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Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Note 13 – Fair Value Measurements

The Company values its company-owned life insurance policies and various deferred compensation assets and liabilities at fair value. The Company’s assets and liabilities subject to fair value measurement are as follows:

					Fair Value Measurements at March 31, 2015
			Total		Using Fair Value Hierarchy
Assets			Fair Value		Level 1		Level 2		Level 3
Company-owned life insurance			$	1,378	$	—	$	1,378	$	—
Company-owned life insurance - Deferred compensation assets				238		—		238		—
Other deferred compensation assets
	Large capitalization registered investment companies			62		62		—		—
	Mid capitalization registered investment companies			7		7		—		—
	Small capitalization registered investment companies			14		14		—		—
	International developed and emerging markets registered
		investment companies		36		36		—		—
	Fixed income registered investment companies			6		6		—		—
Total			$	1,741	$	125	$	1,616	$	—

					Fair Value Measurements at March 31, 2015
			Total		Using Fair Value Hierarchy
Liabilities			Fair Value		Level 1		Level 2		Level 3
Deferred compensation liabilities
	Large capitalization registered investment companies		$	371	$	371	$	—	$	—
	Mid capitalization registered investment companies			103		103		—		—
	Small capitalization registered investment companies			88		88		—		—
	International developed and emerging markets registered
		investment companies		172		172		—		—
	Fixed income registered investment companies			37		37		—		—
	Fixed general account			148		—		148		—
Total			$	919	$	771	$	148	$	—

					Fair Value Measurements at December 31, 2014
			Total		Using Fair Value Hierarchy
Assets			Fair Value		Level 1		Level 2		Level 3
Company-owned life insurance			$	1,361	$	—	$	1,361	$	—
Company-owned life insurance - Deferred compensation assets				310		—		310		—
Other deferred compensation assets
	Large capitalization registered investment companies			71		71		—		—
	Mid capitalization registered investment companies			7		7		—		—
	Small capitalization registered investment companies			13		13		—		—
	International developed and emerging markets registered
		investment companies		37		37		—		—
	Fixed income registered investment companies			6		6		—		—
Total			$	1,805	$	134	$	1,671	$	—

					Fair Value Measurements at December 31, 2014
			Total		Using Fair Value Hierarchy
Liabilities			Fair Value		Level 1		Level 2		Level 3
Deferred compensation liabilities
	Large capitalization registered investment companies		$	404	$	404	$	—	$	—
	Mid capitalization registered investment companies			108		108		—		—
	Small capitalization registered investment companies			90		90		—		—
	International developed and emerging markets registered
		investment companies		179		179		—		—
	Fixed income registered investment companies			40		40		—		—
	Fixed general account			160		—		160		—
Total			$	981	$	821	$	160	$	—

The fair values of Company-owned life insurance (“COLI”) and COLI deferred compensation assets are based on quotes for like instruments with similar credit ratings and terms. The fair values of other deferred compensation assets and liabilities are based on quoted prices in active markets. The Company did not hold Level 3 investments as of March 31, 2015 or December 31, 2014, respectively, so related disclosures have not been included.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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