Safeway 2013 Annual Report Download - page 82
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Table of Contents
(7) The fair value of U.S. government securities is based on quoted market prices when available. When quoted prices are not available, the fair value of U.S.
government securities is based on yields currently available on comparable securities or on an industry valuation model which maximizes observable inputs.
(8) Other securities, which consist primarily of U.S. municipal bonds, foreign government bonds and foreign agency securities are valued based on yields
currently available on comparable securities of issuers with similar credit ratings.
Also included in Other Securities are exchange-traded derivatives that are valued based on quoted prices in an active market for identical
derivatives assets and liabilities. Non-exchange-traded derivatives are valued using industry valuation models, which maximize observable
inputs, such as interest-rate yield curve data, foreign exchange rates, and applicable spot and forward rates.
See Note H for a discussion of levels.
A reconciliation of the beginning and ending balances for Level 3 assets for the year ended December 28, 2013 follows (in millions):
Fair Value Measured Using Significant
Unobservable Inputs (Level 3)
Total
Corporate
bonds
Mortgage- and
other asset-
backed
securities
U.S.
government
securities Other securities
Balance, beginning of year $4.0 $3.4 $0.5 $0.1 $ —
Purchases, sales, settlements, net 4.0 (3.4)(0.5)—7.9
Unrealized gains (0.1)— — — (0.1)
Balance, end of year $7.9 $ — $ — $ 0.1 $7.8
The fair value of Safeway’s pension plan assets, including Canadian plans, at December 29, 2012, excluding pending transactions of $19.6
million, by asset category are as follows (in millions):
Fair Value Measurements
Asset category: Total
Quoted prices in
active markets
for identical
assets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents (1) $28.6 $24.1 $4.5 $ —
Short-term investment collective trust (2) 36.1 —36.1 —
Common and preferred stock: (3)
Domestic common and preferred stock 256.6 256.1 0.5 —
International common stock 50.6 50.6 — —
Common collective trust funds (2) 899.9 —899.9 —
Corporate bonds (4) 96.0 —92.6 3.4
Mortgage- and other asset-backed securities (5) 62.6 —62.1 0.5
Mutual funds (6) 136.4 —136.4 —
U.S. government securities (7) 270.6 —270.5 0.1
Other securities (8) 27.9 —27.9 —
Total $1,865.3 $330.8 $1,530.5 $4.0
80