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Table of Contents AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
portfolio with a policy for minimum investment in equity securities of 60% of the portfolio and a maximum of 92%
. The majority of the
remaining portfolio of investments is to be invested in fixed income securities.
FASB ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value
hierarchy under FASB ASC 820 are described below:
Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets.
Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are
observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value
measurement.
The following table sets forth by level, within the fair value hierarchy, the Plan's investments at fair value as of June 29, 2013 .
The following table sets forth by level, within the fair value hierarchy, the Plan's investments at fair value as of June 30, 2012 .
The Plan’
s investments in equity and fixed income investments are stated at unit value, or the equivalent of net asset value, which is a
practical expedient for estimating the fair values of those investments. Each of these investments may be redeemed daily without notice and had
no unfunded commitments as of June 29, 2013 .
60
Level 1
Level 2
Level 3
Total
(Thousands)
Cash and cash equivalents
$
3,032
$
—
$
—
$
3,032
Equities:
U.S. common stocks
—
219,225
—
219,225
International common stocks
—
56,458
—
56,458
Fixed Income:
U.S. government agencies
—
10,004
—
10,004
U.S. corporate bonds
—
76,654
—
76,654
Total
$
3,032
$
362,341
$
—
$
365,373
Level 1
Level 2
Level 3
Total
(Thousands)
Cash and cash equivalents
$
3,045
$
—
$
—
$
3,045
Equities:
U.S. common stocks
—
178,857
—
178,857
International common stocks
—
46,897
—
46,897
Fixed Income:
U.S. government agencies
—
10,087
—
10,087
U.S. corporate bonds
—
62,563
—
62,563
Total
$
3,045
$
298,404
$
—
$
301,449