OfficeMax 2015 Annual Report Download - page 102
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Table of Contents
funded position of the plans and market risks. Occasionally, the Company may utilize futures or other financial instruments to alter the pension trust’s
exposure to various asset classes in a lower-cost manner than trading securities in the underlying portfolios.
Generally, quoted market prices are used to value pension plan assets. Equities, some fixed-income securities, publicly traded investment funds, and U.S.
government obligations are valued by reference to published market prices. Investments in certain restricted stocks are valued at the quoted market price of
the issuer’s unrestricted common stock less an appropriate discount. If a quoted market price for unrestricted common stock of the issuer is not available,
restricted common stocks are valued at a multiple of current earnings less an appropriate discount. The multiple chosen is consistent with multiples of similar
companies based on current market prices.
The following table presents the pension plan assets by level within the fair value hierarchy at year-ends.
(In millions)
Money market funds $ 19 $ — $ 19 $ —
Equity securities
U.S. large-cap 25 25 — —
U.S. small and mid-cap 4 4 — —
International 58 58 — —
Total equity securities 87 87 — —
Fixed-income securities
Corporate bonds 485 — 485 —
Government securities 10 — 10 —
Other fixed-income 24 — 24 —
Total fixed-income securities 519 — 519 —
Other
Mutual funds 290 — 290 —
Other, including plan receivables and payables 7 7 — —
Total other 297 7 290 —
$922 $ 94 $ 828 $ —
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