Wells Fargo 2015 Annual Report Download - page 251

Fair Value of Plan Assets (Fair Values of Assets and Liabilities) for fair value hierarchy
Table 20.8 presents the balances of pension plan assets and level definitions.
other benefit plan assets measured at fair value. See Note 17
Table 20.8: Pension and Other Benefit Plan Assets
Carrying value at year end
Pension plan assets Other benefits plan assets
(in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
December 31, 2015
Cash and cash equivalents $ 5 109 — 114 119 21 — 140
Long duration fixed income (1) 446 3,253 16 3,715 — — — —
Intermediate (core) fixed income (2) 4 499 — 503 — 182 — 182
High-yield fixed income — 276 4 280 — — — —
International fixed income 51 250 — 301 — — — —
Domestic large-cap stocks (3) 809 378 — 1,187 — 118 — 118
Domestic mid-cap stocks 226 125 — 351 — 31 — 31
Domestic small-cap stocks (4) 207 13 — 220 — 17 — 17
Global stocks (5) 48 161 — 209 — — — —
International stocks (6) 463 287 — 750 22 33 — 55
Emerging market stocks — 311 — 311 — — — —
Real estate/timber (7) 109 1 245 355 — — — —
Hedge funds (8) — 160 71 231 — — — —
Private equity — — 148 148 — — — —
Other — 66 27 93 2 — 23 25
Total plan investments $ 2,368 5,889 511 8,768 143 402 23 568
Net receivables 68 —
Total plan assets $ 8,836 568
December 31, 2014
Cash and cash equivalents $ 31 224 — 255 139 21 — 160
Long duration fixed income (1) 556 3,622 12 4,190 — — — —
Intermediate (core) fixed income (2) 127 329 — 456 61 115 — 176
High-yield fixed income 1 321 5 327 — — — —
International fixed income 53 284 — 337 — — — —
Domestic large-cap stocks (3) 833 375 — 1,208 — 102 — 102
Domestic mid-cap stocks 252 140 — 392 — 47 — 47
Domestic small-cap stocks (4) 238 17 — 255 — 37 — 37
Global stocks (5) 47 155 — 202 — — — —
International stocks (6) 457 276 — 733 25 53 — 78
Emerging market stocks — 412 — 412 — — — —
Real estate/timber (7) 121 1 265 387 — — — —
Hedge funds (8) — 203 84 287 — — — —
Private equity — — 155 155 — — — —
Other — 23 52 75 2 — 22 24
Total plan investments $ 2,716 6,382 573 9,671 227 375 22 624
Payable upon return of securities loaned (53) —
Net receivables 8 —
Total plan assets $ 9,626
(1) This category includes a diversified mix of assets which are being managed in accordance with a duration target of approximately 10 years and an emphasis on corporate
credit bonds combined with investments in U.S. Treasury securities and other U.S. agency and non-agency bonds.
(2) This category includes assets that are primarily intermediate duration, investment grade bonds held in investment strategies benchmarked to the Barclays Capital U.S.
Aggregate Bond Index. Includes U.S. Treasury securities, agency and non-agency asset-backed bonds and corporate bonds.
(3) This category covers a broad range of investment styles, including active, enhanced index and passive approaches, as well as style characteristics of value, core and growth
emphasized strategies. Assets in this category are currently diversified across eight unique investment strategies with no single investment manager strategy representing
more than 2.5% of total plan assets.
(4) This category consists of a highly diversified combination of four distinct investment management strategies with no single strategy representing more than 2% of total
plan assets. Allocations in this category are spread across actively managed approaches with distinct value and growth emphasized approaches in fairly equal proportions.
(5) This category consists of three unique investment strategies providing exposure to broadly diversified, global equity investments, which generally have an allocation of
40-60% in U.S. domiciled equities and an equivalent allocation range in primarily developed market, non-U.S. equities, with no single strategy representing more than
1.5% of total Plan assets.
(6) This category includes assets diversified across six unique investment strategies providing exposure to companies based primarily in developed market, non-U.S. countries
with no single strategy representing more than 2.5% of total plan assets.
(7) This category primarily includes investments in private and public real estate, as well as timber specific limited partnerships; real estate holdings are diversified by
geographic location and sector (e.g., retail, office, apartments).
(8) This category consists of several investment strategies diversified across more than 30 hedge fund managers. Single manager allocation exposure is limited to 0.15%
(15 basis points) of total plan assets.
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