(17) Fair Value of Financial Instruments:

Fair value is defined under U.S. GAAP as the exit price associated with the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value under U.S. GAAP must maximize the use of observable inputs and minimize the use of unobservable inputs. In addition, U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The three input levels in the hierarchy of fair value measurements are defined by the FASB generally as follows:

Input Level Description of Input

Level 1 Observable inputs such as quoted prices in active markets for identical assets.

Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable.

Level 3 Unobservable inputs in which little or no market data exists.

The following tables represent the Company’s pension plan assets measured at fair value on a recurring basis as of December 31, 2014 and 2013:



($ in thousands)	Fair Value Measurements at December 31, 2014
	Total		Level 1		Level 2		Level 3
Cash and Cash Equivalents	$	32,152	$	32,152	$	-	$	-
U.S. Government Obligations		31,632		-		31,632		-
Corporate and Other Obligations		283,234		-		283,234		-
Common Stock		170,312		170,312		-		-
Common/Collective Trusts		958,915		-		958,915		-
Interest in Registered Investment Companies		65,590		65,590		-		-
Interest in Limited Partnerships and
Limited Liability Corporations		103,196		-		-		103,196
Insurance Contracts		519		-		519		-
Other		2,297		-		2,297		-
Total investments at fair value	$	1,647,847	$	268,054	$	1,276,597	$	103,196
Receivable for plan assets of the
Connecticut operations		34,267
Receivable for earnings on plan assets of
the Connecticut operations		366
Interest and Dividend Receivable		3,893
Due from Broker for Securities Sold		31,703
Receivable Associated with Insurance Contract		7,715
Due to Broker for Securities Purchased		(53,084)
Total Plan Assets, at Fair Value	$	1,672,707



($ in thousands)	Fair Value Measurements at December 31, 2013
	Total		Level 1		Level 2		Level 3
Cash and Cash Equivalents	$	8,503	$	8,503	$	-	$	-
U.S. Government Obligations		26,070		-		26,070		-
Corporate and Other Obligations		235,723		-		235,723		-
Common Stock		120,801		120,801		-		-
Commingled Funds		604,975		-		571,531		33,444
Interest in Registered Investment Companies		80,221		80,221		-		-
Interest in Limited Partnerships and
Limited Liability Corporations		129,276		-		-		129,276
Insurance Contracts		629		-		629		-
Other		1,660		-		1,660		-
Total investments at fair value	$	1,207,858	$	209,525	$	835,613	$	162,720
Interest and Dividend Receivable		2,832
Due from Broker for Securities Sold		8,916
Receivable Associated with Insurance Contract		7,044
Due to Broker for Securities Purchased		(10,125)
Total Plan Assets, at Fair Value	$	1,216,525

There have been no reclassifications of investments between Levels 1, 2 or 3 assets during the years ended December 31, 2014 or 2013.

The tables below set forth a summary of changes in the fair value of the Plan’s Level 3 assets for the years ended December 31, 2014 and 2013:



($ in thousands)	2014
	Interest in Limited Partnerships and Limited Liability Corporations		Commingled Funds
Balance, beginning of year	$	129,276	$	33,444
Realized gains		12,101		5,283
Unrealized losses		(4,800)		(5,079)
Sales		(33,381)		(33,648)
Balance, end of year	$	103,196	$	-



($ in thousands)	2013
	Interest in Limited Partnerships and Limited Liability Corporations		Commingled Funds
Balance, beginning of year	$	101,678	$	39,814
Realized gains		10,835		975
Unrealized gains		18,033		2,656
Contributed assets		23,422		-
Sales		(24,692)		(10,001)
Balance, end of year	$	129,276	$	33,444

The following table provides further information regarding the redemption of the Plan’s Level 3 investments as of December 31, 2014:

($ in thousands)

Fair Value

Redemption Frequency

Redemption Notice Period

Liquidation Period

Interest in Limited Partnerships and Limited

Liability Corporations

Morgan Stanley Institutional Cayman Fund LP (b)

306

Quarterly

60 days

MS IFHF SVP LP Cayman (b)

2,010