The methods described above may produce a fair value calculation that may not be indicative of
net realizable value or reflective of future fair values. Furthermore, while the Plan’s management
believes the valuation methodologies are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair value of
certain investments could result in a different fair value measurement at the reporting date.
A fair value hierarchy which prioritizes the inputs to valuation methods is used to measure
fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to
unobservable inputs (Level 3 measurements).
The fair value of DB Plan and OPEB Plan assets by levels within the fair value hierarchy used
as of December 31, 2021 was as follows:
(in thousands) Fair Value Level 1 Level 2 Level 3
DB Plan:
Guaranteed Interest Accounts S 6,642 S - S - S 6,642
Total Assets in the Fair Value Hierarchy 6,642 - - 6,642
investments measured at net asset value®? 20,654 - - -
DB Plan Investments, at Fair Value 27,296 - - 6,642
OPEB Plans:
Common stocks 373 373 - -
Mutual funds 138 138 - -
Fixed income funds 120 120 - -
Money market funds 63 - 63 -
Total Assets in the Fair Value Hierarchy 694 631 63 -
Investments measured at net asset value"! - - - -
OPEB Plans Investments, at Fair Value 694 631 63 -
Totals S 27,990 $ 631 5 63 S 6,642
(a) In accordance with Subtopic 820-10, certain investments that were measured at fair value using the net asset value
per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value
amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts
presented in the statements of assets available for benefits of the Plans.
28
