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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Our pension plans’ fair value measurements at August 31, 2014 and 2013 are as follows:
2014
(DOLLARS IN THOUSANDS) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Cash and cash equivalents $ 4,218 $ — $ — $ 4,218
Equities:
Mutual funds 84,830 66,485 — 151,315
Fixed income securities:
Mutual funds 138,458 488,526 1,749 628,733
Partnership and joint venture interests — 28,157 9,492 37,649
Other — — 210 210
Total $227,506 $ 583,168 $ 11,451 $ 822,125
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
Other — — 18,278 18,278
Total $ 190,378 $ 516,629 $ 23,621 $730,628
Definitions for valuation levels are found in Note 13, Fair Partnership and joint venture interests: Valued at the
Value Measurements. We use the following valuation net asset value of shares held by the plan at year end as
methodologies for assets measured at fair value. a practical expedient for fair value. The net asset value is
based on the fair value of the underlying assets owned
Mutual funds: Valued at quoted market prices, which by the trust, minus its liabilities then divided by the
are based on the net asset value of shares held by the number of units outstanding. Certain of these invest-
plan at year end. Mutual funds traded in active markets ments have observable inputs other than Level 1 and are
are classified within Level 1 of the fair value hierarchy. classified accordingly within Level 2 of the fair value
Certain of the mutual fund investments held by the plan hierarchy. Other investments in this category are valued
have observable inputs other than Level 1 and are classi- using significant unobservable inputs and are classified
fied within Level 2 of the fair value hierarchy. within Level 3 of the fair value hierarchy.
CHS 2014 49