Wells Fargo 2011 Annual Report Download - page 219

The changes in Level 3 pension plan and other benefit plan assets measured at fair value are summarized as follows:
Purchases,
sales,
Balance
issuances
Transfers
Balance
beginning
Gains (losses)
and
into
end of
(in millions)
of year
Realized
Unrealized (1)
settlements (net)
Level 3
year
Year ended December 31, 2011
Pension plan assets
Long duration fixed income
$
-
-
-
1
-
1
Intermediate (core) fixed income
10
-
1
(5)
-
6
High-yield fixed income
1
-
-
-
-
1
Domestic large-cap stocks
4
-
(1)
(1)
-
2
International stocks
6
-
(1)
(4)
-
1
Real estate/timber
360
10
22
(37)
-
355
Multi-strategy hedge funds
313
5
(3)
(64)
-
251
Private equity
112
1
16
-
-
129
Other
41
4
-
1
-
46
$
847
20
34
(109)
-
792
Other benefits plan assets
Real estate/timber
$
12
-
-
-
-
12
Multi-strategy hedge funds
10
-
-
(2)
-
8
Private equity
4
-
-
-
-
4
Other
22
-
-
1
-
23
$
48
-
-
(1)
-
47
Year ended December 31, 2010
Pension plan assets
Intermediate (core) fixed income
$
9
-
2
(3)
2
10
High-yield fixed income
-
-
-
1
-
1
Domestic large-cap stocks
5
-
1
(2)
-
4
International stocks
1
-
2
3
-
6
Real estate/timber
353
(6)
8
5
-
360
Multi-strategy hedge funds
339
6
12
(44)
-
313
Private equity
83
1
10
18
-
112
Other
46
9
(1)
(13)
-
41
$
836
10
34
(35)
2
847
Other benefits plan assets
Real estate/timber
$
4
(7)
10
5
-
12
Multi-strategy hedge funds
5
(1)
(3)
9
-
10
Private equity
2
-
1
1
-
4
Other
21
(1)
-
2
-
22
$
32
(9)
8
17
-
48
(1) All unrealized gains (losses) relate to instruments held at period end.
VALUATION METHODOLOGIES Following is a description of the
valuation methodologies used for assets measured at fair value.
Cash and Cash Equivalents – includes highly liquid government
securities such as U.S. Treasuries. Also includes investments in
collective investment funds valued at fair value based upon the
quoted market values of the underlying net assets. The unit price
is quoted on a private market that is not active; however, the unit
price is based on underlying investments traded on an active
market. Investments in registered investment companies are
valued at the NAV of shares held at year end.
Long Duration, Intermediate (Core), High-Yield, International
and Specialty Fixed Income – includes investments traded on
the secondary markets; prices are measured by using quoted
market prices for similar securities, pricing models, discounted
cash flow analyses using significant inputs observable in the
market where available or combination of multiple valuation
techniques. Also includes investments in registered investment
companies, collective investment funds and government
securities described above.
Domestic, International and Emerging Market Stocks –
investments in exchange-traded equity securities are valued at
quoted market values. Also includes investments in registered
investment companies and collective investment funds described
above.
Real Estate and Timber – the fair value of real estate and timber
is estimated based primarily on appraisals prepared by third-
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