GE 2013 Annual Report Download - page 110

Download and view the complete annual report

Please find page 110 of the 2013 GE annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 150

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150

108 GE 2013 ANNUAL REPORT
    
The following table presents GE Pension Plan investments measured at fair value.
2013 2012
December 31 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
EQUITY SECURITIES
U.S. equity securities (a) $ 11,067 $ 1,568 $ — $ 12,635 $ 8,876 $ 2,462 $ — $ 11,338
Non-U.S. equity securities (a) 7,832 1,292 — 9,124 6,699 1,644 — 8,343
DEBT SECURITIES
Fixed income and cash
investment funds — 2,078 — 2,078 — 1,931 50 1,981
U.S. corporate (b) — 4,555 — 4,555 — 2,758 — 2,758
Residential mortgage-backed — 1,093 — 1,093 — 1,420 3 1,423
U.S. government and
federal agency (c) — 5,253 — 5,253 — 5,489 — 5,489
Other debt securities (d) — 2,317 — 2,317 — 2,053 22 2,075
PRIVATE EQUITIES (a) — — 6,269 6,269 — — 6,878 6,878
REAL ESTATE (a) — — 3,354 3,354 — — 3,356 3,356
OTHER INVESTMENTS (e) — 169 1,622 1,791 — 44 1,694 1,738
TOTAL INVESTMENTS $ 18,899 $ 18,325 $ 11,245 48,469 $ 15,575 $ 17,801 $ 12,003 45,379
OTHER (f) (172) (641)
TOTAL ASSETS $ 48,297 $ 44,738
(a) Included direct investments and investment funds.
(b) Primarily represented investment grade bonds of U.S. issuers from diverse industries.
(c) Included short-term investments to meet liquidity needs.
(d) Primarily represented investments in non-U.S. corporate bonds, non-U.S. government bonds and commercial mortgage-backed securities.
(e) Substantially all represented hedge fund investments.
(f) Primarily represented net unsettled transactions related to purchases and sales of investments and accrued income receivables.
The following tables present the changes in Level 3 investments for the GE Pension Plan.
CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2013
(In millions)
January 1,
2013
Net realized
gains (losses)
Net
unrealized
gains (losses)
Purchases,
issuances and
settlements
Transfers in
and/or out of
Level 3 (a) December 31,
2013
DEBT SECURITIES
Fixed income and cash investment funds $ 50 $ (7) $ — $ (43) $ — $ —
Residential mortgage-backed 3 — — — (3) —
Other debt securities 22 — — (22) — —
PRIVATE EQUITIES 6,878 525 588 (1,675) (47) 6,269
REAL ESTATE 3,356 23 330 (355) — 3,354
OTHER INVESTMENTS 1,694 (1) 200 (77) (194) 1,622
$ 12,003 $ 540 $ 1,118 $ (2,172) $ (244) $ 11,245
(a) Transfers in and out of Level 3 are considered to occur at the beginning of the period.
CHANGES IN LEVEL 3 INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2012
(In millions)
January 1,
2012
Net realized
gains (losses)
Net
unrealized
gains (losses)
Purchases,
issuances and
settlements
Transfers in
and/or out of
Level 3 (a) December 31,
2012
DEBT SECURITIES
Fixed income and cash investment funds $ 62 $ — $ 9 $ (21) $ — $ 50
U.S. corporate 3 (1) — (2) — —
Residential mortgage-backed 5 (2) — — — 3
Other debt securities 146 (2) — (122) — 22
PRIVATE EQUITIES 6,786 133 438 (479) — 6,878
REAL ESTATE 3,274 20 279 (217) — 3,356
OTHER INVESTMENTS 1,709 32 72 (71) (48) 1,694
$ 11,985 $ 180 $ 798 $ (912) $ (48) $ 12,003
(a) Transfers in and out of Level 3 are considered to occur at the beginning of the period.