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13NOV201221352027
Basis of fair value measurement
Quoted prices in Significant other Significant
Balance at active markets for observable unobservable
December 31, identical assets inputs inputs
(in millions) 2013 (Level 1) (Level 2) (Level 3)
Equities
U.S. large cap(a) $1,197 $ 576 $ 621 $ —
U.S. mid cap(b) 244 62 182 —
International(c) 614 225 389 —
Fixed income securities
U.S. government securities(d) 292 35 257 —
Corporate debt instruments(e) 212 57 155 —
Government Securities International 216 159 57 —
Other 52 45 7 —
Absolute return funds(f) 704 3 290 411
Real assets 70 8 62 —
Other(g) 65 62 3 —
Fair value of plan assets $3,666 $1,232 $2,023 $411
(a) A mix of pooled index funds and actively managed equity accounts that are benchmarked to various
large cap indices.
(b) A mix of pooled index funds and actively managed equity accounts that are benchmarked to various
mid cap indices.
(c) A mix of pooled index funds and actively managed equity accounts that are benchmarked to various
non-US equity indices in both developed and emerging markets.
(d) Securities held by actively managed accounts, pooled index funds, and mutual funds.
(e) Securities held by actively managed accounts, pooled index funds, and mutual funds.
(f) Funds having global mandates with the flexibility to allocate capital broadly across a wide range of
asset classes and strategies, including but not limited to equities, fixed income, commodities, financial
futures, currencies, and other securities, with objectives to outperform agreed upon benchmarks of
specific return and volatility targets.
(g) Investments in cash and cash equivalents.
Equities that are valued using quoted prices are valued at the published market prices. Equities in a
common collective trust or a registered investment company that are valued using significant other
observable inputs are valued at the net asset value (NAV) provided by the fund administrator. The NAV is
based on the value of the underlying assets owned by the fund minus its liabilities. Fixed income securities
that are valued using significant other observable inputs are valued at prices obtained from independent
financial service industry-recognized vendors. Absolute return funds and commodities are valued at the NAV
provided by the fund administrator.
86 2014 Form 10-K