JP Morgan Chase 2014 Annual Report Download - page 228

Notes to consolidated financial statements
226 JPMorgan Chase & Co./2014 Annual Report
Changes in level 3 fair value measurements using significant unobservable inputs
Year ended December 31, 2014
(in millions)
Fair value,
January 1,
2014
Actual return on plan assets Purchases, sales
and settlements,
net
Transfers in
and/or out
of level 3
Fair value,
December 31,
2014
Realized
gains/(losses) Unrealized gains/(losses)
U.S. defined benefit pension plans
Equities $ 4 $ — $ — $ — $ — $ 4
Common/collective trust funds 4 — 1 3 — 8
Limited partnerships:
Hedge funds 718 193 (180) (662) 8 77
Private equity 1,969 192 173 (126) — 2,208
Real estate 558 29 36 (90) — 533
Real assets 271 27 (6) (90) — 202
Total limited partnerships 3,516 441 23 (968) 8 3,020
Corporate debt securities 7 (2) 2 4 (2) 9
Mortgage-backed securities — — — 1 — 1
Other 430 — (93) — — 337
Total U.S. defined benefit pension plans $ 3,961 $ 439 $ (67) $ (960) $ 6 $ 3,379
OPEB plans
COLI $ 1,749 $ — $ 154 $ — $ — $ 1,903
Total OPEB plans $ 1,749 $ — $ 154 $ — $ — $ 1,903
Year ended December 31, 2013
(in millions)
Fair value,
January 1,
2013
Actual return on plan assets Purchases, sales
and settlements,
net
Transfers in
and/or out
of level 3
Fair value,
December 31,
2013
Realized
gains/(losses) Unrealized gains/(losses)
U.S. defined benefit pension plans
Equities $ 4 $ — $ — $ — $ — $ 4
Common/collective trust funds 199 59 (32) (222) — 4
Limited partnerships:
Hedge funds 1,166 137 14 (593) (6) 718
Private equity 1,743 108 170 (4) (48) 1,969
Real estate 467 21 44 26 — 558
Real assets 311 4 12 (98) 42 271
Total limited partnerships 3,687 270 240 (669) (12) 3,516
Corporate debt securities 1 — — — 6 7
Mortgage-backed securities — — — — — —
Other 420 — 10 — — 430
Total U.S. defined benefit pension plans $ 4,311 $ 329 $ 218 $ (891) $ (6) $ 3,961
OPEB plans
COLI $ 1,554 $ — $ 195 $ — $ — $ 1,749
Total OPEB plans $ 1,554 $ — $ 195 $ — $ — $ 1,749