| Schedule of Financial Assets and Liabilities Measured at Fair Value |
The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value in the consolidated balance sheets as of December 31, 2021 and 2020, based on the three-tier fair value hierarchy:
|
|
|
December 31, 2021 |
|
|
|
|
Fair Value |
|
|
Level I |
|
|
Level II |
|
|
Level III |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity security investments(1) |
|
$ |
119 |
|
|
$ |
119 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Assets to fund deferred compensation liability(2) |
|
|
14,379 |
|
|
|
14,379 |
|
|
|
— |
|
|
|
— |
|
|
Total assets |
|
$ |
14,498 |
|
|
$ |
14,498 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation liability(3) |
|
$ |
14,379 |
|
|
$ |
14,379 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Total liabilities |
|
$ |
14,379 |
|
|
$ |
14,379 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
December 31, 2020 |
|
|
|
|
Fair Value |
|
|
Level I |
|
|
Level II |
|
|
Level III |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity security investments(1) |
|
$ |
490 |
|
|
$ |
490 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Assets to fund deferred compensation liability(2) |
|
|
10,087 |
|
|
|
10,087 |
|
|
|
— |
|
|
|
— |
|
|
Total assets |
|
$ |
10,577 |
|
|
$ |
10,577 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation liability(3) |
|
$ |
10,087 |
|
|
$ |
10,087 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Total liabilities |
|
$ |
10,087 |
|
|
$ |
10,087 |
|
|
$ |
— |
|
|
$ |
— |
|
|
(1) |
The fair values of the assets of the Company’s rabbi trust, which are comprised of investment funds which invest in listed equity securities, are based on the month-end quoted market prices for the net asset value of the various funds, which mature on a daily basis. |
|
(2) |
The deferred compensation asset fair value is based on the month-end quoted market prices for the net asset value of the various investment funds. The Company recognized unrealized gains (loss) of $1,690, $900 and $1,089 related to this asset within the statements of comprehensive income for the years ended December 31, 2021, 2020 and 2019, respectively. See Note 5 for more details. |
|
(3) |
The deferred compensation liability is included in other non-current liabilities in the consolidated balance sheets and its fair market value is based on the month-end market prices for the net asset value of the various funds in the Company’s Rabbi trust that the participants have selected. The Company recognized other expenses (income) of $1,690, $900 and $1,089 related to this liability within the statements of income and comprehensive income for the years ended December 31, 2020, 2019 and 2018, respectively. See Note 5 for more details. |
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