ADT 2013 Annual Report Download - page 156
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FORM 10-K
price reported in the active market in which the individual security is traded. Government and agency securities
and corporate debt securities are valued using the most recent bid prices or occasionally the mean of the latest bid
and ask prices when markets are less liquid. When quotes are not available, fair value is determined utilizing a
discounted cash flow approach, which incorporates other observable inputs such as cash flows, underlying
security structure and market information including interest rates and bid evaluations of comparable securities.
Certain fixed income securities are held within commingled funds which are valued utilizing NAV determined by
the custodian of the fund. These values are based on the fair value of the underlying net assets owned by the
fund.
Cash and cash equivalents consist primarily of short-term commercial paper, bonds and other cash or cash-
like instruments including settlement proceeds due from brokers, stated at cost, which approximates fair value.
The following tables set forth a summary of pension plan assets valued using NAV or its equivalent as of
September 27, 2013 and September 28, 2012 ($ in millions):
September 27, 2013
Investment
Fair
Value
Redemption
Frequency Redemption Notice Period
U.S. equity securities .................. $23 Daily 1 day, 5 days
Non-U.S. equity securities .............. 12 Daily 2 days
Government and government agency
securities .......................... 7 Daily 2 days
Corporate debt securities ............... 13 Daily 2 days
$55
September 28, 2012
Investment
Fair
Value
Redemption
Frequency Redemption Notice Period
U.S. equity securities .................. $21 Daily 1 day, 5 days
Non-U.S. equity securities .............. 10 Daily 3 days
Government and government agency
securities .......................... 10 Daily 2 days
Corporate debt securities ............... 10 Daily 2 days
$51
The strategy of the Company’s investment managers with regard to the investments valued using NAV or its
equivalent is to either match or exceed relevant benchmarks associated with the respective asset category. None
of the investments valued using NAV or its equivalent contain any redemption restrictions or unfunded
commitments.
The Company’s funding policy is to make contributions in accordance with U.S. laws as well as to make
discretionary voluntary contributions from time-to-time. During fiscal year 2013, the Company contributed $2
million to its pension plan, which represented the Company’s minimum required contributions to its pension plan
for that period. The Company anticipates that it will contribute at least the minimum required to its pension plan
in fiscal year 2014 of $2 million.
92