Xerox 2014 Annual Report Download - page 123
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December 31, 2013
U.S. Plans Non-U.S. Plans
Asset Class Level 1 Level 2 Level 3 Total % Level 1 Level 2 Level 3 Total %
Cash and cash equivalents $ 48 $ — $ — $ 48 1 % $ 688 $ — $ — $ 688 12%
Equity Securities:
U.S. large cap 319 13 — 332 12 % 220 55 — 275 5%
U.S. mid cap 71 — — 71 2% 13 — — 13 —%
U.S. small cap 48 46 — 94 3% 40 — — 40 1%
International developed 182 123 — 305 11 % 1,314 212 — 1,526 26%
Emerging markets 171 69 — 240 8 % 262 76 — 338 6%
Global Equity 2 7 — 9 — % 5 — — 5 —%
Total Equity Securities 793 258 — 1,051 36 % 1,854 343 — 2,197 38%
Fixed Income Securities:
U.S. treasury securities — 74 — 74 3% 4 16 — 20 —%
Debt security issued by
government agency — 180 — 180 6 % 31 1,189 — 1,220 21%
Corporate bonds — 908 — 908 32 % 146 660 — 806 14%
Asset backed securities — 10 — 10 —%—1—1—%
Total Fixed Income Securities — 1,172 — 1,172 41 % 181 1,866 — 2,047 35%
Derivatives:
Interest rate contracts — (17) — (17) (1)% — 62 — 62 1%
Foreign exchange
contracts — (12) — (12) — % 14 30 — 44 1%
Equity contracts —————%—————%
Other contracts —————%62——62 1%
Total Derivatives — (29) — (29) (1)% 76 92 — 168 3%
Real estate 40 34 29 103 4 % 32 35 269 336 6%
Private equity/venture capital — — 451 451 16 % — — 212 212 4%
Guaranteed insurance
contracts —————%——1351352%
Other(1) 10 70 — 80 3% 6 — — 6 —%
Total Fair Value of Plan
Assets $ 891 $ 1,505 $ 480 $ 2,876 100 % $ 2,837 $ 2,336 $ 616 $ 5,789 100%
_____________________________
(1) Other Level 1 assets include net non-financial liabilities of $9 U.S. and $6 Non-U.S., such as due to/from broker, interest receivables and
accrued expenses.
The following tables represents a roll-forward of the defined benefit plans assets measured using significant
unobservable inputs (Level 3 assets):
Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
U.S. Defined Benefit Plans Assets Non-U.S. Defined Benefit Plans Assets
Real
Estate
Private
Equity/
Venture
Capital Total
Real
Estate
Private
Equity/
Venture
Capital
Guaranteed
Insurance
Contracts Total
Balance at December 31, 2012 $58 $300 $358 $332 $3$
131 $466
Purchases 1 177 178 64 193 3 260
Sales (36) (59)(95)(128) — (5) (133)
Net transfers in from Level 1 —————(1)(1)
Realized gains (losses) 24 46 70 17 2 423
Unrealized gains (losses) (18) (13)(31)(21) 2 (2) (21)
Currency translation — — — 5 12 522
Balance at December 31, 2013 29 451 480 269 212 135 616
Purchases 1 44 45 74 279 22 375
Sales (6)(59)(65)(64)—(25)(89)
Realized gains (losses) (7) 41 34 20 — 15 35
Unrealized gains (losses) 8 20 28 (1) 38 — 37
Currency translation — — — (19)(30)(18)(67)
Balance at December 31, 2014 $25 $497 $522 $279 $499 $129 $907
Xerox 2014 Annual Report 108