Macy's 2015 Annual Report Download - page 82

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-33
The fair values of the Pension Plan assets as of January 31, 2015, excluding interest and dividend receivables and
pending investment purchases and sales, by asset category are as follows:
Fair Value Measurements
Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(millions)
Money market securities .............................................. $ 108 $ — $ 108 $ —
Money market pooled funds (a) ................................... 140 — — —
Equity securities:
U.S. stocks............................................................. 344 344 — —
U.S. pooled funds (a) ............................................ 477 — — —
International pooled funds (a) ............................... 659 — — —
Fixed income securities:
U. S. Treasury bonds............................................. 272 — 272 —
Other Government bonds ...................................... 55 — 55 —
Agency backed bonds ........................................... 28 — 28 —
Corporate bonds .................................................... 434 — 434 —
Mortgage-backed securities .................................. 102 — 102 —
Asset-backed securities ......................................... 19 — 19 —
Pooled funds (a) .................................................... 458 — — —
Other types of investments:
Real estate (a)........................................................ 244 — — —
Hedge funds (a)..................................................... 175 — — —
Private equity (a)................................................... 181 — — —
Derivatives in a positive position.......................... 27 — 27 —
Derivatives in a negative position......................... (38) — (38) —
Total.............................................................................. $ 3,685 $ 344 $ 1,007 $ —
(a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient
have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended
to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.
Corporate bonds consist primarily of investment grade bonds of U.S. issuers from diverse industries.
The fair value of certain pooled funds including money market funds, equity securities, fixed income securities, real
estate, hedge funds and private equity investments represents the reported net asset value of shares or underlying assets of
the investment as a practical expedient to estimate fair value. Money market pooled funds invest in high quality, short-term
money market instruments which are issued and payable in U.S. dollars. International equity pooled funds seek to provide
long-term capital growth and income by investing in equity securities of non-U.S. companies located both in developed
and emerging markets. There are generally no redemption restrictions or unfunded commitments related to money market
pooled funds, equity securities or fixed income securities.