Fair Value Measurements

6 Months Ended

Mar. 31, 2013

Fair Value Measurements

Fair Value Measurements

Note 12.  Fair Value Measurements

The fair value hierarchy has three levels based on the inputs used to determine fair value.

·      Level 1 — Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;

·      Level 2 — Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and

·      Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

When available, the Company uses unadjusted quoted market prices to measure fair value and classifies such items within Level 1. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. If quoted market prices are not available, the valuation model used depends on the specific asset or liability being valued. A portion of the Company’s pension plan assets are in a common collective trust that is considered within Level 2.  To determine the fair value of these assets, the Company uses the quoted market prices of the underlying assets of the common collective trust.

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and March 31, 2013:

	September 30, 2012
	Fair Value Measurements at Reporting Date Using:
Assets:	Level 1		Level 2		Level 3		Total
Cash and money market funds	$	46,740	$	—	$	—	$	46,740
U.S. Pension plan assets
U.S. common stock mutual fund	30,239		—		—		30,239
Common /collective funds
Bonds	—		62,554		—		62,554
Short-term money market	—		6,762		—		6,762
U.S. common stock	—		59,677		—		59,677
International equity	—		7,053		—		7,053
	30,239		136,046		—		166,285
U.K. Plan Assets
Equity funds	6,322		—		—		6,322
Bond funds	7,297		—		—		7,297
Other funds	2,107		—		—		2,107
	15,726		—		—		15,726
Total pension plan assets	45,965		136,046		—		182,011
Total fair value	$	92,705	$	136,046	$	—	$	228,751

	March 31, 2013
	Fair Value Measurements at Reporting Date Using:
Assets:	Level 1		Level 2		Level 3		Total
Cash and money market funds	$	48,011	$	—	$	—	$	48,011
U.S. Pension plan assets
U.S. common stock mutual fund	36,736		—		—		36,736
Common /collective funds
Bonds	—		66,233		—		66,233
Short-term money market	—		2,061		—		2,061
U.S. common stock	—		65,143		—		65,143
International equity	—		7,646		—		7,646
	36,736		141,083		—		177,819
U.K. Plan Assets
Equity funds	6,603		—		—		6,603
Bond funds	2,261		—		—		2,261
Other funds	7,521		—		—		7,521
	16,385		—		—		16,385
Total pension plan assets	53,121		141,083		—		194,204
Total fair value	$	101,132	$	141,083	$	—	$	242,215

The Company had no Level 3 assets as of September 30, 2012 or March 31, 2013. The carrying value of receivable and accounts payable approximate fair value.