First Data 2013 Annual Report Download - page 104
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Registered investment companies. The Company’s domestic plan has investments in shares of mutual funds, primarily large cap, international and
global equity funds, that are registered with the Securities and Exchange Commission. Prices of these funds are based on Net Asset Values (“NAV”) calculated
by the funds and are publicly reported on national exchanges. The plan measures fair value of these investments using the NAV provided by the fund
managers.
Fixed income securities. The Company’s domestic plan has investments in several fixed income securities, primarily corporate bonds. The bonds
were valued under a market approach using observable inputs including reported trades, benchmark yields, broker/dealer quotes, issuer spreads and other
standard inputs.
Private investment funds—redeemable. The Company’s domestic and United Kingdom plans are invested in shares or units of several private
investment funds, not the underlying assets. Redeemable private investment funds include collective trusts, comingled funds, pooled funds, limited
partnerships and limited liability corporations. The funds calculate NAV on a periodic basis and are available only from the fund managers. Private
investment funds are redeemable at the NAV.
Private investment funds—non-redeemable. The Company’s domestic plan has investments in limited liability corporations for which the plan has
a limited ability to redeem or transfer its interests. Therefore, there is an illiquid market in which the plan can exit these investments. As a result, the plan
measures fair value of these investments using estimates of fair value which come from partner capital statements provided by the partnerships.
Insurance annuity contracts. The Company’s United Kingdom Plan is invested in several insurance annuity contracts. The value of these contracts
is calculated by estimating future payments and discounting them to present value. As a result, there is no market for the Plan to exit these investments.
Contributions to the plans in 2014 are expected to be approximately $14.9 million.
The estimated future benefit payments, which reflect expected future service, are expected to be as follows:
2014 $27.0
2015 $ 28.4
2016 $ 29.5
2017 $30.6
2018 $ 32.9
2019-2023 $ 181.2
The Company’s post-retirement health care and other insurance benefits for retired employees are limited and immaterial.
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