Raytheon 2015 Annual Report Download - page 123

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
113
The fair value of our Plan assets by asset category and by level (as described in "Note 1: Summary of Significant Accounting
Policies") at December 31, 2015 and December 31, 2014 were as follows:
Fair Value Measurements at December 31, 2015
(In millions) Total Level 1 Level 2 Level 3 Not subject
to leveling(7)
U.S. equities(1) $ 5,341 $ 2,838 $ — $ — $ 2,503
International equities(1) 2,954 2,043 1 — 910
Fixed-income securities
U.S. government and agency securities 344 258 86 — —
Corporate debt securities/instruments(2) 2,671 109 2,440 — 122
Core fixed-income(3) 1,172 1,172 — — —
Global multi-sector fixed-income(4) 434 434 — — —
Securitized and structured credit(5) 818 — — — 818
Cash and cash equivalents(6) 877 637 1 — 239
Absolute return funds 1,406 — — — 1,406
Private equity funds 1,068 — — — 1,068
Private real estate funds 997 — — — 997
Insurance contracts 28 — — 28 —
Total investments 18,110 7,491 2,528 28 8,063
Net receivables and payables (47) — — — (47)
Total assets $18,063 $ 7,491 $ 2,528 $ 28 $ 8,016
Fair Value Measurements at December 31, 2014
(In millions) Total Level 1 Level 2 Level 3 Not subject
to leveling(7)
U.S. equities(1) $ 6,833 $ 3,268 $ — $ — $ 3,565
International equities(1) 2,792 1,749 — — 1,043
Fixed-income securities
U.S. government and agency securities 112 104 8 — —
Corporate debt securities/instruments(2) 2,813 161 2,528 — 124
Core fixed-income(3) 1,215 1,098 — — 117
Global multi-sector fixed-income(4) 456 456 — — —
Securitized and structured credit(5) 1,006 — — — 1,006
Cash and cash equivalents(6) 820 558 158 — 104
Absolute return funds 1,478 — — — 1,478
Private equity funds 938 — — — 938
Private real estate funds 692 — — — 692
Insurance contracts 28 — — 28 —
Total investments 19,183 7,394 2,694 28 9,067
Net receivables and payables 169 — — — 169
Total assets $19,352 $ 7,394 $ 2,694 $ 28 $ 9,236
(1) U.S. and International equities primarily include investments across the spectrum of large, medium and small market capitalization stocks.
(2) Corporate debt securities/instruments include investment grade and non-investment grade bonds.
(3) Core fixed-income securities are funds that invest primarily in intermediate-term high quality domestic bonds issued by various governmental or private
sector entities.
(4) Global multi-sector fixed-income investments are funds that invest globally among several sectors including governments, investment grade corporate
bonds, high yield corporate bonds and emerging market bonds.