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Fair Value Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured to Fair Value on Recurring Basis | The table below presents the fair values of certain financial assets and liabilities that are measured at fair value on a recurring basis in the Company's financial statements (in thousands).
Description |  | June 30, 2023 |  | December 31, 2022
Assets: |  |  |  |
Values based on Level 1 inputs: |  |  |  |
Deferred compensation plan assets (1) |  | $ | 14,387 |  |  | $ | 6,065 |
Total Level 1 inputs |  | 14,387 |  |  | 6,065 |
Values based on Level 2 inputs: |  |  |  |
Deferred compensation plan assets (1) |  | 94,943 |  |  | 84,318 |
Foreign currency forward contracts (2) |  | 112 |  |  | 3,236 |
Interest rate swap contract (3) |  | 12,323 |  |  | 10,298 |
Total Level 2 inputs |  | 107,378 |  |  | 97,852 |
Total Assets |  | $ | 121,765 |  |  | $ | 103,917 |
Liabilities: |  |  |  |
Values based on Level 2 inputs: |  |  |  |
Deferred compensation plan liabilities (1) |  | $ | 114,911 |  |  | $ | 96,641 |
Foreign currency forward contracts (2) |  | 374 |  |  | 2,611 |
Total Level 2 inputs |  | 115,285 |  |  | 99,252 |
Total Liabilities |  | $ | 115,285 |  |  | $ | 99,252 |
(1)The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key employees. The assets consist of investments in money market funds, mutual funds and company-owned life insurance contracts, which are valued based on Level 1 or Level 2 inputs. 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 11 — 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 an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (see Note 8 — Debt). The fair value of the interest rate swap is based on mark-to-market valuations prepared by a third-party broker. This valuation 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 Condensed 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
|  | June 30, |  | December 31, |  | June 30, |  | December 31,
Description |  | 2023 |  | 2022 |  | 2023 |  | 2022
2028 Notes |  | $ | 793,504 |  |  | $ | 792,934 |  |  | $ | 749,000 |  |  | $ | 740,864 |
2029 Notes |  | 594,368 |  |  | 593,951 |  |  | 530,544 |  |  | 523,842 |
2030 Notes |  | 792,752 |  |  | 792,324 |  |  | 698,392 |  |  | 688,856 |
Total |  | $ | 2,180,624 |  |  | $ | 2,179,209 |  |  | $ | 1,977,936 |  |  | $ | 1,953,562 |

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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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