Pension and OPEB plan assets and liabilities measured at fair value | |||||||||||||||||||||||||||
U.S. defined benefit pension plans | Non-U.S. defined benefit pension plans(i) | ||||||||||||||||||||||||||
December 31, 2013 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | Level 1 | Level 2 | Total fair value | ||||||||||||||||||||
Cash and cash equivalents | $ | 62 | $ | — | $ | — | $ | 62 | $ | 221 | $ | 3 | $ | 224 | |||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Capital equipment | 1,084 | — | — | 1,084 | 86 | 17 | 103 | ||||||||||||||||||||
Consumer goods | 1,085 | — | — | 1,085 | 225 | 50 | 275 | ||||||||||||||||||||
Banks and finance companies | 737 | — | — | 737 | 233 | 29 | 262 | ||||||||||||||||||||
Business services | 510 | — | — | 510 | 209 | 14 | 223 | ||||||||||||||||||||
Energy | 292 | — | — | 292 | 64 | 20 | 84 | ||||||||||||||||||||
Materials | 344 | — | — | 344 | 36 | 9 | 45 | ||||||||||||||||||||
Real Estate | 38 | — | — | 38 | — | 1 | 1 | ||||||||||||||||||||
Other | 1,337 | 18 | 4 | 1,359 | 25 | 103 | 128 | ||||||||||||||||||||
Total equity securities | 5,427 | 18 | 4 | 5,449 | 878 | 243 | 1,121 | ||||||||||||||||||||
Common/collective trust funds(a) | — | 1,308 | 4 | 1,312 | 98 | 248 | 346 | ||||||||||||||||||||
Limited partnerships:(b) | |||||||||||||||||||||||||||
Hedge funds | — | 355 | 718 | 1,073 | — | — | — | ||||||||||||||||||||
Private equity | — | — | 1,969 | 1,969 | — | — | — | ||||||||||||||||||||
Real estate | — | — | 558 | 558 | — | — | — | ||||||||||||||||||||
Real assets(c) | — | — | 271 | 271 | — | — | — | ||||||||||||||||||||
Total limited partnerships | — | 355 | 3,516 | 3,871 | — | — | — | ||||||||||||||||||||
Corporate debt securities(d) | — | 1,223 | 7 | 1,230 | — | 787 | 787 | ||||||||||||||||||||
U.S. federal, state, local and non-U.S. government debt securities | 343 | 299 | — | 642 | — | 777 | 777 | ||||||||||||||||||||
Mortgage-backed securities | 37 | 50 | — | 87 | 73 | — | 73 | ||||||||||||||||||||
Derivative receivables | — | 30 | — | 30 | — | 302 | 302 | ||||||||||||||||||||
Other(e) | 1,214 | 41 | 430 | 1,685 | 148 | 52 | 200 | ||||||||||||||||||||
Total assets measured at fair value(f)(g) | $ | 7,083 | $ | 3,324 | $ | 3,961 | $ | 14,368 | $ | 1,418 | $ | 2,412 | $ | 3,830 | |||||||||||||
Derivative payables | $ | — | $ | (6 | ) | $ | — | $ | (6 | ) | $ | — | $ | (298 | ) | $ | (298 | ) | |||||||||
Total liabilities measured at fair value(h) | $ | — | $ | (6 | ) | $ | — | $ | (6 | ) | $ | — | $ | (298 | ) | $ | (298 | ) | |||||||||
U.S. defined benefit pension plans | Non-U.S. defined benefit pension plans(i) | ||||||||||||||||||||||||||
December 31, 2012 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | Level 1 | Level 2 | Total fair value | ||||||||||||||||||||
Cash and cash equivalents | $ | 162 | $ | — | $ | — | $ | 162 | $ | 142 | $ | — | $ | 142 | |||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Capital equipment | 702 | 6 | — | 708 | 115 | 15 | 130 | ||||||||||||||||||||
Consumer goods | 744 | 4 | — | 748 | 136 | 32 | 168 | ||||||||||||||||||||
Banks and finance companies | 425 | 54 | — | 479 | 94 | 23 | 117 | ||||||||||||||||||||
Business services | 424 | — | — | 424 | 125 | 8 | 133 | ||||||||||||||||||||
Energy | 192 | — | — | 192 | 54 | 12 | 66 | ||||||||||||||||||||
Materials | 211 | — | — | 211 | 30 | 6 | 36 | ||||||||||||||||||||
Real estate | 18 | — | — | 18 | 10 | — | 10 | ||||||||||||||||||||
Other | 1,107 | 42 | 4 | 1,153 | 19 | 71 | 90 | ||||||||||||||||||||
Total equity securities | 3,823 | 106 | 4 | 3,933 | 583 | 167 | 750 | ||||||||||||||||||||
Common/collective trust funds(a) | 412 | 1,660 | 199 | 2,271 | 62 | 192 | 254 | ||||||||||||||||||||
Limited partnerships:(b) | |||||||||||||||||||||||||||
Hedge funds | — | 878 | 1,166 | 2,044 | — | — | — | ||||||||||||||||||||
Private equity | — | — | 1,743 | 1,743 | — | — | — | ||||||||||||||||||||
Real estate | — | — | 467 | 467 | — | — | — | ||||||||||||||||||||
Real assets(c) | — | — | 311 | 311 | — | — | — | ||||||||||||||||||||
Total limited partnerships | — | 878 | 3,687 | 4,565 | — | — | — | ||||||||||||||||||||
Corporate debt securities(d) | — | 1,114 | 1 | 1,115 | — | 765 | 765 | ||||||||||||||||||||
U.S. federal, state, local and non-U.S. government debt securities | — | 537 | — | 537 | — | 1,237 | 1,237 | ||||||||||||||||||||
Mortgage-backed securities | 107 | 30 | — | 137 | 100 | — | 100 | ||||||||||||||||||||
Derivative receivables | 3 | 5 | — | 8 | 109 | — | 109 | ||||||||||||||||||||
Other(e) | 7 | 34 | 420 | 461 | 21 | 67 | 88 | ||||||||||||||||||||
Total assets measured at fair value(f)(g) | $ | 4,514 | $ | 4,364 | $ | 4,311 | $ | 13,189 | $ | 1,017 | $ | 2,428 | $ | 3,445 | |||||||||||||
Derivative payables | $ | — | $ | (4 | ) | $ | — | $ | (4 | ) | $ | (116 | ) | $ | — | $ | (116 | ) | |||||||||
Total liabilities measured at fair value(h) | $ | — | $ | (4 | ) | $ | — | $ | (4 | ) | $ | (116 | ) | $ | — | $ | (116 | ) | |||||||||
(a) | At December 31, 2013 and 2012, common/collective trust funds primarily included a mix of short-term investment funds, domestic and international equity investments (including index) and real estate funds. |
(b) | Unfunded commitments to purchase limited partnership investments for the plans were $1.6 billion and $1.4 billion for 2013 and 2012, respectively. |
(c) | Real assets include investments in productive assets such as agriculture, energy rights, mining and timber properties and exclude raw land to be developed for real estate purposes. |
(d) | Corporate debt securities include debt securities of U.S. and non-U.S. corporations. |
(e) | Other consists of money markets, exchange-traded funds and participating and non-participating annuity contracts. Money markets and exchange-traded funds are primarily classified within level 1 of the fair value hierarchy given they are valued using market observable prices. Participating and non-participating annuity contracts are classified within level 3 of the fair value hierarchy due to lack of market mechanisms for transferring each policy and surrender restrictions. |
(f) | At December 31, 2013 and 2012, the fair value of investments valued at NAV were $2.7 billion and $4.4 billion, respectively, which were classified within the valuation hierarchy as follows: $100 million and $400 million in level 1, $1.9 billion and $2.5 billion in level 2 and $700 million and $1.5 billion in level 3. |
(g) | At December 31, 2013 and 2012, excluded U.S. defined benefit pension plan receivables for investments sold and dividends and interest receivables of $96 million and $137 million, respectively; and at December 31, 2012, excluded non-U.S. defined benefit pension plan receivables for investments sold and dividends and interest receivables of $47 million. |
(h) | At December 31, 2013 and 2012, excluded $102 million and $306 million, respectively, of U.S. defined benefit pension plan payables for investments purchased; and $2 million and $4 million, respectively, of other liabilities; and at December 31, 2012, excluded non-U.S. defined benefit pension plan payables for investments purchased of $46 million. |
(i) | There were no assets or liabilities classified as level 3 for the non-U.S. defined benefit pension plans as of December 31, 2013 and 2012. |