Twenty-First Century Fox 2013 Annual Report Download - page 147

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
The table below presents the Company’s plan assets by level within the fair value hierarchy, as described in
Note 8—Fair Value, as of June 30, 2013 and 2012:
As of June 30, 2013 As of June 30, 2012
Fair Value Measurements at
Reporting Date Using Fair Value Measurements at
Reporting Date Using
Description Total Level 1 Level 2 Level 3 (a) Total Level 1 Level 2 Level 3 (a)
(in millions)
Assets
Short-term investments . . . . . . . . . . . . $ — $ — $ — $ — $ — $ — $ — $ —
Pooled funds: (b)
Money market funds . . . . . . . . . . 22 — 22 — 224 — 224 —
Domestic equity funds . . . . . . . . . 146 146 — — 125 125 — —
International equity funds . . . . . . 264 214 50 — 585 291 294 —
Domestic fixed income funds . . . 278 278 — — 312 312 — —
International fixed income
funds . . . . . . . . . . . . . . . . . . . . . 32 — 32 — 329 — 329 —
Balanced funds . . . . . . . . . . . . . . . 297 155 142 — 622 146 476 —
Common stocks (c)
U.S. common stocks . . . . . . . . . . 300 300 — — 258 257 1 —
Government and agency obligations (d)
Domestic government
obligations . . . . . . . . . . . . . . . . 35 — 35 — 26 — 26 —
Domestic agency obligations . . . . 67 — 67 — 110 — 110 —
International government
obligations . . . . . . . . . . . . . . . . 66 — 66 — 75 — 75 —
Corporate obligations (d) ............ 75 — 75 — 25 — 25 —
Partnership interests (e) ............. 38 — 38 — 38 — 38 —
Other .......................... 37 (12) 48 1 43 3 27 13
Total .......................... $1,657 $1,081 $575 $ 1 $2,772 $1,134 $1,625 $ 13
(a) The majority of the investments measured using Level 3 inputs were distributed in connection with the
Separation. The amount remaining is considered to be immaterial.
(b) Open-ended pooled funds that are registered and/or available to the general public are valued at the daily
published net asset value (“NAV”). Other pooled funds are valued at the NAV provided by the fund issuer.
(c) Common stocks that are publicly traded are valued at the closing price reported on active markets in which
the individual securities are traded.
(d) The fair value of corporate, government and agency obligations are valued based on a compilation of
primary observable market information or a broker quote in a non-active market.
(e) The fair values of partnerships that are not publicly traded are based on the fair value obtained from the
general partner. As a result of further analysis of the characteristics of the partnership interests, they have
been reclassified from Level 3 investments as reported at June 30, 2012 to Level 2 investments. These
revisions in the disclosed classification had no effect on the reported fair value of these investments.
The Company’s investment strategy for its pension plans is to maximize the long-term rate of return on plan
assets within an acceptable level of risk in order to minimize the cost of providing pension benefits while
maintaining adequate funding levels. The Company’s practice is to conduct a periodic strategic review of its
asset allocation. The Company’s current broad strategic targets are to have a pension asset portfolio comprising
139