The following table presents the Japanese defined benefit pension plans’ major asset categories and their associated fair values as of June 28, 2013 (in millions):
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity: |
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Equity commingled/mutual funds (2)(3) |
$ | — | $ | 60 | $ | — | $ | 60 | ||||||||
Fixed income: |
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Fixed income commingled/mutual funds (2)(5) |
— | 101 | — | 101 | ||||||||||||
Cash and short-term investments (2) |
4 | 2 | — | 6 | ||||||||||||
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Fair value of plan assets |
$ | 4 | $ | 163 | $ | — | $ | 167 | ||||||||
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The following table presents the Japanese defined benefit pension plans’ major asset categories and their associated fair values as of June 29, 2012 (in millions):
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity: |
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Equity securities (1) |
$ | 4 | $ | — | $ | — | $ | 4 | ||||||||
Equity commingled/mutual funds (2)(3) |
— | 45 | — | 45 | ||||||||||||
Fixed income: |
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Government and related (4) |
1 | 12 | — | 13 | ||||||||||||
Fixed income commingled/mutual funds (2)(5) |
— | 77 | — | 77 | ||||||||||||
Other securities (6) |
— | 9 | — | 9 | ||||||||||||
Cash and short-term investments (2) |
8 | 4 | — | 12 | ||||||||||||
Alternative investments: |
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Other (7) |
— | — | 7 | 7 | ||||||||||||
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Fair value of plan assets |
$ | 13 | $ | 147 | $ | 7 | $ | 167 | ||||||||
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(1) |
Includes direct investments in equity of domestic and foreign companies, including those in developing countries. |
(2) |
Commingled funds represent pooled institutional investments. |
(3) |
Equity mutual funds invest primarily in equity securities. |
(4) |
Includes debt issued by national, state or local governments and related agencies. |
(5) |
Fixed income mutual funds invest primarily in fixed income securities. |
(6) |
Other securities include corporate bonds, insurance contracts and mortgage-backed securities. |
(7) |
Includes investments in hedge funds, venture capital funds, limited partnerships, private real estate, bank capital and collateral debt obligations such as private placement real estate funds. |