US Bank 2014 Annual Report Download - page 124

The following table summarizes the plan investment assets measured at fair value at December 31:
Pension Plans
Postretirement
Welfare Plan
2014 2013 2014 2013
(Dollars in Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 1
Cash and cash equivalents ............................. $ 78 $ – $ – $ 62 $ – $ – $85 $92
Debt securities ......................................... 347 496 – 217 343 – – –
Corporate stock
Domestic equity securities ........................... 196 – – 217 – – – –
Mid-small cap equity securities(a) .................... 146 – – 148 – – – –
International equity securities ....................... 197 – – 229 – – – –
Real estate equity securities(b) ....................... 163 – – 137 – – – –
Collective investment funds
Domestic equity securities ........................... – 539 – – 538 – – –
Mid-small cap equity securities(c) .................... –54 – –58 – – –
Emerging markets equity securities ................. –75 – –58 – – –
International equity securities ....................... – 421 – – 472 – – –
Mutual funds
Debt securities....................................... – 219 – – 177 – – –
Emerging markets equity securities ................. –81 – –75 – – –
Hedge funds(d) .......................................... – – 148 – – 103 – –
Private equity ........................................... – – 25 – – – – –
Other ................................................... – – 2 – (7) 4 – –
Total ................................................. $1,127 $1,885 $175 $1,010 $1,714 $107 $85 $92
(a) At December 31, 2014 and 2013, securities included $141 million in domestic equities, and $5 million and $7 million in international equities, respectively.
(b) At December 31, 2014 and 2013, securities included $89 million and $67 million in domestic equities, respectively, and $74 million and $70 million in international equities, respectively.
(c) At December 31, 2014 and 2013, securities included $25 million and $26 million in domestic equities, respectively, $27 million and $22 million in international equities, respectively, and $2
million and $10 million in cash and cash equivalents, respectively.
(d) This category consists of several investment strategies diversified across several hedge fund managers.
The following table summarizes the changes in fair value for all plan investment assets measured at fair value using
significant unobservable inputs (Level 3) for the years ended December 31:
2014 2013 2012
(Dollars in Millions)
Hedge
Funds
Private
Equity Other
Debt
Securities
Hedge
Funds Other
Debt
Securities Other
Balance at beginning of period ............................ $103 $ – $ 4 $ 7 $ – $3 $ 7 $ 6
Unrealized gains (losses) relating to assets still held at
end of year ........................................... 7 (2) (2) – – – 1 (2)
Purchases, sales, and settlements, net ................. 38 27 – (7) 103 1 (1) (1)
Balance at end of period ................................... $148 $25 $ 2 $ – $103 $4 $ 7 $ 3
The following benefit payments are expected to be paid from the retirement plans for the years ended December 31:
(Dollars in Millions)
Pension
Plans
Postretirement
Welfare Plan(a)
Medicare Part D
Subsidy Receipts
2015 ........................................................................................... $ 177 $14 $2
2016 ........................................................................................... 188 13 2
2017 ........................................................................................... 197 12 2
2018 ........................................................................................... 207 12 2
2019 ........................................................................................... 214 11 2
2020 – 2024 .................................................................................... 1,259 44 9
(a) Net of expected retiree contributions and before Medicare Part D subsidy.
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