Autodesk 2015 Annual Report Download - page 187

2015 Form 10-K 95
As of January 31, 2015, the aggregate accumulated benefit obligation was $124.3 million for the pension plans ($45.3
million as of January 31, 2014). Included in the aggregate data in the following tables are the amounts applicable to our defined
benefit plans, with accumulated benefit obligations in excess of plan assets, as well as plans with projected benefit obligations
in excess of plan assets. Amounts related to such plans at the end of each period were as follows:
Fiscal Year Ended
January 31,
2015 2014
Plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligations $ 124.0 $ 45.3
Plan Assets 103.9 40.7
Plans with projected benefit obligations in excess of plan assets:
Projected benefit obligations $ 144.7 $ 62.2
Plan Assets 104.2 40.7
Pension Plan Assets
The investments of the plans are managed by insurance companies or third-party investment managers selected by
Autodesk's Trustees, consistent with regulations or market practice of the country where the assets are invested. Investments
managed by qualified insurance companies or third-party investment managers under standard contracts follow local
regulations, and Autodesk is not actively involved in their investment strategies.
Pension plan assets measured at fair value on a recurring basis consisted of the following investment categories at the end
of each period as follows:
Fiscal Year Ended January 31,
2015 2014
Level 1 Level 2 Level 3 Total Total
Investment fund $ 55.7 $ 4.9 $ — $ 60.6 $ —
Insurance contracts — 43.5 — 43.5 40.2
Total assets measured at fair value 55.7 48.4 — 104.1 40.2
Cash 0.1 — — 0.1 0.5
Total pension plan assets at fair value $ 55.8 $ 48.4 $ — $ 104.2 $ 40.7
The assets held in the investment fund in the preceding table are invested in a diversified growth fund actively managed
by Russell Investments in association with Aon Hewitt. The objective of the fund is to generate capital appreciation on a long-
term basis through a diversified portfolio of investments. The fund aims to deliver equity-like returns in the medium to long
term with around two-thirds the volatility of equity markets. The fair value of the assets held in the investment fund classified
as Level 1 are priced daily using observable inputs for identical assets. The fair value of the assets held in the investment fund
classified as Level 2 are priced monthly at net asset value with quarterly redemption attributes.
The insurance contracts in the preceding table represent the immediate cash surrender value of assets managed by
qualified insurance companies. Autodesk does not have control over the target allocation or visibility of the investment
strategies of those investments. Insurance contracts and investments held by insurance companies made up 42% of total plan
assets as of January 31, 2015 (99% as of January 31, 2014).
2015 Annual Report