Tyson Foods 2015 Annual Report Download - page 79
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inmillions
September27,2014 Level1
Level2(a)
Level3(b)
Total
Cashandcashequivalents $ 79
$ —
$ —
$ 79
FixedIncomeSecurities:
Bondandfixedincomefunds —
377
—
377
Corporatebonds —
680
—
680
Governmentandmunicipalbonds —
253
—
253
Mortgagebackedsecurities —
—
7
7
Totalfixedincomesecurities —
1,310
7
1,317
EquitySecurities:
UnitedStatessecuritiesfunds —
84
—
84
Non-UnitedStatessecuritiesfunds —
101
—
101
Commodityfunds —
14
—
14
Globalrealestatefunds —
33
—
33
Totalequitysecurities —
232
—
232
Other —
7
—
7
Insurancecontractatcontractvalue —
—
15
15
Totalplanassets $ 79
$ 1,549
$ 22
$ 1,650
(a) WeclassifyourinvestmentsinUnitedStatesgovernment,UnitedStatesagency,fixedincomefunds,bondfunds,corporatebonds,andotherdebtsecuritiesasLevel2as
fairvalueisgenerallyestimatedusingdiscountedcashflowmodelsthatareprimarilyindustry-standardmodelsthatconsidervariousassumptions,includingtimevalueand
yieldcurveaswellasotherreadilyavailablerelevanteconomicmeasures.Fundsarevaluedusingthenetassetvalue(NAV)providedbythetrustee,whichisapractical
expedienttoestimatingfairvalue.TheNAVisbasedonthefairvalueoftheunderlyinginvestmentswithinthefundsandisdetermineddaily.
(b) Weclassifycertainmortgage-backed,asset-backedandinsurancecontractsasLevel3asthereislimitedactivityorlessobservableinputsintovaluationmodels,including
currentinterestratesandestimatedprepayment,defaultandrecoveryratesontheunderlyingportfolioorstructuredinvestmentvehicle.Theinsurancecontractsarevalued
usingtheplan’sownassumptionsabouttheassumptionsmarketparticipantswoulduseinpricingtheassetsbasedonthebestinformationavailable,suchasinvestment
managerpricing.SignificantchangestoassumptionsorunobservableinputsinthevaluationofourLevel3instrumentswouldnothaveasignificantimpacttoour
consolidatedfinancialstatements.
Areconciliationofthechangeinthefairvaluemeasurementofthedefinedbenefitplans’consolidatedassetsusingsignificantunobservableinputs(Level3)isas
follows:
inmillions
Mortgagebacked
securities
Insurancecontract
Total
BalanceatSeptember27,2014 $ 7
$ 15
22
Actualreturnonplanassets:
Assetsstillheldatreportingdate —
—
—
Assetssoldduringtheperiod —
—
—
Purchases,salesandsettlements,net (7)
(1)
(8)
Transfersinand/oroutofLevel3 —
—
—
BalanceatOctober3,2015 $ —
$ 14
$ 14
Contributions
Ourpolicyistofundatleasttheminimumcontributionrequiredtomeetapplicablefederalemployeebenefitandlocaltaxlaws.Inoursolediscretion,wemay
fromtimetotimefundadditionalamounts.Expectedcontributionstopensionplansforfiscal2016areapproximately$63million.Forfiscal2015,2014and2013
,wefunded$14million,$9millionand$8millionplans,respectively,topensionplans.
77