U.S. | Int’l. | |||||||||||||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
U.S.1 | $ | 1,709 | $ | 1,709 | $ | — | $ | — | $ | 334 | $ | 334 | $ | — | $ | — | ||||||||||||||||
International | 1,263 | 1,263 | — | — | 520 | 520 | — | — | ||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 2,979 | 7 | 2,972 | — | 1,233 | 402 | 831 | — | ||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||
Government | 435 | 396 | 39 | — | 578 | 40 | 538 | — | ||||||||||||||||||||||||
Corporate | 384 | — | 384 | — | 230 | 25 | 175 | 30 | ||||||||||||||||||||||||
Mortgage-Backed Securities | 65 | — | 65 | — | 2 | — | — | 2 | ||||||||||||||||||||||||
Other Asset Backed | 51 | — | 51 | — | 4 | — | 4 | — | ||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,520 | — | 1,520 | — | 671 | 26 | 645 | — | ||||||||||||||||||||||||
Mixed Funds3 | — | — | — | — | 115 | 4 | 111 | — | ||||||||||||||||||||||||
Real Estate4 | 1,114 | — | — | 1,114 | 177 | — | — | 177 | ||||||||||||||||||||||||
Cash and Cash Equivalents | 373 | 373 | — | — | 222 | 204 | 18 | — | ||||||||||||||||||||||||
Other5 | 16 | (44 | ) | 5 | 55 | 39 | (3 | ) | 40 | 2 | ||||||||||||||||||||||
Total at December 31, 2012 | $ | 9,909 | $ | 3,704 | $ | 5,036 | $ | 1,169 | $ | 4,125 | $ | 1,552 | $ | 2,362 | $ | 211 | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
U.S.1 | $ | 2,298 | $ | 2,298 | $ | — | $ | — | $ | 409 | $ | 409 | $ | — | $ | — | ||||||||||||||||
International | 1,501 | 1,501 | — | — | 533 | 533 | — | — | ||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 2,977 | 26 | 2,951 | — | 1,066 | 211 | 855 | — | ||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||
Government | 81 | 52 | 29 | — | 726 | 46 | 680 | — | ||||||||||||||||||||||||
Corporate | 1,275 | — | 1,275 | — | 545 | 23 | 499 | 23 | ||||||||||||||||||||||||
Mortgage-Backed Securities | 1 | — | 1 | — | 4 | — | 2 | 2 | ||||||||||||||||||||||||
Other Asset Backed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Collective Trusts/Mutual Funds2 | 1,357 | — | 1,357 | — | 647 | 27 | 620 | — | ||||||||||||||||||||||||
Mixed Funds3 | — | — | — | — | 120 | 5 | 115 | — | ||||||||||||||||||||||||
Real Estate4 | 1,265 | — | — | 1,265 | 294 | — | — | 294 | ||||||||||||||||||||||||
Cash and Cash Equivalents | 385 | 385 | — | — | 173 | 173 | — | — | ||||||||||||||||||||||||
Other5 | 70 | (2 | ) | 18 | 54 | 26 | (2 | ) | 25 | 3 | ||||||||||||||||||||||
Total at December 31, 2013 | $ | 11,210 | $ | 4,260 | $ | 5,631 | $ | 1,319 | $ | 4,543 | $ | 1,425 | $ | 2,796 | $ | 322 | ||||||||||||||||
1 | U.S. equities include investments in the company’s common stock in the amount of $28 at December 31, 2013, and $27 at December 31, 2012. |
2 | Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is partially based on the restriction that advance notification of redemptions, typically two business days, is required. |
3 | Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. |
4 | The year-end valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once a year for each property in the portfolio. |
5 | The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts and investments in private-equity limited partnerships (Level 3). |