Chevron 2012 Annual Report Download - page 63
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Chevron Corporation 2012 Annual Report 61
Note 20 Employee Benefit Plans – Continued
that are derived principally from or corroborated by observ-
able market data through correlation or other means. If the
asset has a contractual term, the Level 2 input is observable
for substantially the full term of the asset. e fair values for
Level 2 assets are generally obtained from third-party broker
quotes, independent pricing services and exchanges.
U.S. Int’l.
Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3
At December 31, 2011
Equities
U.S.1 $ 1,470 $ 1,470 $ – $ – $ 497 $ 497 $ – $ –
International 1,203 1,203 – – 693 693 – –
Collective Trusts/Mutual Funds2 2,633 14 2,619 – 596 28 568 –
Fixed Income
Government 622 146 476 – 635 25 610 –
Corporate 338 – 338 – 319 16 276 27
Mortgage-Backed Securities 107 – 107 – 2 – – 2
Other Asset Backed 61 – 61 – 5 – 5 –
Collective Trusts/Mutual Funds2 1,046 – 1,046 – 345 61 284 –
Mixed Funds3
10 10 – – 102 13 89 –
Real Estate4 843 – – 843 155 – – 155
Cash and Cash Equivalents 404 404 – – 211 211 – –
Other5
17 79 8 54 17 (2) 17 2
Total at December 31, 2011 $ 8,720 $ 3,168 $ 4,655 $ 897 $ 3,577 $ 1,542 $ 1,849 $ 186
At December 31, 2012
Equities
U.S.1 $ 1,709 $ 1,709 $ – $ – $ 334 $ 334 $ – $ –
International 1,263 1,263 – – 520 520 – –
Collective Trusts/Mutual Funds2 2,979 7 2,972 – 1,233 402 831 –
Fixed Income
Government 435 396 39 – 578 40 538 –
Corporate 384 – 384 – 230 25 175 30
Mortgage-Backed Securities 65 – 65 – 2 – – 2
Other Asset Backed 51 – 51 – 4 – 4 –
Collective Trusts/Mutual Funds2 1,520 – 1,520 – 671 26 645 –
Mixed Funds3
– – – – 115 4 111 –
Real Estate4 1,114 – – 1,114 177 – – 177
Cash and Cash Equivalents 373 373 – – 222 204 18 –
Other5
16 44 5 55 39 (3) 40 2
Total at December 31, 2012 $ 9,909 $ 3,704 $ 5,036 $ 1,169 $ 4,125 $ 1,552 $ 2,362 $ 211
1 U.S. equities include investments in the company’s common stock in the amount of $27 at December 31, 2012, and $35 at December 31, 2011.
2 Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is
partially based on the restriction that advance notication of redemptions, typically two business days, is required.
3 Mixed funds are composed of funds that invest in both equity and xed-income instruments in order to diversify and lower risk.
4 e year-end valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once
a year for each property in the portfolio.
5 e “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts
and investments in private-equity limited partnerships (Level 3).
Level 3: Inputs to the fair value measurement are
unobservable for these assets. Valuation may be performed
using a nancial model with estimated inputs entered into
themodel.
e fair value measurements of the company’s pen-
sion plans for 2012 and 2011 are below: