2019 BBNC Annual Report - Page 64

2018 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 30,612 30,612 — — Domestic 37,952 37,952 — — International 40,008 40,008 — — 42,191 42,191 — — $ 150,763 150,763 — — — 114 — ASSETS TRADING SECURITIES: Money market funds $ Equities: Mutual funds TOTAL TRADING SECURITIES ASSETS Interest rate swaps $ 114 (B) FAIR VALUE MEASUREMENTS ON A NONRECURRING BASIS The following table presents fair value measurements of nonfinancial assets that are measured at fair value on a nonrecurring basis at March 31, 2019 and 2018 (in thousands): TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTAL LOSSES 49,180 — 49,180 — 3,292 2018 Property and equipment During 2018, as a result of the decreased economic activity in Alaska’s and North Dakota’s oilfields, the Corporation performed an impairment analysis on its property and equipment used in oilfield services. The estimated undiscounted future cash flows generated by the property and equipment were deemed to be less than its carrying value. The carrying value of the property and equipment was reduced to fair value. Management estimated fair value based on observable market transactions involving sales of comparable equipment. There were no fair value measurements on a nonrecurring basis as of March 31, 2019. (C) INVESTMENTS AT NET ASSET VALUE The Corporation uses Net Asset Value (NAV) to determine the fair value of all the underlying investments which (a) do not have a readily determinable fair value and (b) prepare their financial statements consistent with the measurement principles of an investment company or have the attributes of an investment company. These investments, which are included in other investments on the consolidated balance sheets, primarily include private equity investment funds that cannot be redeemed with the investees, but the Corporation receives distributions through the liquidation of the underlying assets of the investees. The Corporation’s estimate of the period of time over which the underlying assets are expected to be liquidated by the investees are noted in the below table. 62 BBNC FY2019 ANNUAL REPORT