Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Assets and Liabilities Measured to Fair Value on Recurring Basis

The table below presents the fair value of certain financial assets and liabilities that are recorded at fair value and measured on a recurring basis in the Company’s Consolidated Balance Sheets (in thousands).



	December 31,
Description	2023		2022
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)	$	10,290	$	6,065
Total Level 1 inputs	10,290		6,065
Values based on Level 2 inputs:
Deferred compensation plan assets (1)	104,555		84,318
Foreign currency forward contracts (2)	1,646		3,236
Interest rate swap contract (3)	7,059		10,298
Total Level 2 inputs	113,260		97,852
Total Assets	$	123,550	$	103,917
Liabilities:
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1)	$	121,708	$	96,641
Foreign currency forward contracts (2)	1,466		2,611

Total Level 2 inputs	123,174		99,252
Total Liabilities	$	123,174	$	99,252

(1)The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key employees (see Note 15 — Employee Benefits). The assets consist of investments in money market funds, mutual funds and company-owned life insurance contracts. The money market funds consist of cash equivalents while the mutual fund investments consist of publicly-traded and quoted equity shares. The Company considers the fair values of these assets to be based on Level 1 inputs, and such assets had fair values of $10.3 million and $6.1 million as of December 31, 2023 and 2022, respectively. The carrying amounts of the life insurance contracts equal their cash surrender values. Cash surrender value represents the estimated amount that the Company would receive upon termination of a contract, which approximates fair value. The Company considers life insurance contracts to be valued based on Level 2 inputs, and such assets had fair values of $104.6 million and $84.3 million at December 31, 2023 and 2022, respectively. The related deferred compensation plan liabilities are recorded at fair value, or the estimated amount needed to settle the liability, which the Company considers to be a Level 2 input.

(2)The Company enters into foreign currency forward exchange contracts to hedge the effects of adverse fluctuations in foreign currency exchange rates (see Note 13 — Derivatives and Hedging). Valuation of these contracts is based on observable foreign currency exchange rates in active markets, which the Company considers to be a Level 2 input.

(3)The Company has interest rate swap contracts that hedge the risk of variability from interest payments on its borrowings (see Note 6 — Debt). The fair values of interest rate swaps are based on mark-to-market valuations prepared by a third-party broker. Those valuations are based on observable interest rates from recently executed market transactions and other observable market data, which the Company considers to be Level 2 inputs. The Company independently corroborates the reasonableness of the valuations prepared by the third-party broker by using an electronic quotation service.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The table below presents the carrying amounts (net of deferred financing costs) and fair values of financial instruments that are not recorded at fair value in the Company’s Consolidated Balance Sheets (in thousands). The estimated fair value of the financial instruments was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input.


	Carrying Amount				Fair Value
	December 31,				December 31,
Description	2023		2022		2023		2022
2028 Notes	$	794,088	$	792,934	$	759,040	$	740,864
2029 Notes	594,794		593,951		543,408		523,842
2030 Notes	793,189		792,324		709,600		688,856
Total	$	2,182,071	$	2,179,209	$	2,012,048	$	1,953,562