Raytheon 2014 Annual Report Download - page 122
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
113
(12) Equity hedge fund strategies invest in global public equity securities, equity related options and derivatives and employ short selling with the objective
of generating higher risk-adjusted returns than traditional investments in equity.
(13) Macro fund strategies invest in futures, broad market indices and other financial instruments and seek to either generate positive returns regardless of
market conditions or take advantage of global capital flows.
(14) Multi-strategy funds allocate investments tactically across all asset classes globally based upon relative valuations to achieve maximum returns.
(15) Private equity funds are predominantly invested in the U.S. and Western Europe.
(16) As of December 31, 2014 and December 31, 2013, this category included $55 million and $106 million of net receivables and payables which consisted
primarily of pending trades, interest, dividends and other payable expenses.
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
(In millions)
Beginning
Balance at
Dec 31,
2013
Actual return
on plan
assets(1)
Purchases,
issuances,
settlements
Transfers in
and/or out of
Level 3
Ending
Balance at
Dec 31,
2014
Fixed-income securities
Fixed-income hedge funds $ 7 $ 3 $ (8) $ — $ 2
Securitized — 46 195 — 241
Other funds
Absolute return funds
Relative value 146 8 (4) 100 250
Event driven 155 11 58 6 230
Equity hedge 6 2 44 — 52
Macro 10 — (10) — —
Multi-strategy 125 19 30 — 174
Private equity funds 598 65 275 — 938
Private real estate funds 329 74 14 — 417
Insurance contracts 26 2 — — 28
Other 106 — (51) — 55
Total $ 1,508 $ 230 $ 543 $ 106 $ 2,387
(In millions)
Beginning
Balance at
Dec 31,
2012
Actual return
on plan
assets(1)
Purchases,
issuances,
settlements
Transfers in
and/or out of
Level 3
Ending
Balance at
Dec 31,
2013
Fixed-income securities
Fixed-income hedge funds $ 67 $ 39 $ (99) $ — $ 7
Securitized — — — — —
Other funds
Absolute return funds
Relative value — 11 135 — 146
Event driven 72 30 53 — 155
Equity hedge 5 1 — — 6
Macro 32 1 (23) — 10
Multi-strategy 80 13 32 — 125
Private equity funds 397 85 116 — 598
Private real estate funds 249 49 31 — 329
Insurance contracts 25 — 1 — 26
Other 192 — (86) — 106
Total $ 1,119 $ 229 $ 160 $ — $ 1,508
(1) The actual return on plan assets for assets still held at December 31, 2014 and December 31, 2013 was $170 million and $95 million, respectively.