XML 64 R48.htm IDEA: XBRL DOCUMENT v3.22.0.1
Fair Values of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Methods and Assumptions Used in Estimating Fair Value
The below methods and assumptions were used by the Company in estimating the fair values of its financial instruments. There were no transfers of assets or liabilities between levels in any period presented.

Financial InstrumentFair Value
Level		Methods and Assumptions
Deferred compensation plan assets and liabilitiesLevel 1The fair value of the Company’s nonqualified deferred compensation plan for certain executives and other highly compensated employees is based on the fair values of associated assets and liabilities, which are held in mutual funds and are based on the quoted market values of the securities held within the mutual funds.
Pension plan assetsLevel 1The fair values of the Company’s Level 1 pension plan assets, which are equity securities and fixed income investment vehicles, are valued using the quoted market prices of those securities which are actively traded on national exchanges.
Pension plan assetsLevel 2The fair values of the Company’s Level 2 pension plan assets, which are investments that are pooled with other investments in a commingled fund, are valued using the net asset value produced by the fund manager. The assets within the commingled funds have a readily determinable fair market value.
Commodity derivative instrumentsLevel 2The fair values of the Company’s commodity derivative instruments are based on current settlement values at each balance sheet date, which represent the estimated amounts the Company would have received or paid upon termination of these instruments. The Company’s credit risk related to the commodity derivative instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair values of commodity derivative instruments.
Long-term debtLevel 2The carrying amounts of the Company’s variable rate debt approximate the fair values due to variable interest rates with short reset periods. The fair values of the Company’s fixed rate debt are based on estimated current market prices.
Acquisition related contingent considerationLevel 3The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the WACC derived from market data.
Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration
The following tables summarize the carrying amounts and fair values by level of the Company’s deferred compensation plan assets and liabilities, pension plan assets, commodity derivative instruments, long-term debt and acquisition related contingent consideration:

 December 31, 2021
(in thousands)Carrying
Amount		Total
Fair Value		Fair Value
Level 1		Fair Value
Level 2		Fair Value
Level 3
Assets:     
Deferred compensation plan assets$60,461 $60,461 $60,461 $— $— 
Pension plan assets328,250 328,250 313,893 14,357 — 
Commodity derivative instruments7,714 7,714 — 7,714 — 
Liabilities:
Deferred compensation plan liabilities60,461 60,461 60,461 — — 
Long-term debt723,443 772,600 — 772,600 — 
Acquisition related contingent consideration542,105 542,105 — — 542,105 

 December 31, 2020
(in thousands)Carrying
Amount		Total
Fair Value		Fair Value
Level 1		Fair Value
Level 2		Fair Value
Level 3
Assets:     
Deferred compensation plan assets$51,742 $51,742 $51,742 $— $— 
Pension plan assets319,699 319,699 308,849 10,850 — 
Commodity derivative instruments2,473 2,473 — 2,473 — 
Liabilities:
Deferred compensation plan liabilities51,742 51,742 51,742 — — 
Long-term debt940,465 1,015,700 — 1,015,700 — 
Acquisition related contingent consideration434,694 434,694 — — 434,694 
Summary of Reconciliation of Acquisition Related Contingent Consideration Liability A summary of the Level 3 activity is as follows:
 Fiscal Year
(in thousands)20212020
Beginning balance - Level 3 liability$434,694 $446,684 
Payment of acquisition related contingent consideration(39,097)(43,400)
Reclassification to current payables200 200 
Increase in fair value146,308 31,210 
Ending balance - Level 3 liability$542,105 $434,694