Fair Value Measurements

6 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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:

Level 1:	Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets.
Level 2:	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3:	Unobservable inputs for the asset or liability.

The fair values of the Company's assets and liabilities measured on a recurring basis are categorized as follows:

	March 31, 2021								September 30, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Derivatives (1)	$	—	$	471	$	—	$	471	$	—	$	—	$	—	$	—
Equity and fixed income mutual funds	—		25,455		—		25,455		—		24,610		—		24,610
Life insurance policies	—		4,626		—		4,626		—		4,621		—		4,621
Total assets at fair value	$	—	$	30,552	$	—	$	30,552	$	—	$	29,231	$	—	$	29,231
Liabilities:
Derivatives (1)	$	—	$	3,376	$	—	$	3,376	$	—	$	7,792	$	—	$	7,792
Total liabilities at fair value	$	—	$	3,376	$	—	$	3,376	$	—	$	7,792	$	—	$	7,792
(1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.