Delta Airlines 2013 Annual Report Download - page 91
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Benefit Plan Assets Measured at Fair Value on a Recurring Basis
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market
participants would use in pricing an asset or liability.
Assets and liabilities measured at fair value are based on the valuation techniques identified in the tables below. The valuation techniques are
as follows:
Benefit Plan Assets. Benefit plan assets relate to our defined benefit pension plans and certain of our postemployment benefit plans that are
funded through trusts. The following table shows our benefit plan assets by asset class. These investments are presented net of the related benefit
obligation in pension, postretirement and related benefits on the Consolidated Balance Sheets.
83
•
Level 1.
Observable inputs such as quoted prices in active markets;
•
Level 2
. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
•
Level 3
. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
(a)
Market approach
. Prices and other relevant information generated by market transactions involving identical or comparable assets or
liabilities; and
(b)
Income approach.
Techniques to convert future amounts to a single current value based on market expectations (including present value
techniques, option-pricing and excess earnings models).
December 31, 2013
December 31, 2012
(in millions) Total Level 1 Level 2 Level 3 Valuation
Technique
Total Level 1 Level 2 Level 3 Valuation
Technique
Common stock
U.S.
$
558
$
558
$
—
$
—
(a)
$
575
$
575
$
—
$
—
(a)
Non-U.S.
1,269
1,216
53
—
(a)
923
886
37
—
(a)
Mutual funds
U.S.
3
—
3
—
(a)
69
—
69
—
(a)
Non-U.S.
43
—
43
—
(a)
129
—
129
—
(a)
Non-U.S. emerging markets
327
—
327
—
(a)
466
—
466
—
(a)
Diversified fixed income
218
—
218
—
(a)
390
—
390
—
(a)
High yield
348
—
348
—
(a)(b)
153
—
153
—
(a)(b)
Commingled funds
U.S.
864
—
864
—
(a)
824
—
824
—
(a)
Non-U.S.
782
—
782
—
(a)
688
—
688
—
(a)
Non-U.S. emerging markets
319
—
319
—
(a)
178
—
178
—
(a)
Diversified fixed income
680
—
680
—
(a)
763
—
763
—
(a)
High yield
98
—
39
59
(a)
38
—
25
13
(a)
Alternative investments
Private equity
1,366
—
—
1,366
(a)(b)
1,466
—
—
1,466
(a)(b)
Real estate and natural resources
688
—
—
688
(a)(b)
613
—
—
613
(a)(b)
Hedge Funds
552
—
—
552
(a)(b)
484
—
—
484
(a)(b)
Fixed income
155
—
155
—
(a)(b)
573
—
573
—
(a)(b)
Cash equivalents and other
1,610
28
1,582
—
(a)
818
77
741
—
(a)
Total benefit plan assets
$
9,880
$
1,802
$
5,413
$
2,665
$
9,150
$
1,538
$
5,036
$
2,576