Pep Boys 2010 Annual Report Download - page 125

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 29, 2011, January 30, 2010 and January 31, 2009
NOTE 13—BENEFIT PLANS (Continued)
Fair Value at
(dollar amounts in thousands) January 30,
Asset Category 2010 Level 1 Level 2 Level 3
Money market fund ................................ $ 36 $36 $ — $ —
Domestic equities
US Small/Mid Cap Growth ......................... 988 — 988 —
US Small/Mid Cap Value .......................... 996 — 996 —
US Large Cap Passive ............................ 8,110 — 8,110 —
Non-U.S. equities
Non-US Core Equity ............................. 5,279 — 5,279 —
Fixed income
Long Duration ................................. 6,702 — 6,702 —
Long Duration Passive ............................ 8,538 — 8,538 —
Guaranteed annuity contracts ....................... 1,208 — — 1,208
Total ....................................... $31,857 $36 $30,613 $1,208
Generally, investments are valued based on information in financial publications of general
circulation, statistical and valuation services, records of security exchanges, appraisal by qualified
persons, transactions and bona fide offers. Money market funds are valued using a market approach
based on the quoted market prices of identical instruments. These investments are classified within
Level 1 of the fair value hierarchy.
Domestic equities, non-US equities, and both long duration fixed income securities consist of
collective trust (CT) funds. CTs are comprised of shares or units in commingled funds that are not
publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are
publicly traded on exchanges and price quotes for the assets held by these funds are readily available.
CTs are valued at their net asset values (NAVs) that are calculated by the investment manager of the
fund and have daily or monthly liquidity. These investments are classified within Level 2 of the fair
value hierarchy.
Guaranteed annuity contracts (GACs) are annuity insurance contracts. GACs are primarily
invested in public bonds with some small placement in common stock, private placement bonds and
commercial mortgage products. The GACs are valued based on unobservable inputs, as observable
inputs are not available, using valuation methodologies to determine fair value. GACs are deemed to
be Level 3 investments.
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