Fluor 2014 Annual Report Download - page 117
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The fair value hierarchy established by ASC 820, ‘‘Fair Value Measurement,’’ prioritizes the use of
inputs used in valuation techniques into the following three levels:
• Level 1 — quoted prices in active markets for identical assets and liabilities
• Level 2 — inputs other than quoted prices in active markets for identical assets and liabilities that
are observable, either directly or indirectly
• Level 3 — unobservable inputs
The company measures and reports assets and liabilities at fair value utilizing pricing information
received from third parties. The company performs procedures to verify the reasonableness of pricing
information received for significant assets and liabilities classified as Level 2.
The following table presents, for each of the fair value hierarchy levels required under ASC 820-10,
the plan assets and liabilities of the company’s U.S. and non-U.S. defined benefit pension plans that are
measured at fair value on a recurring basis as of December 31, 2014 and 2013:
U.S. Pension Plan
December 31, 2014 December 31, 2013
Fair Value Hierarchy Fair Value Hierarchy
(in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Assets:
Equity securities:
Common stock $ 19 $ 19 $ — $ — $ — $ — $ — $ —
Common or collective trusts — — — — 17,068 — 17,068 —
Limited Partnerships 12,393 — — 12,393 17,546 — — 17,546
Debt securities:
Common or collective trusts 698,193 — 698,193 — 202,575 — 202,575 —
Corporate bonds — — — — 397,524 — 397,524 —
Government securities — — — — 69,562 — 69,562 —
Other:
Common or collective trusts — money market funds 40,640 — 40,640 — 3,644 — 3,644 —
Other assets — — — — 4,374 — 4,374 —
Liabilities:
Foreign currency contracts and other — — — — (4,338) — (4,338) —
Plan assets measured at fair value, net $751,245 $ 19 $738,833 $12,393 $707,955 $ — $690,409 $17,546
Plan assets not measured at fair value, net 23 775
Total plan assets, net $751,268 $708,730
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