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8-K
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form 8-K on 04/07/2016
Entire Document
 
BRIGHT HOUSE NETWORKS, LLC AND SUBSIDARIES
Notes to Consolidated Financial Statements
December 31, 2015, 2014 and 2013


 
2014
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(In thousands)
Equity securities: (a)
 
 
 
 
 
 
 
U.S. companies
$
396

 
39,992

 

 
40,388

Non-U.S. companies

 
50,800

 

 
50,800

Global asset allocation funds (b)
17,521

 
18,365

 

 
35,886

Fixed income, cash and
 
 
 
 
 
 

annuity contracts (c)
13

 
117,097

 

 
117,110

Alternatives (d)

 
11,607

 
21,347

 
32,954

 
 
 
 
 
 
 
 
Total
$
17,930

 
237,861

 
21,347

 
277,138


The following details the assets measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy (note 1):

(a)
Equity securities

Most of the equity securities are held in common/collective trusts, which are public investment fund vehicles valued based on the quoted net asset value (NAV) and are generally classified within Level 2 of the fair value hierarchy. Other equity securities are valued at the closing price reported on the major stock exchange where the individual securities are traded and are generally classified within Level 1 of the fair value hierarchy.

(b)
Global asset allocation funds

Global asset allocation assets generally consist of fixed income and equity securities and are held in registered investment companies and common/collective trusts, where the assets are valued at NAV, and classified as Level 1 and Level 2, respectively, of the fair value hierarchy.

(c)
Fixed income, cash, annuity contracts

Fixed income securities and cash are generally held in common/collective trusts that are benchmarked off a comparable index. The underlying assets are valued at NAV and are classified as Level 2 of the fair value hierarchy. The value of annuity contracts are invested in asset pools consisting of equity and fixed income securities, which are classified as Level 2 of the fair value hierarchy.

(d)
Alternatives

Alternatives primarily include limited partnership investments in hedge funds and private equity funds. Hedge funds are valued based on a quoted NAV and are classified within Levels 2 or 3 of the fair value hierarchy, depending on the level of liquidity and market activity for each investment. The valuation of private equity funds are based on different methodologies including discounted cash flow, direct capitalization, and market comparable analysis and are generally classified as Level 3 of the fair value hierarchy.


 
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