Boeing 2009 Annual Report Download - page 103
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Investment manager guidelines for publicly traded assets are specified and are monitored regularly
through the custodian. Credit parameters for counterparties have been established for managers
permitted to trade over-the-counter derivatives.
Fair Value Measurements The following table presents our plan assets using the fair value hierarchy
as of December 31, 2009. The fair value hierarchy has three levels based on the reliability of the inputs
used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active
markets for identical assets. Level 2 refers to fair values estimated using significant other observable
inputs, and Level 3 includes fair values estimated using significant non-observable inputs.
Total Level 1 Level 2 Level 3
Fixed income securities
Corporate $13,259 $13,254 $ 5
U.S. government and agencies 3,886 3,886
Mortgage backed and asset backed securities 916 893 23
Other 2,628 $ 19 2,609
Derivatives
Assets 33 33
Liabilities (93) (93)
Cash equivalents and other short-term investments 2,068 1,679 389
Currency overlay derivatives
Assets 107 107
Liabilities (94) (94)
Global equity securities
Common and preferred stock 11,394 11,325 69
Boeing company stock 1,581 1,581
Common/collective/pooled funds 2,574 89 2,485
Derivatives
Assets 9 9
Liabilities (10) (10)
Private equity 2,300 9 2,291
Real estate and real assets 1,784 442 5 1,337
Global strategies 1,676 484 1,192
Hedge funds 1,347 336 1,011
Total $45,365 $15,628 $25,070 $4,667
Cash $ 125
Receivables 641
Payables (321)
Total $45,810
Fixed income securities are primarily valued using a market approach with inputs that include broker
quotes, benchmark yields, base spreads and reported trades.
Cash equivalents and other short-term investments, which are used to pay benefits, are primarily held
in registered money market funds which are valued using a market approach based on the quoted
market prices of identical instruments. Other cash equivalent and short-term investments are valued
daily by the fund using a market approach with inputs that include quoted market prices for similar
instruments.
Common and preferred stock equity securities are primarily valued using a market approach based on
the quoted market prices of identical instruments. Common/collective/pooled funds are typically
common or collective trusts valued at their net asset values (NAVs) that are calculated by the
91