Travelers 2014 Annual Report Download - page 241
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Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS (Continued)
Fair Value Hierarchy—Pension Plans
The following tables present the level within the fair value hierarchy at which the financial assets of the Company's pension plans are
measured on a recurring basis at December 31, 2014 and 2013.
240
(at December 31, 2014, in millions)
Total
Level 1
Level 2
Level 3
Invested assets:
Fixed maturities
Obligations of states, municipalities and
political subdivisions
$
19
$
—
$
19
$
—
Debt securities issued by foreign
governments
17
—
17
—
Mortgage
-
backed securities,
collateralized mortgage obligations
and pass
-
through securities
14
—
14
—
All other corporate bonds
474
—
474
—
Total fixed maturities
524
—
524
—
Mutual funds
Equity mutual funds
1,290
1,283
7
—
Bond mutual funds
610
607
3
—
Total mutual funds
1,900
1,890
10
—
Equity securities
616
615
1
—
Other investments(1)
2
—
—
2
Cash and short
-
term securities
Money market mutual funds
22
18
4
—
Other
293
29
264
—
Total cash and short
-
term
securities
315
47
268
—
Total
$
3,357
$
2,552
$
803
$
2
(1)
The fair value estimates of the two private equity funds comprising these investments are determined by an external
fund manager based on recent filings, operating results, balance sheet stability, growth and other business and
market sector fundamentals. Due to the significant unobservable inputs in these valuations, the total fair value
estimates are disclosed in Level 3.