CenturyLink 2015 Annual Report Download - page 176

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Fair Value of Pension Plan Assets at
December 31, 2015
Level 1 Level 2 Level 3 Total
(Dollars in millions)
Investment grade bonds(a) ............................ $ 841 1,045 — $ 1,886
High yield bonds(b) .................................. — 544 13 557
Emerging market bonds(c) ............................ 208 232 1 441
Convertible bonds(d) ................................. — 2 — 2
U.S. stocks(f) ...................................... 1,201 — — 1,201
Non-U.S. stocks(g) .................................. 1,127 1 — 1,128
Multi-asset strategies(m) .............................. 376 — — 376
Derivatives(n) ...................................... 2 (6) — (4)
Cash equivalents and short-term investments(o) ........... — 192 — 192
Total investments, excluding investments valued at NAV . . . $3,755 2,010 14 5,779
Investments valued at NAV ........................... 5,293
Total pension plan assets ............................. $11,072
Fair Value of Post-Retirement Plan Assets at
December 31, 2015
Level 1 Level 2 Level 3 Total
(Dollars in millions)
Investment grade bonds(a) ............................ $ 2 1 — $ 3
High yield bonds(b) .................................. — 1 — 1
U.S. stocks(f) ....................................... 16 — — 16
Non-U.S. stocks(g) .................................. 12 — — 12
Emerging market stocks(h) ............................ 4 — — 4
Cash equivalents and short-term investments(o) ............ — 4 — 4
Total investments, excluding investments valued at NAV . . . $34 6 — 40
Investments valued at NAV ........................... 153
Total post-retirement plan assets ....................... $193
The tables below present the fair value of plan assets by category and the input levels used to determine
those fair values at December 31, 2014. It is important to note that the asset allocations do not include market
exposures that are gained with derivatives. Investments include dividend and interest receivable, pending trades
and accrued expenses.
Fair Value of Pension Plan Assets at
December 31, 2014
Level 1 Level 2 Level 3 Total
(Dollars in millions)
Investment grade bonds(a) ............................ $1,068 1,278 — $ 2,346
High yield bonds(b) .................................. — 647 7 654
Emerging market bonds(c) ............................ 208 407 — 615
Convertible bonds(d) ................................. — 4 — 4
U.S. stocks(f) ...................................... 1,389 1 — 1,390
Non-U.S. stocks(g) .................................. 1,169 1 — 1,170
Derivatives(n) ...................................... 2 15 — 17
Cash equivalents and short-term investments(o) ........... — 626 — 626
Total investments, excluding investments valued at NAV . . . $3,836 2,979 7 6,822
Investments valued at NAV ........................... 5,749
Total pension plan assets ............................. $12,571
B-68