Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Measurements [Abstract]

Schedule of Recurring and Nonrecurring Fair Value Measurements

The following table summarizes recurring and nonrecurring fair value measurements by level at September 30, 2023 (in thousands):

	Fair
	Value			Level 1			Level 2		Level 3
Assets:
Derivative financial instruments	$	3,974		$	3,974		$	—	$	—
Liabilities:
Derivative financial instruments	$	(7,249	)	$	(7,249	)	$	—	$	—

The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2022 (in thousands):

									Benefit Plan
	Fair								Percentage
	Value		Level 1		Level 2		Level 3		Allocation
Assets:
Derivative financial instruments	$	4,973	$	4,973	$	—	$	—
Defined benefit plan assets(1) (pooled separate accounts):
Large U.S. Equity(2)		4,586		—		4,586		—		28	%
Small/Mid U.S. Equity(3)		2,986		—		2,986		—		18	%
International Equity(4)		2,406		—		2,406		—		14	%
Fixed Income(5)		6,710		—		6,710		—		40	%
	$	21,661	$	4,973	$	16,688	$	—
Liabilities:
Derivative financial instruments	$	6,732	$	6,732	$	—	$	—

(1) Included in other assets in the consolidated balance sheets.

(2) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(3) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(4) This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(5) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.