CHS 2013 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2013 CHS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 69

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Our pension plans’ fair value measurements at August 31, 2013 and 2012 are as follows:
2013
(DOLLARS IN THOUSANDS) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Cash and cash equivalents $ 667 $ 667
Equities:
Mutual funds 113,982 $ 80,619 194,601
Fixed income securities:
Mutual funds 75,729 409,996 $ 1,940 487,665
Partnership and joint venture interests 26,014 3,403 29,417
Real estate funds 18,156 18,156
Hedge funds 122 122
Total $ 190,378 $ 516,629 $ 23,621 $ 730,628
2012
(DOLLARS IN THOUSANDS) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Cash and cash equivalents $ 2,588 $ 21,380 $ 23,968
Equities:
Mutual funds 115,515 289,286 404,801
Fixed income securities:
Mutual funds 76,795 164,380 $ 1,868 243,043
Real estate funds 16,257 16,257
Hedge funds 127 127
Total $ 194,898 $ 475,046 $ 18,252 $ 688,196
Definitions for valuation levels are found in Note 12, Fair classified accordingly within Level 2 of the fair value
Value Measurements. We use the following valuation hierarchy. Other investments in this category are valued
methodologies for assets measured at fair value. using significant unobservable inputs and are classified
within Level 3 of the fair value hierarchy.
Mutual funds: Valued at quoted market prices, which
are based on the net asset value of shares held by the Real Estate funds: Valued quarterly at estimated fair
plan at year end. Mutual funds traded in active markets value based on the underlying investee funds in which
are classified within Level 1 of the fair value hierarchy. the real estate fund invests. This information is compiled,
Certain of the mutual fund investments held by the plan in addition to any other assets and liabilities (accrued
have observable inputs other than Level 1 and are classi- expenses and unit-holder transactions), to determine
fied within Level 2 of the fair value hierarchy. the fund’s unit value. The real estate fund is not traded
on an active market and is classified within Level 3 of the
Partnership and joint venture interests: Valued at the fair value hierarchy.
net asset value of shares held by the plan at year end as
a practical expedient for fair value. The net asset value is Hedge funds: Valued at estimated fair value based on
based on the fair value of the underlying assets owned prices quoted by various national markets and publica-
by the trust, minus its liabilities then divided by the tions and/or independent financial analysts. These invest-
number of units outstanding. Certain of these invest- ments are classified within Level 3 of the fair value
ments have observable inputs other than Level 1 and are hierarchy.
CHS 2013 53