Albertsons 2015 Annual Report Download - page 87
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85
The fair value of assets of the Company’s defined benefit pension plans held in a master trust as of February 28, 2015, by asset
category, consisted of the following:
Level 1 Level 2 Level 3 Total
Common stock $ 489 $ — $ — $ 489
Common collective trusts—fixed income — 259 — 259
Common collective trusts—equity — 336 — 336
Government securities 95 130 — 225
Mutual funds 53 286 — 339
Corporate bonds — 292 — 292
Real estate partnerships — — 162 162
Private equity — — 144 144
Mortgage-backed securities — 17 — 17
Other 48 6 — 54
Total plan assets at fair value $ 685 $ 1,326 $ 306 $ 2,317
The fair value of assets of the Company’s defined benefit pension plans held in a master trust as of February 22, 2014, by asset
category, consisted of the following:
Level 1 Level 2 Level 3 Total
Common stock $ 579 $ — $ — $ 579
Common collective trusts—fixed income — 253 — 253
Common collective trusts—equity — 344 — 344
Government securities 92 89 — 181
Mutual funds 52 243 — 295
Corporate bonds — 290 — 290
Real estate partnerships — — 149 149
Private equity — — 125 125
Mortgage-backed securities — 37 — 37
Other — 8 — 8
Total plan assets at fair value $ 723 $ 1,264 $ 274 $ 2,261
The following is a summary of changes in the fair value of Level 3 investments for 2015 and 2014:
Real Estate
Partnerships Private Equity
Ending balance, February 23, 2013 $ 136 $ 110
Purchases 22 34
Sales (26)(24)
Unrealized gains 10 5
Realized gains and losses 7 —
Ending balance, February 22, 2014 149 125
Purchases 10 36
Sales (7)(21)
Unrealized gains 10 4
Realized gains and losses — —
Ending balance, February 28, 2015 $ 162 $ 144
Contributions
In August 2014, the Highway and Transportation Funding Act of 2014, which included an extension of pension funding interest
rate relief, was signed into law. The Highway and Transportation Funding Act includes a provision for interest rate stabilization
for defined benefit employee pension plans. As a result of this stabilization provision, the Company expects its required pension
contributions to the SUPERVALU Retirement Plan to decrease significantly compared to fiscal 2015 for the next several years.