Table:
|  | December 31, |  |
| --- | --- | --- |
|  | 2019 | 2018 |
| Deferred compensation plan asset components: |  |  |
| Cash surrender value of corporate-owned life insurance policies | $16,883 | $13,103 |
| Fair value of mutual funds and money market funds | 21,975 | 18,867 |
| Total | $38,858 | $31,970 |
| Deferred compensation plan assets reported in: |  |  |
| Other long-term assets | $38,858 | $31,970 |
| Deferred compensation plan liabilities reported in: |  |  |
| Accrued compensation and related benefits (short-term) | $425 | $447 |
| Other long-term liabilities | 39,665 | 32,283 |
| Total | $40,090 | $32,730 |
Paragraphs:
Deferred Compensation Plan
The Company has a non-qualified, unfunded deferred compensation plan, which provides certain key employees, including executive officers, with the ability to defer the receipt of compensation in order to accumulate funds for retirement on a tax deferred basis. The Company does not make contributions to the plan or guarantee returns on the investments. The Company is responsible for the plan’s administrative expenses. Participants’ deferrals and investment gains and losses remain as the Company’s liabilities and the underlying assets are subject to claims of general creditors.
The liabilities for compensation deferred under the plan are recorded at fair value in each reporting period. Changes in the fair value of the liabilities are included in operating expense on the Consolidated Statements of Operations. The Company manages the risk of changes in the fair value of the liabilities by electing to match the liabilities with investments in corporate-owned life insurance policies, mutual funds and money market funds that offset a substantial portion of the exposure. The investments are recorded at the cash surrender value of the corporate-owned life insurance policies, and at the fair value of the mutual funds and money market funds, which are classified as trading securities. Changes in the cash surrender value of the corporate-owned life insurance policies and the fair value of mutual fund and money market fund investments are included in interest and other income, net on the Consolidated Statements of Operations. The following table summarizes the deferred compensation plan balances on the Consolidated Balance Sheets (in thousands):
Question:
What was the percentage change in amount spent on other long-term liabilities from 2018 to 2019?
Answer: (39665-32283)/32283 = 22.87