Energy Transfer 2012 Annual Report Download - page 203
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F - 58
The fair value of the pension plan assets by asset category at the dates indicated is as follows:
Fair Value
as of
Fair Value Measurements at
December 31, 2012
Using Fair Value Hierarchy
December 31, 2012 Level 1 Level 2 Level 3
Asset Category:
Cash and cash equivalents $ 25 $ 25 $ — $ —
Mutual funds (1) 516 — 433 83
Fixed income securities 354 — 354 —
Multi-strategy hedge funds (2) 11 — 11 —
Total $ 906 $ 25 $ 798 $ 83
(1) Primarily comprised of approximately 36% equities, 54% fixed income securities, and 10% in other investments as of
December 31, 2012.
(2) Primarily includes hedge funds that invest in multiple strategies, including relative value, opportunistic/macro, long/short
equities, merger arbitrage/event driven, credit, and short selling strategies, to generate long-term capital appreciation
through a portfolio having a diversified risk profile with relatively low volatility and a low correlation with traditional
equity and fixed-income markets. These investments can generally be redeemed effective as of the last day of a calendar
quarter at the net asset value per share of the investment with approximately 65 days prior written notice.
The fair value of other postretirement plan assets by asset category at the dates indicated is as follows:
Fair Value
as of
Fair Value Measurements at
December 31, 2012
Using Fair Value Hierarchy
December 31, 2012 Level 1 Level 2 Level 3
Asset Category:
Cash and Cash Equivalents $ 7 $ 7 $ — $ —
Mutual funds (1) 147 126 21 —
Fixed income securities 158 — 158 —
Total $ 312 $ 133 $ 179 $ —
(1) Primarily comprised of approximately 19% equities, 74% fixed income securities, 4% cash, and 3% in other investments
as of December 31, 2012.
The Level 1 plan assets are valued based on active market quotes. The Level 2 plan assets are valued based on the net asset
value per share (or its equivalent) of the investments, which was not determinable through publicly published sources but
was calculated consistent with authoritative accounting guidelines. See Note 2 for information related to the framework used
to measure the fair value of its pension and other postretirement plan assets.
Contributions
We expect to contribute approximately $18 million to pension plans and approximately $8 million to other postretirement
plans in 2013. The cost of the plans are funded in accordance with federal regulations, not to exceed the amounts deductible
for income tax purposes.
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