Kimberly-Clark 2015 Annual Report Download - page 52

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Fair Value Measurements at December 31, 2014
Total
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Cash and Cash Equivalents
Helddirectly $ 28
$ 28
$ —
$ —
Heldthroughmutualandpooledfunds 175
9
166
—
Fixed Income
Helddirectly
U.S.governmentandmunicipals 252
71
181
—
U.S.corporatedebt 2,167
—
2,167
—
U.S.securitizedfixedincome 6
—
6
—
Heldthroughmutualandpooledfunds
U.S.corporatedebt 149
—
149
—
Internationalbonds 1,438
—
1,438
—
Multi-sector 1
1
—
—
Equity
Helddirectly
U.S.equity 18
18
—
—
Heldthroughmutualandpooledfunds
U.S.equity 4
4
—
—
Non-U.S.equity 106
1
105
—
Globalequity 1,186
—
1,186
—
Other 29
29
—
—
Total Plan Assets $ 5,559
$ 161
$ 5,398
$ —
AsofDecember31,2014,theU.S.pensionplanhadequityoptionsinplacewithatotalnotionalvalueofapproximately$950,andthefairvalueoftheaggregate
optionswasanassetpositionof$29.AsofDecember31,2014,theU.S.planhadTreasuryfuturescontractsinplacewithatotalnotionalvalueofapproximately
$510andaninsignificantfairvalue.
During2015and2014,theplanassetsdidnotincludeasignificantamountofKimberly-Clarkcommonstock.
Inputsandvaluationtechniquesusedtomeasurethefairvalueofplanassetsvaryaccordingtothetypeofsecuritybeingvalued.Substantiallyalloftheequity
securitieshelddirectlybytheplansareactivelytradedandfairvaluesaredeterminedbasedonquotedmarketprices.FairvaluesofU.S.Treasurysecuritiesare
determinedbasedontradingactivityinthemarketplace.
FairvaluesofU.S.corporatedebt,U.S.securitizedfixedincomeandinternationalbondsaretypicallydeterminedbyreferencetothevaluesofsimilarsecurities
tradedinthemarketplaceandcurrentinterestratelevels.Multiplepricingservicesaretypicallyemployedtoassistindeterminingthesevaluations.
Fair values of equity securities and fixed income securities held through units of pooled funds are based on net asset value of the units of the pooled fund
determinedbythefundmanager.Pooledfundsaresimilarinnaturetoretailmutualfunds,butaretypicallymoreefficientforinstitutionalinvestors.Thefairvalue
of pooled funds is determined by the value of the underlying assets held by the fund and the units outstanding. The value of the pooled fund is not directly
observable,butisbasedonobservableinputs.
Equity securities held directly by the pension trusts and those held through units in pooled funds are monitored as to issuer and industry. Except for U.S.
Treasuries,concentrationsoffixedincomesecuritiesaresimilarlymonitoredforconcentrationsbyissuerandindustry.AsofDecember31,2015,therewereno
significantconcentrationsofequityordebtsecuritiesinanysingleissuerorindustry.
Nosignificantlevel3transfers(inorout)weremadein2015or2014.
48 KIMBERLY-CLARKCORPORATION - 2015 Annual Report