(7) FAIR VALUE MEASUREMENTS
FASB ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to
measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical
assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable
inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the
Corporation has the ability to assess at the measurement date.
• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset or liability.
(A) FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to
the fair value measurements. The Corporation assessment of the significance of a particular input to the fair value
measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their
level within the fair value hierarchy.
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of
March 31, 2019 and 2018 at each hierarchical level (in thousands):
2019
TOTAL LEVEL 1 LEVEL 2 LEVEL 3
5,038 5,038 — —
18,965 18,965 — —
ASSETS
TRADING SECURITIES
Money market funds
$
Equities:
Domestic
International
1,659 1,659 — —
102,477 102,477 — —
22,435 — 22,435 —
209 — 209 —
25 — 25 —
$ 150,808 128,139 22,669 —
— 58 —
Mutual funds
Fixed income:
Government sponsored
Corporate-domestic
Corporate-international
TOTAL TRADING SECURITIES
LIABILITIES
Interest rate swaps
$
58
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