Retirement Benefits (Details) $ in Millions | 8 Months Ended | 12 Months Ended | | |
Aug. 31, 2015USD ($) | Aug. 31, 2015USD ($)PensionPlan | Aug. 31, 2014USD ($) | Aug. 31, 2013USD ($) | Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) |
Defined Benefit Plan Disclosure [Line Items] | | | | | | | |
Number of defined benefit plans | PensionPlan | | | 2 | | | | |
Defined benefit pension plan, investments holding percentage | | | | | | 85.00% | |
Cash contributions to defined benefit pension plans | | | $ 148 | | | | |
Additional cash contributions to defined benefit pension plans, next fiscal year | | | 75 | | | | |
Profit sharing provision expense | | | 158 | $ 355 | $ 342 | | |
Contributions to profit sharing | | | 249 | $ 328 | $ 262 | | |
Cost recognized in the consolidated condensed statements of earnings | | | $ 93 | | | | |
Weighted-average assumptions used to determine benefit obligations [Abstract] | | | | | | | |
Discount rate | | | | | | 4.78% | 4.40% |
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | | | | | | | |
Discount rate | | | 4.40% | 5.05% | 4.15% | | |
Expected benefit to be paid net of estimated federal subsidy during fiscal year 2016 | | | | | | $ 10 | |
Assumptions used to compute postretirement benefit obligation [Abstract] | | | | | | | |
Discount rate assumption used to compute the postretirement benefit obligation | | | | | | 4.78% | 4.40% |
Discount rate assumption used to determine net periodic benefit cost | | | 4.40% | 5.05% | 4.15% | | |
Percentage value of consumer price index used in assumptions to compute the postretirement benefit obligation | | | 2.00% | 2.00% | | | |
Assumed health care cost trend rates [Abstract] | | | | | | | |
Health care cost trend rate | | | 7.15% | | | | |
Ultimate health care cost trend rate | | | 5.25% | | | | |
Boots and Other Pension Plans [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | | $ 8,936 | $ 8,936 | | | $ 8,936 | |
Components of net periodic benefit costs [Abstract] | | | | | | | |
Service costs | | 3 | 3 | | | | |
Interest costs | | 214 | 214 | | | | |
Expected returns on plan assets | | | (173) | | | | |
Settlements | | | (2) | | | | |
Total postretirement benefit costs | | | 42 | | | | |
Change in benefit obligation [Roll Forward] | | | | | | | |
Benefit obligation, beginning of period | | 8,827 | | | | | |
Service costs | | 3 | 3 | | | | |
Interest costs | | 214 | 214 | | | | |
Amendments | | (2) | | | | | |
Actuarial loss (gain) | | (103) | | | | | |
Benefits paid | | (186) | | | | | |
Currency translation adjustments | | (118) | | | | | |
Benefit obligation, end of period | | 8,635 | 8,635 | | | | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, beginning of period | | 8,987 | | | | | |
Employer contributions | | 152 | | | | | |
Benefits paid | | (186) | | | | | |
Return on assets | | 91 | | | | | |
Currency translation adjustments | | (108) | | | | | |
Plan assets at fair value, end of period | | 8,936 | $ 8,936 | | | | |
Amounts recognized in the Consolidated Balance Sheets [Abstract] | | | | | | | |
Non-current assets | | | | | | 468 | |
Current liabilities | | | | | | 1 | |
Non-current liabilities | | | | | | 166 | |
Net asset/liability recognized | | | | | | 301 | |
Amounts recognized in the Consolidated Balance Sheets [Abstract] | | | | | | | |
Current liabilities (present value of expected net benefit payments) | | | | | | (1) | |
Non-current liabilities | | | | | | (166) | |
Amounts recognized in accumulated other comprehensive (income) loss [Abstract] | | | | | | | |
Prior service credit | | | | | | 0 | |
Net actuarial loss (gain) | | | | | | 21 | |
Accumulated benefit obligations in excess of plan assets [Abstract] | | | | | | | |
Projected benefit obligation | | | | | | 8,635 | |
Accumulated benefit obligation | | | | | | 8,624 | |
Fair value of plan assets | | | | | | $ 8,936 | |
Weighted-average assumptions used to determine benefit obligations [Abstract] | | | | | | | |
Discount rate | | | | | | 3.87% | |
Rate of compensation increase | | | | | | 2.55% | |
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | | | | | | | |
Discount rate | | | 3.77% | | | | |
Expected long-term return on plan assets | | | 2.99% | | | | |
Rate of compensation increase | | | 2.66% | | | | |
Assumptions used to compute postretirement benefit obligation [Abstract] | | | | | | | |
Discount rate assumption used to compute the postretirement benefit obligation | | | | | | 3.87% | |
Discount rate assumption used to determine net periodic benefit cost | | | 3.77% | | | | |
Estimated future benefit payments and federal subsidy [Abstract] | | | | | | | |
2,016 | | | | | | $ 288 | |
2,017 | | | | | | 284 | |
2,018 | | | | | | 293 | |
2,019 | | | | | | 303 | |
2,020 | | | | | | 311 | |
2021-2025 | | | | | | 1,707 | |
Boots and Other Pension Plans [Member] | Fair Value, Inputs, Level 1 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | | 25 | $ 25 | | | 25 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | | 25 | 25 | | | | |
Boots and Other Pension Plans [Member] | Fair Value, Inputs, Level 2 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | | 8,407 | 8,407 | | | 8,407 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | | 8,407 | 8,407 | | | | |
Boots and Other Pension Plans [Member] | Fair Value, Inputs, Level 3 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | | 504 | 504 | | | 504 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | | 504 | $ 504 | | | | |
Boots and Other Pension Plans [Member] | Equity Securities [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Percentage of defined benefit pension plan assets investment of fair market value | | | 9.50% | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [1] | 852 | $ 852 | | | 852 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [1] | 852 | 852 | | | | |
Boots and Other Pension Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [1] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [1] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [1] | 852 | 852 | | | 852 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [1] | 852 | 852 | | | | |
Boots and Other Pension Plans [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [1] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [1] | 0 | $ 0 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Percentage of defined benefit pension plan assets investment of fair market value | | | 81.50% | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Fixed Interest Government Bonds [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [2] | 267 | $ 267 | | | 267 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [2] | 267 | 267 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Fixed Interest Government Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [2] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [2] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Fixed Interest Government Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [2] | 267 | 267 | | | 267 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [2] | 267 | 267 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Fixed Interest Government Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [2] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [2] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Index Linked Government Bonds [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [2] | 1,006 | 1,006 | | | 1,006 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [2] | 1,006 | 1,006 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Index Linked Government Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [2] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [2] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Index Linked Government Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [2] | 1,006 | 1,006 | | | 1,006 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [2] | 1,006 | 1,006 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Index Linked Government Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [2] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [2] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Corporate Bonds [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [3] | 5,535 | 5,535 | | | 5,535 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [3] | 5,535 | 5,535 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [3] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [3] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [3] | 5,535 | 5,535 | | | 5,535 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [3] | 5,535 | 5,535 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [3] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [3] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Other Bonds [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [4] | 472 | 472 | | | 472 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [4] | 472 | 472 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Other Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [4] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [4] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Other Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [4] | 472 | 472 | | | 472 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [4] | 472 | 472 | | | | |
Boots and Other Pension Plans [Member] | Debt Securities [Member] | Other Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [4] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [4] | 0 | $ 0 | | | | |
Boots and Other Pension Plans [Member] | Real Estate [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Percentage of defined benefit pension plan assets investment of fair market value | | | 5.60% | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [5] | 502 | $ 502 | | | 502 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [5] | 502 | 502 | | | | |
Boots and Other Pension Plans [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [5] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [5] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [5] | 0 | 0 | | | 0 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [5] | 0 | 0 | | | | |
Boots and Other Pension Plans [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [5] | 502 | 502 | | | 502 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [5] | 502 | $ 502 | | | | |
Boots and Other Pension Plans [Member] | Other [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Percentage of defined benefit pension plan assets investment of fair market value | | | 3.40% | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [6] | 302 | $ 302 | | | 302 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [6] | 302 | 302 | | | | |
Boots and Other Pension Plans [Member] | Other [Member] | Fair Value, Inputs, Level 1 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [6] | 25 | 25 | | | 25 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [6] | 25 | 25 | | | | |
Boots and Other Pension Plans [Member] | Other [Member] | Fair Value, Inputs, Level 2 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [6] | 275 | 275 | | | 275 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [6] | 275 | 275 | | | | |
Boots and Other Pension Plans [Member] | Other [Member] | Fair Value, Inputs, Level 3 [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | [6] | 2 | 2 | | | 2 | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, end of period | [6] | 2 | 2 | | | | |
Postretirement Health Benefit Plan [Member] | | | | | | | |
Defined benefit pension plan assets investment in the classes of securities [Abstract] | | | | | | | |
Amount of defined benefit pension plan assets investment of fair market value | | 0 | 0 | $ 0 | $ 0 | 0 | $ 0 |
Components of net periodic benefit costs [Abstract] | | | | | | | |
Service costs | | | 11 | 8 | 9 | | |
Interest costs | | | 17 | 17 | 14 | | |
Amortization of actuarial loss | | | 19 | 11 | 12 | | |
Amortization of prior service cost | | | (24) | (23) | (22) | | |
Total postretirement benefit costs | | | 23 | 13 | 13 | | |
Change in benefit obligation [Roll Forward] | | | | | | | |
Benefit obligation, beginning of period | | | 427 | 350 | | | |
Service costs | | | 11 | 8 | 9 | | |
Interest costs | | | 17 | 17 | 14 | | |
Amendments | | | (27) | (23) | | | |
Actuarial loss (gain) | | | 17 | 88 | | | |
Benefits paid | | | (21) | (19) | | | |
Participants' contributions | | | 7 | 6 | | | |
Benefit obligation, end of period | | 431 | 431 | 427 | 350 | | |
Change in plan assets [Roll Forward] | | | | | | | |
Plan assets at fair value, beginning of period | | | 0 | 0 | | | |
Participants' contributions | | | 7 | 6 | | | |
Employer contributions | | | 14 | 13 | | | |
Benefits paid | | | (21) | (19) | | | |
Plan assets at fair value, end of period | | $ 0 | 0 | $ 0 | $ 0 | | |
Funded status [Abstract] | | | | | | | |
Funded status | | | | | | (431) | (427) |
Amounts recognized in the Consolidated Balance Sheets [Abstract] | | | | | | | |
Current liabilities | | | | | | 12 | 11 |
Non-current liabilities | | | | | | 419 | 416 |
Amounts recognized in the Consolidated Balance Sheets [Abstract] | | | | | | | |
Current liabilities (present value of expected net benefit payments) | | | | | | (12) | (11) |
Non-current liabilities | | | | | | (419) | (416) |
Net liability recognized | | | | | | (431) | (427) |
Amounts recognized in accumulated other comprehensive (income) loss [Abstract] | | | | | | | |
Prior service credit | | | | | | (231) | (228) |
Net actuarial loss (gain) | | | | | | 223 | $ 225 |
Amounts expected to be recognized as components of net periodic costs [Abstract] | | | | | | | |
Prior service credit | | | (27) | | | | |
Net actuarial loss | | | 19 | | | | |
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | | | | | | | |
Effect of one percentage point increase on service and interest cost | | | (1) | | | | |
Effect of one percentage point decrease on service and interest cost | | | 1 | | | | |
Effect of one percentage point increase on postretirement obligation | | | 17 | | | | |
Effect of one percentage point decrease on postretirement obligation | | | $ (13) | | | | |
Estimated future benefit payments and federal subsidy [Abstract] | | | | | | | |
2,016 | | | | | | 10 | |
2,017 | | | | | | 11 | |
2,018 | | | | | | 12 | |
2,019 | | | | | | 13 | |
2,020 | | | | | | 14 | |
2021-2025 | | | | | | $ 98 | |
| |
[1] | Equity securities, which mainly comprise investments in comingled funds, are valued based on quoted prices and are primarily exchange-traded. Securities for which official close or last trade pricing on an active exchange is available are classified as Level 1 investments. If closing prices are not available, securities are valued at the last quoted bid price and typically are categorized as Level 2 investments. | |
[2] | Debt securities: government bonds comprise fixed interest and index linked bonds issued by central governments, and are valued based on quotes received from independent pricing services or from dealers who make markets in such securities. Pricing services utilize pricing which considers readily available inputs such as the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as dealer-supplied prices. Debt securities: government bonds are categorized as Level 2 investments. | |
[3] | Debt securities: corporate bonds comprise bonds issued by corporations and are valued using recently executed transactions, or quoted market prices for similar assets and liabilities in active markets, or for identical assets and liabilities in markets that are not active. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. Debt securities: corporate bonds are categorized as Level 2 investments. | |
[4] | Debt securities: other bonds comprise agency and mortgage-backed securities. These are valued using recently executed transactions and quoted market prices for similar assets and liabilities in active markets, or for identical assets and liabilities in markets that are not active. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. Debt securities: other bonds are categorized as Level 2 investments. | |
[5] | Real estate comprises investments in certain property funds which themselves are valued based on the value of the underlying properties. These properties are valued using a number of standard industry techniques such as cost, discounted cash flows, independent appraisals and market based comparable data. Real estate investments are categorized as Level 3 investments. | |
[6] | Other investments mainly comprise cash and cash equivalents and derivatives. Cash is categorized as a Level 1 investment. Cash equivalents are valued using observable yield curves, discounting and interest rates and are categorized as Level 2 investments. Derivatives which are exchange-traded and for which market quotations are readily available are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market, or exchange on which they are traded, and are categorized as Level 1 investments. Over-the-counter derivatives typically are valued by independent pricing services and are categorized as Level 2 investments. | |