| FAIR VALUE MEASUREMENTS: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level fair value hierarchy is used to prioritize the inputs used in valuations, as defined below:
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Level 1: |
Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. |
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Level 2: |
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. |
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Level 3: |
Unobservable inputs for the asset or liability.
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As of September 30, 2021 and 2020, the fair values of the Company's assets and liabilities measured on a recurring basis were categorized as follows:
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September 30, 2021 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Assets: |
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Derivatives (1)
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$ |
— |
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$ |
209 |
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$ |
— |
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$ |
209 |
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| Equity and fixed income mutual funds |
— |
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6,936 |
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— |
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6,936 |
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| Life insurance policies |
— |
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4,626 |
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— |
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4,626 |
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| Total assets at fair value |
$ |
— |
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$ |
11,771 |
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$ |
— |
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$ |
11,771 |
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| Liabilities: |
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Derivatives (1)
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$ |
— |
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$ |
2,232 |
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$ |
— |
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$ |
2,232 |
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| Total liabilities at fair value |
$ |
— |
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$ |
2,232 |
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$ |
— |
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$ |
2,232 |
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(1) Interest rate swaps and cross currency swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.
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September 30, 2020 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Assets: |
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| Equity and fixed income mutual funds |
$ |
— |
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$ |
24,610 |
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$ |
— |
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$ |
24,610 |
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| Life insurance policies |
— |
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4,621 |
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— |
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4,621 |
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| Total assets at fair value |
$ |
— |
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$ |
29,231 |
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$ |
— |
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$ |
29,231 |
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| Liabilities: |
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Derivatives (1)
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$ |
— |
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$ |
7,792 |
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$ |
— |
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$ |
7,792 |
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| Total liabilities at fair value |
$ |
— |
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$ |
7,792 |
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$ |
— |
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$ |
7,792 |
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(1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.
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The carrying values for other financial assets and liabilities approximated fair value for the years ended September 30, 2021 and 2020.
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