Notes to Financial Statements
December 31, 2013 and 2012
The sponsor of the Brown-Forman Corporation Savings Plan (the
Plan), Brown-Forman Corporation (the Company or the Sponsor), is a diversified producer and marketer of fine quality consumer products in domestic and international markets. The Companys operations include the production, importing, and
marketing of wines and distilled spirits.
The following brief description of the Plan is provided for general information purposes only.
Participants should refer to the plan agreement for more complete information.
General
The Plan is a defined contribution plan covering substantially all salaried employees of the Company as well as salaried and nonunion hourly
employees of the Companys subsidiaries who are not members of a collective bargaining unit, including, effective December 31, 2012, all employees of Sonoma Cutrer Vineyards. An employee becomes eligible to participate in the Plan on their
employment commencement date. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Effective December 31, 2012, the assets of the Brown-Forman Winery Operations Savings Plan (the Winery Plan), including
investments of $5,353,650 and notes receivable of $136,549, merged into the Brown-Forman Corporation Savings Plan. All participant account balances were transferred from the Winery Plan to this Plan. The Winery Plans provisions are consistent
with the Plan. The former Winery Plan participants maintained their vesting schedule after the merger. The merger is reflected on the Statement of Changes in Net Assets Available for Benefits in transfers from Winery Plan.
Effective February 23, 2012, salaried and non-union hourly employees of Magnolia Investments, Inc., a subsidiary of the Company, adopted
this plan for the benefit of its eligible employees.
Contributions
Non-highly compensated employees may contribute to the Plan between 1% and 50% of their annual compensation. For the years ended
December 31, 2013 and 2012, highly compensated employees could contribute between 1% and 16% of their annual compensation. Employee contributions are not to exceed the Section 402(g) Internal Revenue Code (the IRC) limitation for the
calendar year of $17,500 for 2013 and $17,000 for 2012. Newly hired employees, including those at Sonoma Cutner Vineyards, and employees who have not completed a salary reduction form will be automatically enrolled in the Plan at a 5% effective
deferral of their compensation unless they indicate a desire not to make contributions or elect to enroll at a different percentage. New employees may transfer assets from their former employers qualified plans to the Plan.
Eligible participants who have attained age 50 before the close of the plan year may make catch-up contributions in an amount of 1% to 50% of
the employees compensation, subject to the limitations of the IRC.
Participants are eligible to receive the Companys matching
contribution on the employees employment commencement date. The Companys matching contribution is equal to 100% of the participants elective deferral up to 5% of the participants annual compensation.
Each participants account is credited with the participants contribution and an allocation of (i) the Companys matching
contribution on a quarterly basis, and (ii) plan earnings on a daily basis. Allocations are based on the participants contributions and compensation as defined in the Plan. The total annual contributions, as defined by the Internal
Revenue Service and the Plan, credited to a participants account in a plan year may not exceed the lesser of (i) $51,000 or (ii) 100% of the participants compensation in the plan year. Additional maximum limits exist if the
participating employee also participates in a qualified defined benefit plan maintained by the Company.
5
Brown-Forman Corporation Savings Plan
Notes to Financial Statements
December 31, 2013 and
2012
Participants can allocate contributions among various investment options in 1% increments.
The Plan currently offers participants several different investment choices, including mutual funds, a common collective trust fund and Brown-Forman Corporation Class B common stock in the ESOP component of the Plan.
Vesting
Participants are
immediately vested in their employee contributions plus actual earnings thereon. Vesting in the Companys contributions and earnings thereon is 25% per year of continuous service with the Company. Participants will become 100% vested in
their Company contributions account in case of death, normal retirement, or total and permanent disability.
Withdrawals
Upon termination of service, a participant can elect to transfer his vested interest in the Plan to a qualified plan of his new employer, roll
over his funds into an Individual Retirement Account (IRA), or receive his vested interest in the Plan in a lump-sum amount or in the form of installment payments over a period of time not to exceed his life expectancy. Withdrawals of investments in
Brown-Forman Class B common stock may be taken in the form of Brown-Forman Class B common stock or cash. If the vested account balance is $1,000 or less, an automatic lump sum distribution will be made. If the vested account balance is greater than
$1,000 up to $5,000, and the participant does not direct otherwise, it will be rolled over into an IRA with Fidelity Management Trust Company (Fidelity), the trustee and related entity of the recordkeeper as described in the Plan. In the event of
death, the participants beneficiary will receive the vested interest in a lump-sum payment or in the form of an installment payment. A participant may also withdraw their vested interest in the case of financial hardship under guidelines
promulgated by the Internal Revenue Service. The participants contributions shall be suspended for six months after the receipt of a hardship distribution.
Effective January 1, 2013, an In-Service withdrawal provision was added to the Plan to allow those active employees age 59
1
⁄
2
or older to take a distribution from the Plan.
Notes Receivable from Participants
A participant may request permission from the plan administrator to borrow a portion of such participants vested benefit under the Plan.
Loans are limited to the lesser of $50,000 or 50% of the vested account balance. Loans must bear a reasonable rate of interest, be secured by the balance in the participants account, and be repaid within five years. Interest rates are fixed
and are equal to the prime rate plus one percent as determined by the prime rate in effect during the month prior to the loan. Principal and interest are paid ratably through payroll deductions. Participants do not share in the earnings from the
Plans investments to the extent of any outstanding loans, except that the interest paid on such loans is allocated directly to the applicable participants account. The interest rates on outstanding loans ranged from 4.25% to 6.25% at
December 31, 2013 and from 4.25% to 8.5% at December 31, 2012.
6
Brown-Forman Corporation Savings Plan
Notes to Financial Statements
December 31, 2013 and
2012
Forfeited Accounts
Forfeited balances of terminated participants non-vested accounts are used first to reinstate previously forfeited account balances of
re-employed participants, if any, and the remaining amounts are used to reduce Company contributions, as defined in the plan document, or effective January 1, 2011, used to pay administrative expenses of the Plan. The remaining forfeitures, if
any, shall be used to reduce Employer matching contributions. The unused forfeited balances totaled $96,246 and $66,928 at December 31, 2013 and 2012, respectively. No forfeited balances were used in 2013 to reinstate previously forfeited
account balances of re-employed participants, to allocate to eligible participants or to pay administrative expenses. Forfeited amounts of $118,500 were used to reduce Employer matching contributions in 2013.
Employee Stock Ownership Plan
Effective September 1, 2010, the Plan was amended to incorporate a participant directed Employee Stock Ownership Plan (ESOP). The
conversion of the previous Company Stock Fund to an ESOP provides participants the option of having cash dividends payable on shares of Company Class B common stock held in the ESOP either paid directly to the participant in cash or reinvested in
the ESOP.
Transfers (to) from Company Sponsored Plans
The Plan permits the transfer of participant account balances (to) from another Company sponsored plan as participants experience changes in
employment status. As a result, $4,709 of Plan assets were transferred from the Plan to another Company sponsored plan during 2013.
Subsequent Plan Amendments
Subsequent to the Plans year end, certain amendments were made to the Plan documents on June 5, 2014 as follows:
a) Effective January 1, 2014:
|
|
|
Both highly and non-highly compensated employees may elect to defer a portion of compensation which would have been received in the Plan Year, up to 100% of eligible compensation until the 402(g) limit is reached in
that year.
|
|
|
|
Catch-Up contributions will not be deducted from participant compensation until such point in time as the elective deferral 402(g) limit is reached for the year.
|
|
|
|
Effective January 1, 2014, terminated participants who are rehired by the Employer will be subject to the automatic deferral election provisions of the plan.
|
b) Effective August 1, 2014:
|
|
|
A Roth elective deferral account is established for participants who wish to defer all or a portion of their eligible compensation in an after-tax manner.
|
|
|
|
Matching contributions shall be determined by the Company based on payroll periods. A true-up match contribution will also be calculated for active Participants at the close of the Plan Year.
|
In addition to the above, Wells Fargo has been hired as Directed Trustee and Recordkeeper for the Plan replacing Fidelity Investments.
7
Brown-Forman Corporation Savings Plan
Notes to Financial Statements
December 31, 2013 and
2012
2.
|
Summary of Significant Accounting Policies
|
Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of accounting.
Investment Valuation and Income Recognition
The Plans investments are stated at fair value. The Plan defines fair value as the exchange price that would be received for an asset or
paid to transfer a liability (an exit price) in the principal or more advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
Registered Investment Companies (mutual funds)
:
Shares of mutual funds are valued at the net asset value (NAV) of shares held by the Plan at year end based on the quoted market
value of the underlying assets on the last day of the year. These funds are registered with the Securities and Exchange Commission and are deemed to be actively traded.
Common Stock:
The
Brown-Forman Class B Company Stock Fund (ESOP) is comprised of Brown-Forman Corporation Class B Common shares, which are valued at the quoted closing market price. The value of a unit reflects the market value of the underlying Sponsor stock.
Common Collective Trust:
The Plans interest in the Fidelity Managed Income Portfolio (a common collective trust) is valued at the NAV per unit as determined by
the collective trust as of the valuation date, which approximates fair value. The underlying assets primarily consist of fixed income securities or bond funds. They are valued on the basis of the relative interest of each participating investor at
the fair value of the underlying assets. The NAV is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than
the reported NAV. Redemptions made to another investment option by a participant may be made on any business day, provided the exchange is not directed into a competing fund (money market fund or other fixed income funds). Transferred amounts must
be held in a non- competing investment option for 90 days before subsequent transfers to a competing fund can occur. The investment may be subject to redemption restrictions, at the trustees discretion, to the extent it is determined such
actions would disrupt management of the fund. There are no unfunded commitments at December 31, 2013 and 2012.
Investment contracts
held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to
fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Plan invests in investment contracts through a common
collective trust. Contract value represents contributions and reinvested income, less any withdrawals plus accrued interest. Fair value represents the net asset value of the underlying assets of the common collective trust. As required, the
statement of net assets available for benefits presents the fair value of the investment in the collective trust as well as the adjustment of the investment in the collective trust from fair value to contract value relating to the investment
contracts. The statement of changes in net assets available for benefits is prepared on a contract value basis.
8
Brown-Forman Corporation Savings Plan
Notes to Financial Statements
December 31, 2013 and
2012
Certain events could limit the ability of the Plan to transact at contract value with the
financial institution issuers. Specifically, withdrawals or investment exchanges prompted by an employer-initiated event, such as withdrawals resulting from the sale of a division of the Plan Sponsor of a participating Plan, a corporate layoff or
early retirement program, change(s) in the investment options of a participating Plan, or termination or partial termination of a participating Plan, may be paid at fair value, which may be less than contract value, or may be subject to a contract
charge or penalty.
Money Market Fund:
The Plans interest in the Retirement Money Market Portfolio (money market fund) is valued at the net asset value per unit as determined
by the collective trust as of the valuation date, which approximates fair value. The Retirement Money Market Portfolio is a fund of the Fidelity Money Market Trust (the Trust) and is authorized to issue a number of shares. The Trust is
registered under the Investment Company Act of 1940 as an open ended management investment company. There are no unfunded commitments with respect to this investment; however, the investment may be subject to redemption restrictions, at the
trustees discretion, to the extent it is determined such actions would disrupt management of the fund.
The Plan presents in the
accompanying statement of changes in net assets available for benefits the net appreciation or depreciation in the value of its investments which consists of the realized gains or losses, the unrealized appreciation or depreciation on those
investments, and capital gain distributions.
Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded
on the ex-dividend date. Interest income is recorded on the accrual basis.
Notes Receivable from Participants
Notes receivable from participants are valued at the outstanding principal balance plus accrued interest. Interest income is recorded on the
accrual basis. No allowance for credit losses has been recorded as of December 31, 2013 or 2012. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan
balance is reduced and a distribution is recorded.
Recent Accounting Pronouncements
In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, which provides additional disclosure
requirements for offsetting and related arrangements. These additional requirements became effective for the year ended December 31, 2013 and did not have an impact on the Plans financial statements.
Management Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and disclosure of contingent
assets and liabilities at the dates of the financial statements and the reported amounts of additions to and deductions from net assets during the reporting period. Actual results could differ from those estimates.
9
Brown-Forman Corporation Savings Plan
Notes to Financial Statements
December 31, 2013 and
2012
Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit
risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect
participants account balances and the amounts reported in the statement of net assets available for benefits.
Payment of
Benefits
Benefits are recorded when paid.
Administrative Expenses
Investment management fees, record keeping fees and other reasonable administrative expenses are charged to and paid for by the Plan. All other
administrative expenses of the Plan are paid for by the Company, except for certain fees that are paid by the participants.
Subsequent
Events
Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are
issued. Management has reviewed events occurring through the date the financial statements were available to be issued and no subsequent events occurred requiring accrual or disclosure that are not otherwise disclosed herein.
The Plans investments are held by a custodian trust company. The
following table presents the fair value of investments that represent 5% or more of Plan net assets at one or both year ends separately identified.
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
December 31, 2012
|
|
|
|
Number of
Shares, Units
or Principal
Amount
|
|
|
Fair value
|
|
|
Number of
Shares, Units
or Principal
Amount
|
|
|
Fair value
|
|
Investments at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fidelity Money Market Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Money Market Portfolio
|
|
|
23,839,417
|
|
|
$
|
23,839,417
|
|
|
|
25,488,181
|
|
|
$
|
25,488,181
|
|
Fidelity Growth Company Fund
|
|
|
719,165
|
|
|
|
86,091,217
|
|
|
|
663,724
|
|
|
|
61,912,133
|
|
Brown-Forman Corporation Class B Common Stock
|
|
|
781,500
|
|
|
|
59,057,976
|
|
|
|
768,687
|
|
|
|
48,619,437
|
|
Fidelity Diversified International Fund/K
|
|
|
751,982
|
|
|
|
27,703,015
|
|
|
|
715,963
|
|
|
|
21,400,128
|
|
PIMCO Total Return Fund
|
|
|
2,284,559
|
|
|
|
24,421,932
|
|
|
|
2,693,267
|
|
|
|
30,272,325
|
|
MFS Value Fund R4
|
|
|
970,354
|
|
|
|
32,215,747
|
|
|
|
916,405
|
|
|
|
23,230,875
|
|
Other investments individually less than 5%
|
|
|
17,614,412
|
|
|
|
151,250,092
|
|
|
|
19,177,429
|
|
|
|
115,119,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
404,579,396
|
|
|
|
|
|
|
$
|
326,042,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
Brown-Forman Corporation Savings Plan
Notes to Financial Statements
December 31, 2013 and
2012
During 2013, the Plans investments, including gains on investments bought and sold, as
well as held during the year, appreciated in value as follows:
|
|
|
|
|
Mutual funds
|
|
$
|
60,844,282
|
|
Brown-Forman Corporation Class B common stock
|
|
|
9,602,178
|
|
|
|
|
|
|
|
|
$
|
70,446,460
|
|
|
|
|
|
|
The Internal Revenue Service has determined, and informed the Company by a
letter dated September 17, 2013, that the Plan and related trust are designed in accordance with the applicable sections of the IRC. The Plan has been amended since receiving the determination letter. However, the Plan administrator believes
that the Plan is designed and is currently being operated in compliance with the applicable provisions of the IRC.
Accounting principles
generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be
sustained upon examination by the Internal Revenue Service. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2013, there are no uncertain positions taken or expected to be taken
that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan
administrator believes it is no longer subject to income tax examinations for years prior to 2010.
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts.
6.
|
Related Party Transactions
|
Certain Plan investments are shares of mutual funds managed
by Fidelity. Fidelity is the trustee as described in the Plan and, therefore, these transactions qualify as party-in-interest transactions.
Certain administrative costs incurred by the Plan are paid by the Sponsor. Recordkeeping fees incurred by the Plan are paid through a revenue
credit program. Income received from the revenue credit program is reported as other income on the Statement of Changes in Net Assets Available for Benefits. In addition, other administrative services are provided by the Sponsor but not charged to
the Plan. Administrative expenses totaled $126,078 in 2013.
During the current year, participants for the Plan were eligible to invest in
Brown-Forman Class B common stock through the ESOP. Purchases and sales of $10,373,706 and 9,537,346 during 2013 and $14,837,562 and $9,597,732 during 2012, respectively, of Brown-Forman Corporation Class B common stock were made from the ESOP by
the Plan.
7.
|
Fair Value Measurements
|
The fair values of assets and liabilities are categorized into
three levels based upon the assumptions (inputs) used to determine those values. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment.
11
Brown-Forman Corporation Savings Plan
Notes to Financial Statements
December 31, 2013 and
2012
Valuation techniques used to measure fair value must maximize the use of observable inputs
and minimize the use of unobservable inputs. A description of the valuation methodologies used for assets measured at fair value is included in Note 2. Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three
levels of the fair value hierarchy are described as follows:
Level 1 Quoted prices in active markets for identical assets. The
Plans investments with active markets include its investment in Brown-Forman Corporation Class B common stock, as well as its investments in mutual funds which are reported at fair value utilizing Level 1 inputs. For these investments, quoted
current market prices are readily available.
Level 2 Inputs other than Level 1 that are observable, either directly or indirectly,
such as quoted prices for similar assets in active markets; quoted prices for identical or similar assets in markets that are not active; or inputs other than quoted prices that are observable, or that are derived principally from or corroborated by
observable market data by correlation or other means for substantially the full term of the assets. The Plan has concluded that the investments in the common collective trust and money market fund represent a Level 2 valuation.
Level 3 Unobservable inputs (i.e. projections, estimates, interpretations, etc.) that are supported by little or no market activity and
that are significant to the fair value of the assets. There are no investments in the Plan that represent a level 3 valuation.
There have
been no changes in the valuation methodologies used at December 31, 2013 and 2012. The following table represents the Plans fair value hierarchy for its financial assets measured at fair value on a recurring basis as of December 31,
2013:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2013
|
|
|
|
Total
|
|
|
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
|
|
|
Significant Other
Observable
Inputs (Level 2)
|
|
|
Significant
Unobservable
Inputs (Level 3)
|
|
Mutual funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large cap
|
|
$
|
146,738,596
|
|
|
$
|
146,738,596
|
|
|
$
|
|
|
|
$
|
|
|
Mid cap
|
|
|
42,307,780
|
|
|
|
42,307,780
|
|
|
|
|
|
|
|
|
|
Small cap
|
|
|
6,488,950
|
|
|
|
6,488,950
|
|
|
|
|
|
|
|
|
|
International
|
|
|
30,747,071
|
|
|
|
30,747,071
|
|
|
|
|
|
|
|
|
|
Blended fund
|
|
|
56,920,305
|
|
|
|
56,920,305
|
|
|
|
|
|
|
|
|
|
Income
|
|
|
25,963,763
|
|
|
|
25,963,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mutual funds
|
|
|
309,166,465
|
|
|
|
309,166,465
|
|
|
|
|
|
|
|
|
|
Brown-Forman Corporation Class B common stock
|
|
|
59,060,051
|
|
|
|
59,060,051
|
|
|
|
|
|
|
|
|
|
Money market fund
|
|
|
23,839,417
|
|
|
|
|
|
|
|
23,839,417
|
|
|
|
|
|
Common collective trust fund
|
|
|
12,513,463
|
|
|
|
|
|
|
|
12,513,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
404,579,396
|
|
|
$
|
368,226,516
|
|
|
$
|
36,352,880
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
Brown-Forman Corporation Savings Plan
Notes to Financial Statements
December 31, 2013 and
2012
The following table represents the Plans fair value hierarchy for its financial assets
measured at fair value on a recurring basis as of December 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2012
|
|
|
|
Total
|
|
|
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
|
|
|
Significant Other
Observable
Inputs (Level 2)
|
|
|
Significant
Unobservable
Inputs (Level 3)
|
|
Mutual funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large cap
|
|
$
|
105,122,477
|
|
|
$
|
105,122,477
|
|
|
$
|
|
|
|
$
|
|
|
Mid cap
|
|
|
27,531,286
|
|
|
|
27,531,286
|
|
|
|
|
|
|
|
|
|
Small cap
|
|
|
6,735,678
|
|
|
|
6,735,678
|
|
|
|
|
|
|
|
|
|
International
|
|
|
23,234,733
|
|
|
|
23,234,733
|
|
|
|
|
|
|
|
|
|
Blended fund
|
|
|
44,307,674
|
|
|
|
44,307,674
|
|
|
|
|
|
|
|
|
|
Income
|
|
|
30,272,325
|
|
|
|
30,272,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mutual funds
|
|
|
237,204,173
|
|
|
|
237,204,173
|
|
|
|
|
|
|
|
|
|
Brown-Forman Corporation Class B common stock
|
|
|
48,620,165
|
|
|
|
48,620,165
|
|
|
|
|
|
|
|
|
|
Money market fund
|
|
|
25,488,181
|
|
|
|
|
|
|
|
25,488,181
|
|
|
|
|
|
Common collective trust fund
|
|
|
14,730,151
|
|
|
|
|
|
|
|
14,730,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
326,042,670
|
|
|
$
|
285,824,338
|
|
|
$
|
40,218,332
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no transfers between levels during 2013 and 2012.
13
Supplemental Schedule