Meritor Acquisition and 2022 Financial Results
Table of Contents
Quoted prices in active
markets for identical assets
Fair Value Measurements at December 31, 2021
Significant other
observable inputs
In millions
Equities
U.S.
Non-U.S.
Fixed income
Government debt
Corporate debt
U.S.
Non-U.S.
Net cash equivalents (1)
S
(Level 1)
115
S
38
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
115
38
37
30
489
19
270
57
67
489
19
327
Private markets and real assets (2)
551
551
Net plan assets subject to leveling
S
460 $
595
$
551
$
1,606
Pending trade/purchases/sales
2
Accruals (3)
6
Investments measured at net asset value
1,934
Net plan assets
$
3,548
(1) Cash equivalents include commercial paper, short-term government/agency, mortgage and credit instruments.
(2) The instruments in private markets and real assets, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by
audited financial statements of the funds. Private markets include equity, venture capital and private credit instruments and funds. Real assets include real estate and infrastructure.
(3) Accruals include interest or dividends that were not settled at December 31.
Certain of our assets are valued based on their respective net asset value (NAV) (or its equivalent), as an alternative to estimated fair value due to the absence of readily
available market prices. The fair value of each such investment category was as follows:
•
•
.
U.S. and Non-U.S. Corporate Debt ($938 million and $995 million at December 31, 2022 and 2021, respectively) - These commingled funds have observable NAVs
provided to investors and provide for liquidity either immediately or within a couple of days.
U.S. and Non-U.S. Equities ($224 million and $145 million at December 31, 2022 and 2021, respectively)- These commingled funds have observable NAVs provided to
investors and provide for liquidity either immediately or within a couple of days.
Government Debt ($227 million and $361 million at December 31, 2022 and 2021, respectively) - These commingled funds have observable NAVs provided to
investors and provide for liquidity either immediately or within a couple of days.
Real Estate ($154 million and $171 million at December 31, 2022 and 2021, respectively) - This asset type represents different types of real estate including
development property, industrial property, individual mortgages, office property, property investment companies and retail property. These funds are valued using
NAVs and allow quarterly or more frequent redemptions.
Asset/Mortgage Backed Securities ($277 million and $262 million at December 31, 2022 and 2021, respectively) - This asset type represents investments in fixed- and
floating-rate loans. These funds are valued using NAVs and allow quarterly or more frequent redemptions.
Diversified Strategies ($18 million at December 31, 2022) - These commingled funds invest in commodities, fixed income and equity securities. They have observable
NAVs provided to investors and provide for liquidity either immediately or within a couple of days.
100View entire presentation