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Fair Value Measurement (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis | The following tables set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):
| June 30, 2024 |  | Quoted Prices in Active Markets for Identical Items (Level 1) |  | Quoted Prices in Active Markets for Similar Items (Level 2) |  | Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Available for sale debt securities(a) | $ | 297,761 |  |  | $ | — |  |  | $ | — |  |  | $ | 297,761 |
Investments under executive deferred compensation plan(b) | $ | 34,663 |  |  | $ | 34,663 |  |  | $ | — |  |  | $ | — |
Public equity securities(c) | $ | 27,730 |  |  | $ | 27,730 |  |  | $ | — |  |  | $ | — |
Private equity securities measured at net asset value(d)(e) | $ | 4,534 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts(f) | $ | 1,048 |  |  | $ | — |  |  | $ | 1,048 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Obligations under executive deferred compensation plan(b) | $ | 34,663 |  |  | $ | 34,663 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts(f) | $ | 7,510 |  |  | $ | — |  |  | $ | 7,510 |  |  | $ | — |
| December 31, 2023 |  | Quoted Prices in Active Markets for Identical Items (Level 1) |  | Quoted Prices in Active Markets for Similar Items (Level 2) |  | Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Available for sale debt securities(a) | $ | 289,307 |  |  | $ | — |  |  | $ | — |  |  | $ | 289,307 |
Investments under executive deferred compensation plan(b) | $ | 33,564 |  |  | $ | 33,564 |  |  | $ | — |  |  | $ | — |
Public equity securities(c) | $ | 168,928 |  |  | $ | 168,928 |  |  | $ | — |  |  | $ | — |
Private equity securities measured at net asset value(d)(e) | $ | 4,536 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts(f) | $ | 17,829 |  |  | $ | — |  |  | $ | 17,829 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Obligations under executive deferred compensation plan(b) | $ | 33,564 |  |  | $ | 33,564 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts(f) | $ | 5,752 |  |  | $ | — |  |  | $ | 5,752 |  |  | $ | — |
(a)Preferred equity of a Grace subsidiary acquired as a portion of the proceeds of the FCS sale on June 1, 2021. A third-party estimate of the fair value was prepared using expected future cash flows over the period up to when the asset is likely to be redeemed, applying a discount rate that appropriately captures a market participant's view of the risk associated with the investment. These are considered to be Level 3 inputs. (b)We maintain an Executive Deferred Compensation Plan (“EDCP”) that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the “Trust”) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statements of (loss) income) and cash and cash equivalents. As such, these assets and obligations are classified within Level 1. (c)Holdings in equity securities of public companies reported in Investments in the consolidated balance sheets. The fair value is measured using publicly available share prices of the investments, and as a result these balances are classified within Level 1. Any changes reported in Other income, net in our consolidated statements of (loss) income. See Note 3, “Investments,” for further details. (d)Primarily consists of private equity securities reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other income, net in our consolidated statements of (loss) income. (e)Holdings in certain private equity securities are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. (f)As a result of our global operating and financing activities, we are exposed to market risks from changes in foreign currency exchange rates which may adversely affect our operating results and financial position. When deemed appropriate, we minimize our risks from foreign currency exchange rate fluctuations through the use of foreign currency forward contracts. The foreign currency forward contracts are valued using broker quotations or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within Level 2. See Note 14, “Fair Value of Financial Instruments,” for further details about our foreign currency forward contracts.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables set forth the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements (in thousands):
| Available for Sale Debt Securities
Beginning balance at December 31, 2023 | $ | 289,307 |
PIK dividends | 17,619 |
Cash received for tax liability | (9,165) |
Ending balance at June 30, 2024 | $ | 297,761 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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