PG&E 2012 Annual Report Download - page 105
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 12: EMPLOYEE BENEFIT PLANS (Continued)
Fair Value Measurements
The following tables present the fair value of plan assets for pension and other benefits plans by major asset
category at December 31, 2012 and 2011.
Fair Value Measurements
At December 31,
2012 2011
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
(in millions)
Pension Benefits:
Money market
investments ..... $ 112 $ —$ —$ 112 $51$—$ —$51
U.S. equity securities ————273 2,161 — 2,434
Non-U.S. equity
securities ....... ————131 1,363 — 1,494
Global equity
securities ....... 402 3,017 — 3,419 — 197 — 197
Absolute return .... ——513 513 ——487 487
Real assets ....... 525 — 285 810 522 — 65 587
Fixed-income
securities:
U.S. government . 1,576 139 — 1,715 1,224 172 — 1,396
Corporate ...... 3 4,275 611 4,889 2 3,083 585 3,670
Other ......... — 576 — 576 1 688 — 689
Total ........... $ 2,618 $ 8,007 $ 1,409 $ 12,034 $ 2,204 $ 7,664 $ 1,137 $ 11,005
Other Benefits:
Money market
investments ..... $ 77 $ —$ —$77$48$—$ —$48
U.S. equity securities ————86 222 — 308
Non-U.S. equity
securities ....... ————79 108 — 187
Global equity
securities ....... 118 397 —515 —19—19
Absolute return .... ——49 49 ——47 47
Real assets ....... 68 —2896 31 — 6 37
Fixed-income
securities:
U.S. government . 148 5 — 153 151 ——151
Corporate ...... 9 795 1 805 — 681 1 682
Other ......... —38—38 144—45
Total ........... $ 420 $ 1,235 $ 78 $ 1,733 $ 396 $ 1,074 $ 54 $ 1,524
Total plan assets at
fair value ....... $ 13,767 $ 12,529
In addition to the total plan assets disclosed at fair value in the table above, the trusts had other net assets of
$132 million and other net liabilities of $45 million at December 31, 2012 and 2011, respectively. These net assets
and net liabilities were comprised primarily of cash, accounts receivable, accounts payable, and deferred taxes.
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