Fifth Third Bank 2012 Annual Report Download - page 137

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
135 Fifth Third Bancorp
Fair Value Measurements of Plan Assets
The following table summarizes plan assets measured at fair value on a recurring basis as of December 31:
Fair Value Measurements Using(a)
2012 ($ in millions) Level 1 Level 2 Level 3 Total Fair Value
Equity securities:
Equity securities (Growth)(b) $50 - - $ 50
Equity securities (Value) 52 - - 52
Equity securities (Blended) 4 - - 4
Total equity securities 106 - - 106
Mutual and exchange traded funds:
Money market funds 4 - - 4
International funds 29 - - 29
Commodity funds 9 - - 9
Total mutual and exchange traded funds 42 - - 42
Debt securities:
U.S. Treasury obligations 13 - - 13
A
gency mortgage backed - 21 - 21
Non-agency mortgage backed - 2 - 2
Corporate bonds(c) - 1 - 1
Total debt securities 13 24 - 37
Total plan assets $161 24 - $ 185
Fair Value Measurements Using(a)
2011 ($ in millions) Level 1 Level 2 Level 3
Total Fair
Value
Equity Securities:
Equity securities (Growth)(b) $53 - - $ 53
Equity securities (Value) 52 - - 52
Total equity securities 105 - - 105
Mutual and exchange traded funds:
Money market funds 5 - - 5
International funds 25 - - 25
Commodity funds 9 - - 9
Total mutual and exchange traded funds 39 - - 39
Debt securities:
U.S. Treasury obligations 10 - - 10
A
gency mortgage backed - 25 - 25
Non-agency mortgage backed - 1 - 1
Corporate bonds(c) - 1 - 1
Total debt securities 10 27 - 37
Total plan assets $154 27 - $ 181
(a) For further information on fair value hierarchy levels, see Note 1.
(b) Includes holdings in Bancorp common stock.
(c) Includes private label asset backed securities.
The following is a description of the valuation methodologies used
for instruments measured at fair value, as well as the general
classification of such instruments pursuant to the valuation
hierarchy.
Equity securities
The plan measures common stock using quoted prices which are
available in an active market and classifies these investments within
Level 1 of the valuation hierarchy.
Mutual and exchange traded funds
All of the plan’s mutual and exchange traded funds are publicly
traded. The plan measures the value of these investments using the
fund’s quoted prices that are available in an active market and
classifies these investments within Level 1 of the valuation
hierarchy.
Debt securities
For certain U.S. Treasury obligations and federal agency securities,
the plan measures the fair value based on quoted prices, which are
available in an active market and classifies these investments within
Level 1 of the valuation hierarchy. Where quoted prices are not
available, the plan measures the fair value of these investments
based on matrix pricing models that include the bid price, which
factors in the yield curve and other characteristics of the security
including the interest rate, prepayment speeds and length of
maturity. Therefore, these investments are classified within Level 2
of the valuation hierarchy.