Notes to Consolidated Financial Statements June 30, 2024 and 2023 8. Fair Value Measurements Fair Value on a Recurring Basis The following tables present the fair value measurement for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2024, grouped by fair value hierarchy (in thousands): 2024 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 6,379 $ 6,379 $ - $ - Mutual funds 12,143 12,143 - - Subtotal 18,522 18,522 - - Current investments: Mutual funds 52 52 - - Equity securities 69 69 - - Corporate obligations 218,876 - 218,876 - Government-related obligations 170,119 - 170,119 - Subtotal 389,116 121 388,995 - Designated and restricted investments: Mutual funds 139,480 139,480 - - Commingled funds1 50,203 - - - Private capital1 12,197 - - - Corporate obligations 347 - 347 - Government-related obligations 2,556 - 2,556 - Subtotal 204,783 139,480 2,903 - Other investments: Mutual funds 120,981 120,981 - - Commingled funds¹ 46,570 - - - Corporate obligations 81,196 - 81,196 - Government-related obligations 73,816 - 73,816 - Subtotal 322,563 120,981 155,012 - Scholarship funds held in trust: Money market funds 18 18 - - Equity securities 2,164 492 1,672 - Corporate obligations 761 - 761 - Subtotal 2,943 510 2,433 - Contributions receivable from remainder trusts 224 - - 224 Total $ 938,151 $ 279,614 $ 549,343 $ 224 1 In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share 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 Consolidated Statements of Financial Position. 28
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