First Data 2014 Annual Report Download - page 85
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Investments:
Cash and cash equivalents $ 0.8 $ — $ — $ 0.8
Registered investment companies:
Cash management fund 2.9 — — 2.9
Equity funds 69.2 — — 69.2
Fixed income securities — 40.1 — 40.1
Private investment funds—redeemable (a) — 793.5 — 793.5
Private investment funds—non-redeemable — — 0.1 0.1
Insurance annuity contracts — — 3.7 3.7
Total investments at fair value $ 72.9 $ 833.6 $ 3.8 $ 910.3
(a) 35% of portfolio is invested in equity index funds, 61% in fixed income investments, 3% in cash and cash equivalents, and 1% in other investments.
Beginning balance as of January 1, 2013 $ 3.3 $ 0.1
Actual return on plan assets 0.4 —
Settlements — —
Ending balance as of December 31, 2013 3.7 0.1
Actual return on plan assets (0.2) —
Settlements — —
Ending balance as of December 31, 2014 $ 3.5 $ 0.1
The Company’s domestic and United Kingdom plans have investments in shares of mutual funds, primarily large cap,
international, and global equity funds, that are registered with the Securities and Exchange Commission. Prices of these funds are based on Net Asset Values
(NAV) calculated by the funds and are publicly reported on national exchanges. The plan measures fair value of these investments using the NAV provided
by the fund managers.
The Company’s domestic plan has investments in several fixed income securities, primarily corporate bonds. The bonds were valued
under a market approach using observable inputs including reported trades, benchmark yields, broker/dealer quotes, issuer spreads, and other standard inputs.
The Company’s domestic and United Kingdom plans are invested in shares or units of several private investment
funds, not the underlying assets. Redeemable private investment funds include collective trusts, comingled funds, pooled funds, limited partnerships, and
limited liability corporations. The funds calculate NAV on a periodic basis and are available only from the fund managers. Private investment funds are
redeemable at the NAV.
The Company’s domestic plan has investments in limited liability corporations for which the plan has a limited
ability to redeem or transfer its interests. Therefore, there is an illiquid market in which the plan can exit these investments. As a result, the plan measures fair
value of these investments using estimates of fair value which come from partner capital statements provided by the partnerships.
The Company’s United Kingdom Plan is invested in several insurance annuity contracts. The value of these contracts is
calculated by estimating future payments and discounting them to present value. As a result, there is no market for the Plan to exit these investments.
Contributions to the plans in 2015 are expected to be approximately $14 million.
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