Pfizer 2015 Annual Report Download - page 108
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Notes to Consolidated Financial Statements
Pfizer Inc. and Subsidiary Companies
2015 Financial Report
107
D. Plan Assets
The following table provides the components of plan assets:
Fair Value(a) Fair Value(a)
(MILLIONS OF DOLLARS)
As of
December 31,
2015 Level 1 Level 2 Level 3
As of
December 31,
2014 Level 1 Level 2 Level 3
U.S. qualified pension plans
Cash and cash equivalents $ 417 $ 81 $ 336 $ — $ 756 $ 84 $ 672 $ —
Equity securities:
Global equity securities 3,720 3,717 2 1 3,394 3,391 2 1
Equity commingled funds 951 — 825 126 1,647 — 1,500 147
Fixed income securities:
Corporate debt securities 2,866 3 2,861 2 3,013 — 3,008 5
Government and agency
obligations 989 — 989 — 1,124 — 1,124 —
Fixed income commingled funds 222 — 222 — 242 — 242 —
Other investments:
Partnership investments(b) 1,120 — 129 991 1,156 — 198 958
Insurance contracts 259 —259 — 278 — 278 —
Other commingled funds(c) 1,089 — — 1,089 1,096 — — 1,096
Total 11,633 3,801 5,623 2,209 12,706 3,475 7,024 2,207
International pension plans
Cash and cash equivalents 207 14 193 — 331 25 306 —
Equity securities:
Global equity securities 901 815 85 — 1,781 1,674 107 —
Equity commingled funds 2,218 16 2,119 83 1,851 19 1,832 —
Fixed income securities:
Corporate debt securities 653 171 481 — 773 183 590 —
Government and agency
obligations 1,224 109 1,114 — 1,213 140 1,073 —
Fixed income commingled funds 1,216 37 1,142 37 1,037 44 969 24
Other investments:
Partnership investments(b) 58 — 6 52 61 — 6 55
Insurance contracts 257 — 21 236 425 1 150 274
Other(c) 1,227 59 370 798 1,116 46 326 744
Total 7,959 1,222 5,531 1,206 8,588 2,132 5,359 1,097
U.S. postretirement plans(d)
Cash and cash equivalents 6— 6— 18 1 17 —
Equity securities:
Global equity securities 64 64 — — 89 89 — —
Equity commingled funds 16 — 14 2 44 — 40 4
Fixed income securities:
Corporate debt securities 49 — 49 — 79 — 79 —
Government and agency
obligations 17 — 17 — 30 — 30 —
Fixed income commingled funds 4— 4— 6— 6—
Other investments:
Partnership investments(b) 19 — 2 17 30 — 5 25
Insurance contracts 429 — 429 — 437 — 437 —
Other commingled funds(c) 19 — — 19 29 — — 29
Total $ 622 $ 64 $ 521 $ 38 $ 762 $ 90 $ 614 $ 58
(a) Fair values are determined based on valuation inputs categorized as Level 1, 2 or 3 (see Note 1E).
(b) Primarily includes investments in private equity, private debt, public equity limited partnerships, and, to a lesser extent, real estate and venture capital.
(c) Primarily includes, for U.S. plan assets, investments in hedge funds and, to a lesser extent, real estate and, for international plan assets, investments in real
estate and hedge funds.
(d) Reflects postretirement plan assets, which support a portion of our U.S. retiree medical plans.