INTL FCStone 2012 Annual Report Download - page 110
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PART II
ITEM 8 Financial Statements and Supplementary Data
e following tables summarize the Company’s pension assets, excluding cash held in the plan, by major category of plan assets
measured at fair value on a recurring basis (at least annually) as of September30, 2012 and 2011. For additional information and a
detailed description of each level within the fair value hierarchy, see Note3.
(in millions)
September30, 2012
Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents $ — $ 0.4 $ — $ 0.4
Fixed income:
Government and agencies — 0.8 — 0.8
Collective funds:
Fixed income — 7.7 — 7.7
Equities — 16.6 — 16.6
Real estate — 1.0 — 1.0
TOTAL $ $ 26.5 $ $ 26.5
(in millions)
September30, 2011
Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents $ — $ 0.5 $ — $ 0.5
Fixed income:
Government and agencies — 0.9 — 0.9
Mutual funds 0.2 — — 0.2
Collective funds:
Fixed income — 6.0 — 6.0
Equities — 15.5 — 15.5
Real estate — 1.7 — 1.7
TOTAL $ 0.2 $ 24.6 $ $ 24.8
Cash equivalents are mostly comprised of short-term money
market instruments and the valuation is based on inputs derived
from observable market data of related assets.
Fixed Income: ese securities primarily include debt issued by
the U.S. Department of Treasury and securities issued or backed
by U.S. government sponsored entities and municipal bonds.
ese investments are valued utilizing a market approach that
includes various valuation techniques and sources such as, broker
quotes in active and non-active markets, benchmark yields and
securities, reported trades, issuer spreads, and/or other applicable
reference data and are generally classi ed within Level 2.
Mutual Funds: Mutual funds held by the Company’s plans are
primarily invested in mutual funds with underlying common
stock investments. e fair value of these investments is based
on the net asset value of the units held in the respective fund
which are determined by obtaining quoted prices on nationally
recognized securities exchanges.
Collective Funds: ese collective investment funds are unregistered
investment vehicles that invest in portfolios of stock, bonds, or
other securities. e value of equity collective funds is based
upon review of the audited statement of the funds. Substantially
all of the underlying investments in the funds were either Level
1 or Level 2 investments. As such, the plan has classi ed the
investment in the funds (which is not exchange traded) as Level
2 investments. As of September30, 2010, the value of a certain
real estate collective fund was based upon review of the audited
statement of the speci c fund, in which substantially all of the
underlying investments in the fund were Level 3 investments.
Accordingly, the Company classi ed the investment in the funds
(which was not exchange traded) as Level 3 investments. During
scal 2011, the plans’ assets in the certain real estate collective
funds were sold, and no amounts relating to those instruments
were held as of September30, 2011.