in Other comprehensive income.

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

			Fair Value Measurement at
			September 30, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets (1)	$	42,498	$	—	$	42,498	$	—
	$	42,498	$	—	$	42,498	$	—
Liabilities:
Deferred compensation liabilities	$	33,829	$	—	$	33,829	$	—
5 year interest rate swap		916		—		916		—
10 year interest rate swap		2,315		—		2,315		—
	$	37,059	$	—	$	37,059	$	—

			Fair Value Measurement at
			December 31, 2019
	Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation assets (1)	$	47,009	$	—	$	47,009	$	—
	$	47,009	$	—	$	47,009	$	—
Liabilities:
Deferred compensation liabilities	$	34,081	$	—	$	34,081	$	—
10 year interest rate swap		1,054		—		1,054		—
	$	35,135	$	—	$	35,135	$	—

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