McKesson 2016 Annual Report Download - page 113
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McKESSON CORPORATION
FINANCIAL NOTES (Continued)
U.S. Plans Non-U.S. Plans
March 31, 2015 March 31, 2015
(In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Cash and cash equivalents $ 55 $ 1 $— $ 56 $ 8 $— $— $ 8
Equity securities:
Common and preferred stock 18 — — 18 — — — —
Equity commingled funds — 138 — 138 7 149 — 156
Fixed income securities:
Government securities — 14 — 14 26 53 — 79
Corporate bonds — 14 — 14 — 13 — 13
Mortgage-backed securities — 14 — 14 — — — —
Asset-backed securities and other — 26 — 26 — — — —
Fixed income commingled funds — — — — 64 127 — 191
Other:
Real estate funds — — 18 18 — — 26 26
Other commingled funds — — — — — 13 — 13
Other — — — — 7 115 4 126
Total $ 73 $207 $ 18 $298 $112 $470 $ 30 $612
Cash and cash equivalents—Cash and cash equivalents include short-term investment funds that maintain
daily liquidity and aim to have constant unit values of $1.00. The funds invest in short-term fixed income
securities and other securities with debt-like characteristics emphasizing short-term maturities and high credit
quality. Directly held cash and cash equivalents are classified as Level 1 investments. Cash and cash equivalents
include money market funds and other commingled funds, which have daily net asset values derived from the
underlying securities; these are classified as Level 1 investments.
Common and preferred stock—This investment class consists of common and preferred shares issued by
U.S. and non-U.S. corporations. Common shares are traded actively on exchanges and price quotes are readily
available. Preferred shares may not be actively traded. Holdings of common shares are generally classified as
Level 1 investments. Preferred shares are classified as Level 2 investments.
Equity commingled funds—Some equity investments are held in commingled funds, which have daily net
asset values derived from quoted prices for the underlying securities in active markets; these are classified as
Level 1 or Level 2 investments.
Fixed income securities—Government securities consist of bonds and debentures issued by central
governments or federal agencies; corporate bonds consist of bonds and debentures issued by corporations;
mortgage-backed securities consist of debt obligations secured by a mortgage or pool of mortgages; and asset-
backed securities primarily consist of debt obligations secured by an asset or pool of assets other than mortgages.
Inputs to the valuation methodology include quoted prices for similar assets in active markets, and inputs that are
observable for the asset, either directly or indirectly, for substantially the full term of the asset. Multiple prices
and price types are obtained from pricing vendors whenever possible, enabling cross-provider price validations.
Fixed income securities are generally classified as Level 1 or Level 2 investments.
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