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60 Chevron Corporation 2013 Annual Report
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
themodel.
the asset has a contractual term, the Level 2 input is observ-
able for substantially the full term of the asset. e fair values
for Level 2 assets are generally obtained from third-party bro-
ker quotes, independent pricing services and exchanges.
Note 21 Employee Benefit Plans – Continued
e fair value measurements of the company’s pension plans for 2013 and 2012 are below:
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, 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
At December 31, 2013
Equities
U.S.1 $ 2,298 $ 2,298 $ – $ – $ 409 $ 409 $ – $ –
International 1,501 1,501 – – 533 533 – –
Collective Trusts/Mutual Funds2 2,977 26 2,951 – 1,066 211 855 –
Fixed Income
Government 81 52 29 – 726 46 680 –
Corporate 1,275 – 1,275 – 545 23 499 23
Mortgage-Backed Securities 1 – 1 – 4 – 2 2
Other Asset Backed – – – – – – – –
Collective Trusts/Mutual Funds2 1,357 – 1,357 – 647 27 620 –
Mixed Funds3
– – – – 120 5 115 –
Real Estate4 1,265 – – 1,265 294 – – 294
Cash and Cash Equivalents 385 385 – – 173 173 – –
Other5
70 2 18 54 26 (2) 25 3
Total at December 31, 2013 $ 11,210 $ 4,260 $ 5,631 $ 1,319 $ 4,543 $ 1,425 $ 2,796 $ 322
1 U.S. equities include investments in the company’s common stock in the amount of $28 at December 31, 2013, and $27 at December 31, 2012.
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 notication 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).
Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts