Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy as of March 31, 2022 and December 31, 2021:

			Fair Value Measurements Using:
As of March 31, 2022	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(in thousands)
Assets:
Investments—equity securities	$	27	$	27	$	—	$	—
Investments—guaranteed income fund	2,104		—		—		2,104
Investments—mutual funds and other	9,430		9,430		—		—
Total investments	11,561		9,457		—		2,104
Derivative assets	7,516		—		7,516		—
Total assets	$	19,077	$	9,457	$	7,516	$	2,104
Liabilities:
Derivative liabilities	$	484	$	—	$	484	$	—

			Fair Value Measurements Using:
As of December 31, 2021	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(in thousands)
Assets:
Investments—equity securities	$	26	$	26	$	—	$	—
Investments—guaranteed income fund	2,036		—		—		2,036
Investments—mutual funds and other	10,033		10,033		—		—
Total investments	12,095		10,059		—		2,036
Derivative assets	7,076		—		7,076		—
Total assets	$	19,171	$	10,059	$	7,076	$	2,036
Liabilities:
Derivative liabilities	$	743	$	—	$	743	$	—

Summary of Changes in Fair Value of Investments

The following table sets forth the summary of the changes in the fair value of Level 3 investments for the three months ended March 31, 2022 and 2021:

	Three months ended March 31,
	2022		2021
(in thousands)
Beginning Balance	$	2,036	$	2,156
Purchases and adjustments	131		22
Transfers	—		—
Distribution	(71)		(38)
Investment income	8		8
Ending Balance	$	2,104	$	2,148