CHS 2014 Annual Report Download - page 52

Download and view the complete annual report

Please find page 52 of the 2014 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 73

  • 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
  • 70
  • 71
  • 72
  • 73

The preceding methods described may produce a fair value calculation that may not be indicative of the net realizable
value or reflective of future fair values. Furthermore, although we believe our valuation methods are appropriate and
consistent with other market participants, the use of different methodologies or assumptions to determine the fair
value of certain financial instruments could result in a different fair value measurement at the reporting date. The
following tables set forth a summary of changes in the fair value of the plan’s Level 3 assets for the years ended
August 31, 2014 and 2013:
2014
PARTNERSHIP AND JOINT REAL
(DOLLARS IN THOUSANDS) MUTUAL FUNDS VENTURE INTERESTS ESTATE FUNDS HEDGE FUNDS TOTAL
Balances at beginning of period $ 1,940 $ 3,403 $ 18,156 $122 $ 23,621
Unrealized gains (losses) (3) 118 543 5 663
Realized gains (losses) 79 187 — — 266
Sales (12) — (18,604) (14) (18,630)
Purchases — 5,784 2 — 5,786
Transfers out of level 3 (255) — — — (255)
Total $ 1,749 $ 9,492 $ 97 $ 113 $ 11,451
2013
PARTNERSHIP AND JOINT REAL
(DOLLARS IN THOUSANDS) MUTUAL FUNDS VENTURE INTERESTS ESTATE FUNDS HEDGE FUNDS TOTAL
Balances at beginning of period $ 1,868 $ — $ 16,257 $ 127 $ 18,252
Unrealized gains (losses) (4) — 1,894 7 1,897
Realized gains (losses) 82 — (10) — 72
Sales (12) — — (12) (24)
Purchases — 3,403 15 — 3,418
Transfers into level 3 6 — — — 6
Total $ 1,940 $ 3,403 $ 18,156 $ 122 $ 23,621
We are one of approximately 400 employers that con- • If a participating employer stops contributing to the
tribute to the Co-op Retirement Plan (Co-op Plan), plan, the unfunded obligations of the plan may be
which is a defined benefit plan constituting a ‘‘multiple borne by the remaining participating employers; and
employer plan’’ under the Internal Revenue Code of • If we choose to stop participating in the multiem-
1986, as amended, and a ‘‘multiemployer plan’’ under the ployer plan, we may be required to pay the plan an
accounting standards. The risks of participating in these amount based on the underfunded status of the plan,
multiemployer plans are different from single-employer referred to as a withdrawal liability.
plans in the following aspects:
• Assets contributed to the multiemployer plan by one
employer may be used to provide benefits to
employees of other participating employers;
50 CHS 2014
TEN: Benefit Plans, continued