Investments and other assets

12 Months Ended

Dec. 31, 2021

Investments, All Other Investments [Abstract]

Our investments and other assets consisted of the following as of December 31, 2021 and 2020 (in thousands):


	Dec. 31,
	2021		2020
Cash value life insurance	53,189		52,883
Available-for-sale debt security	$	23,800	$	3,000
Equity method investments	21,986		32,067
Other equity investments	20,331		20,271
Deferred debt issuance costs	5,805		9,378
Other long-term assets	27,397		18,620
Total	$	152,508	$	136,219

Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and supplemental executive retirement plan. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statements of Income and were not material for all periods presented.

Available-for-sale debt security: Available-for-sale debt securities are required to be carried at their fair value, with unrealized gains and losses (net of income taxes) that are considered temporary in nature recorded in “Accumulated other comprehensive loss” on the Consolidated Balance Sheet. As of December 31, 2021, we performed a market based fair value analysis which resulted in a fair value of $23.8 million for the debt security issued by MadHive that we hold. This available-for-sale debt security includes features that allow us to convert our investment into equity ownership upon the occurrence of certain events. The associated unrealized gain has been recorded in “Accumulated other comprehensive loss” on the Consolidated Balance Sheet. See Note 8 and Note 11 for additional information.

Other equity investments: Represent investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence. These investments are recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments. In 2021, we recognized a $1.9 million gain on one of these investments due to an observable price increase in the fair value of the investment. Also in 2021, we recorded a $1.9 million impairment charge, due to the decline in the fair value of a different investment. In 2020, we recorded a $9.2 million impairment charge due to the decline in the fair value of one of our investees. The impairment charges and gains were recorded within “Other non-operating items, net” in the Consolidated Statements of Income.

Deferred debt issuance costs: These costs consist of amounts paid to lenders related to our revolving credit facility. Debt issuance costs paid for our term debt and unsecured notes are accounted for as a reduction in the debt obligation.