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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy as of March 31, 2022 and December 31, 2021:
|  |  |  | Fair Value Measurements Using:
As of March 31, 2022 |  | Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(in thousands) |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Investments—equity securities |  | $ | 27 |  |  | $ | 27 |  |  | $ | — |  |  | $ | — |
Investments—guaranteed income fund |  | 2,104 |  |  | — |  |  | — |  |  | 2,104 |
Investments—mutual funds and other |  | 9,430 |  |  | 9,430 |  |  | — |  |  | — |
Total investments |  | 11,561 |  |  | 9,457 |  |  | — |  |  | 2,104 |
Derivative assets |  | 7,516 |  |  | — |  |  | 7,516 |  |  | — |
Total assets |  | $ | 19,077 |  |  | $ | 9,457 |  |  | $ | 7,516 |  |  | $ | 2,104 |
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 484 |  |  | $ | — |  |  | $ | 484 |  |  | $ | — |
|  |  |  | Fair Value Measurements Using:
As of December 31, 2021 |  | Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(in thousands) |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Investments—equity securities |  | $ | 26 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |
Investments—guaranteed income fund |  | 2,036 |  |  | — |  |  | — |  |  | 2,036 |
Investments—mutual funds and other |  | 10,033 |  |  | 10,033 |  |  | — |  |  | — |
Total investments |  | 12,095 |  |  | 10,059 |  |  | — |  |  | 2,036 |
Derivative assets |  | 7,076 |  |  | — |  |  | 7,076 |  |  | — |
Total assets |  | $ | 19,171 |  |  | $ | 10,059 |  |  | $ | 7,076 |  |  | $ | 2,036 |
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 743 |  |  | $ | — |  |  | $ | 743 |  |  | $ | — |
Summary of Changes in Fair Value of Investments | The following table sets forth the summary of the changes in the fair value of Level 3 investments for the three months ended March 31, 2022 and 2021:
| Three months ended March 31,
| 2022 |  | 2021
(in thousands) |  |  |
Beginning Balance | $ | 2,036 |  |  | $ | 2,156 |
Purchases and adjustments | 131 |  |  | 22 |
Transfers | — |  |  | — |
Distribution | (71) |  |  | (38) |
Investment income | 8 |  |  | 8 |
Ending Balance | $ | 2,104 |  |  | $ | 2,148 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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