FAIR VALUE MEASUREMENTS
|9 Months Ended
Sep. 30, 2018
|Fair Value Disclosures [Abstract]
|FAIR VALUE MEASUREMENTS
The fair value hierarchy prioritizes the inputs used in valuation techniques into three levels, as follows:
Pooled separate accounts – Pooled separate accounts invest primarily in domestic and international stocks, commercial paper or single mutual funds. The net asset value is used as a practical expedient to determine fair value for these accounts. Each pooled separate account provides for redemptions by the Retirement Plan at reported net asset values per share, with little to no advance notice requirement, therefore these funds are classified within Level 2 of the valuation hierarchy.
Other Derivative Instruments – The Company’s other derivative instruments consist of commodity positions. The fair values of the commodity positions are based on quoted prices on the commodity exchanges and are designated as Level 1 inputs.
The following table summarizes recurring fair value measurements by level at September 30, 2018 (in thousands):