Investments and other assets

3 Months Ended

Mar. 31, 2023

Investments, All Other Investments [Abstract]

Investments and other assets

Investments and other assets

Our investments and other assets consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):

	Mar. 31, 2023		Dec. 31, 2022
Cash value insurance	$	49,552	$	48,919
Equity method investments	16,928		17,003
Other equity investments	20,158		20,158
Deferred debt issuance costs	1,341		2,232
Long-term contract assets	12,925		14,135
Other long-term assets	21,690		24,047
Total	$	122,594	$	126,494

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 other non-qualified employee retirement plans. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statement of Income and were not material for all periods presented.

Other equity investments: Represents 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.

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

Long-term contract assets: These amounts primarily consist of an asset related to a long-term services agreement for IT security and an asset representing the long-term portion of a contract asset related to favorable rates obtained on commercial agreements with Madhive. The contract asset was recognized in January 2022 and is being amortized over two years (through December 2023). See Note 9 for information regarding our related party transactions with MadHive.