(11)	FAIR VALUE MEASUREMENTS

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The company’s plan assets are accounted for at fair value and are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, with the exception of investments for which fair value is measured using the net asset value (NAV) per share expedient.

The following table provides the fair value hierarchy for the SERP assets measured at fair value as of September 30, 2017:

	Successor
					Significant		Significant
			Quoted prices in		observable		unobservable		Measured at
			active markets		inputs		inputs		Net Asset
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)		Value
Equity securities	$	5,181		5,181		—		—		—
Debt securities		3,404		851		853		—		1,700
Cash and cash equivalents		221		15		152		—		54
Total	$	8,806		6,047		1,005		—		1,754
Other pending transactions		39		39		—		—		—
Total fair value of plan assets	$	8,845		6,086		1,005		—		1,754

The following table provides the fair value hierarchy for the plan assets measured at fair value as of March 31, 2017:

	Predecessor
					Significant		Significant
			Quoted prices in		observable		unobservable		Measured at
			active markets		inputs		inputs		Net Asset
(In thousands)	Total		(Level 1)		(Level 2)		(Level 3)		Value
Equity securities	$	5,176		5,176		—		—		—
Debt securities		3,261		832		781		—		1,648
Cash and cash equivalents		323		15		236		—		72
Total	$	8,760		6,023		1,017		—		1,720
Other pending transactions		—		—		—		—		—
Total fair value of plan assets	$	8,760		6,023		1,017		—		1,720

Other Financial Instruments

The company’s primary financial instruments consist of cash and cash equivalents, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities, currency commitments, or to lock in desired interest rates. These transactions are generally spot or forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company does not use derivative contracts for speculative purposes. The derivative instruments are recorded at fair value using quoted prices and quotes obtainable from the counterparties to the derivative instruments.

Cash Equivalents. The company’s cash equivalents, which are securities with maturities less than 90 days, are held in money market funds or time deposit accounts with highly rated financial institutions. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio.

Spot Derivatives. Spot derivative financial instruments are short-term in nature and generally settle within two business days. The fair value of spot derivatives approximates the carrying value due to the short-term nature of this instrument, and as a result, no gains or losses are recognized.

The company had 44 outstanding spot contracts at September 30, 2017, which had a notional value of $1.9 million and settled October 2, 2017. The company had six foreign exchange spot contracts outstanding at March 31, 2017, which had a notional value of $1.5 million and settled April 4, 2017.

The following table provides the fair value hierarchy for the company’s other financial instruments measured as of September 30, 2017:

Successor

Significant

Quoted prices in

observable

unobservable

active markets

inputs

(In thousands)

Total

(Level 1)

(Level 2)

(Level 3)

Cash equivalents

416,002

—

Total fair value of assets