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## Assets and liabilities measured at fair value on a recurring basis 

The following table presents the balances of the assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 and 2010, respectively, by caption, on the Consolidated Balance Sheets by FASB ASC 820 valuation hierarchy (as described above). 

<img src='content_image/245573.jpg'>

$^{(1)}$Represents the fair value of interest rate swap agreements. 

## Level changes in fair value measurements 

Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Corporation’s monthly and/or quarterly valuation process. The Company monitors the valuation techniques utilized for each category of financial assets and liabilities to ascertain when transfers between levels have been affected. The nature of the Company’s financial assets and liabilities generally is such that transfers in and out of any level are expected to be rare. For the year ended December 31, 2011, there were no transfers between levels. 

For the year ended December 31, 2010, the Company determined that its corporate debt securities should be transferred from Level 2 and classified as Level 1. The Company disposed of these corporate debt securities during the first two weeks of January 2011. Due to the proximity between December 31, 2010 and the respective trade dates for these corporate debt securities sold, the Company determined that the trade price for each security approximated its fair value at December 31, 

