General Dynamics 2013 Annual Report Download - page 63

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The fair value of our pension plan assets by investment category and the corresponding level within the fair value hierarchy were as follows:
Fair
Value
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fair
Value
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset Category December 31, 2012 December 31, 2013
Cash $43 $43 $ – $– $35 $35 $ – $–
Equity securities
U.S. companies (a) 500 500 – – 685 685 – –
International companies 85 85 – – 128 128 – –
Private equity investments 8 – – 8 10 – – 10
Fixed-income securities
Treasury securities 141 141 – – 428 428 – –
Corporate bonds (b) 1,805 – 1,805 – 2,227 – 2,227 –
Commingled funds
Equity funds 3,791 303 3,488 – 3,935 286 3,649 –
Money market funds 240 – 240 – 97 – 97 –
Fixed-income funds 165 – 165 – 303 – 303 –
Real estate funds 32 – – 32 34 – – 34
Commodity funds 8 – 8 – 8 – 8 –
Hedge funds 301 – 201 100 471 – 288 183
Other investments
Insurance deposit agreements 108 – – 108 115 – – 115
Total pension plan assets $ 7,227 $ 1,072 $ 5,907 $ 248 $ 8,476 $ 1,562 $ 6,572 $ 342
(a) No single equity holding amounted to more than 1 percent of the total fair value.
(b) Our corporate bond investments had an average rating of BBB+ on December 31, 2012, and A- on December 31, 2013.
The fair value of our other post-retirement plan assets by category and the corresponding level within the fair value hierarchy were as follows:
Fair
Value
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fair
Value
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset Category December 31, 2012 December 31, 2013
Cash $18 $18 $– $– $6 $6 $– $–
Equity securities 120 120 – – 154 154 – –
Fixed-income securities 56 1 55 – 55 2 53 –
Commingled funds
Equity funds 225 4 221 – 296 5 291 –
Fixed-income funds 6 6 – – 6 6 – –
Hedge funds 1 – 1 – 2 – 1 1
Total other post-retirement plan assets $ 426 $ 149 $ 277 $ – $ 519 $ 173 $ 345 $ 1
The changes in our Level 3 retirement plan assets during 2012 and 2013 were not material.
General Dynamics Annual Report 2013 59