Deferred Compensation	12 Months Ended
Dec. 31, 2022
Compensation Related Costs [Abstract]
Deferred Compensation	12. Deferred Compensation The Company sponsors deferred compensation plans that allow management employees to defer receipt of their annual cash incentive compensation and performance shares and outside directors to defer receipt of their fees and stock awards until retirement, departure from the Company or as otherwise elected. Compensation expense and the related deferred compensation obligation are recorded when the underlying compensation is earned. Over time, the deferred obligation may increase or decrease based on the performance results of investment options chosen by the plan participants. The investment options include the Company’s common stock and a limited selection of mutual funds. The Company maintains sufficient shares of treasury stock to cover the equivalent number of shares that result from participants elections of the Company common stock investment option. As a result, the Company periodically purchases shares of its common stock in the open market or in private transactions. The Company purchases shares of the applicable mutual funds to fund the portion of its deferred compensation liabilities tied to such investments. Some plan distributions may be made in cash or Company common stock at the option of the participant. Other plan distributions can only be made in Company common stock. For deferred compensation obligations that may be settled in cash or shares of Company’s common stock at the option of the participant, the Company must record appreciation in the market values of the investment choices made by participants as additional compensation expense. Conversely, declines in the market values of the investment choices reduce compensation expense. Increases and decreases of compensation expense that result from fluctuations in the underlying investments are recorded as part of operating expenses in the consolidated statements of income. The obligations that must be settled only in shares of the Company’s common stock are treated as equity instruments; therefore, fluctuations in the market price of the underlying shares of the Company’s common stock do not affect earnings. The additional compensation expense or income resulting from the changes in the market values and earnings of the selected investment options was $9,393,000 income in 2022, and $6,895,000 expense and in 2021 and $9,988,000 expense in 2020. The main factors in the decrease of the 2022 deferred compensation expense versus 2021 deferred compensation expense was a decrease in the value of the mutual fund investment assets as well as a $17.83 per share decrease in the market price of the Company’s common stock in 2022 versus a $4.97 per share increase in the market price of the Company’s common stock in 2021. The Company’s deferred compensation liability was $43,005,000 and $61,219,000 at December 31, 2022 and 2021, respectively.

Deferred Compensation

12 Months Ended

Dec. 31, 2022

12. Deferred Compensation

The Company sponsors deferred compensation plans that allow management employees to defer receipt of their annual cash incentive compensation and performance shares and outside directors to defer receipt of their fees and stock awards until retirement, departure from the Company or as otherwise elected. Compensation expense and the related deferred compensation obligation are recorded when the underlying compensation is earned. Over time, the deferred obligation may increase or decrease based on the performance results of investment options chosen by the plan participants. The investment options include the Company’s common stock and a limited selection of mutual funds. The Company maintains sufficient shares of treasury stock to cover the equivalent number of shares that result from participants elections of the Company common stock investment option. As a result, the Company periodically purchases shares of its common stock in the open market or in private transactions. The Company purchases shares of the applicable mutual funds to fund the portion of its deferred compensation liabilities tied to such investments.

Some plan distributions may be made in cash or Company common stock at the option of the participant. Other plan distributions can only be made in Company common stock. For deferred compensation obligations that may be settled in cash or shares of Company’s

common stock at the option of the participant, the Company must record appreciation in the market values of the investment choices made by participants as additional compensation expense. Conversely, declines in the market values of the investment choices reduce compensation expense. Increases and decreases of compensation expense that result from fluctuations in the underlying investments are recorded as part of operating expenses in the consolidated statements of income. The obligations that must be settled only in shares of the Company’s common stock are treated as equity instruments; therefore, fluctuations in the market price of the underlying shares of the Company’s common stock do not affect earnings.

The additional compensation expense or income resulting from the changes in the market values and earnings of the selected investment options was $9,393,000 income in 2022, and $6,895,000 expense and in 2021 and $9,988,000 expense in 2020. The main factors in the decrease of the 2022 deferred compensation expense versus 2021 deferred compensation expense was a decrease in the value of the mutual fund investment assets as well as a $17.83 per share decrease in the market price of the Company’s common stock in 2022 versus a $4.97 per share increase in the market price of the Company’s common stock in 2021. The Company’s deferred compensation liability was $43,005,000 and $61,219,000 at December 31, 2022 and 2021, respectively.