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Pension Plans (Tables) | 12 Months Ended
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Dec. 28, 2013
Summary of Change in Benefit Obligation |
(Amounts in millions) |  | 2013 |  |  | 2012 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 1,229.3 |  |  | $ | 1,169.7 |
Service cost |  |  | 20.3 |  |  |  | 21.1 |
Interest cost |  |  | 51.4 |  |  |  | 52.0 |
Plan participants’ contributions |  |  | 1.2 |  |  |  | 1.3 |
Plan settlements |  |  | – |  |  |  | (13.6) |
Plan curtailments |  |  | (0.1) |  |  |  | (0.1) |
Benefits paid |  |  | (59.5) |  |  |  | (55.8) |
Plan amendments |  |  | (0.5) |  |  |  | (10.2) |
Actuarial (gain) loss |  |  | (88.9) |  |  |  | 57.9 |
Foreign currency impact |  |  | (0.9) |  |  |  | 7.0 |
Benefit obligation at end of year |  | $ | 1,152.3 |  |  | $ | 1,229.3 |
Summary of Change in Fair Value of Plan Assets |
|  | 2013 |  |  | 2012 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 964.0 |  |  | $ | 846.1 |
Actual return on plan assets |  |  | 75.1 |  |  |  | 94.3 |
Plan participants’ contributions |  |  | 1.2 |  |  |  | 1.3 |
Employer contributions |  |  | 35.3 |  |  |  | 87.5 |
Benefits paid |  |  | (59.5) |  |  |  | (55.8) |
Plan settlements |  |  | – |  |  |  | (13.6) |
Foreign currency impact |  |  | (0.7) |  |  |  | 4.2 |
Fair value of plan assets at end of year |  | $ | 1,015.4 |  |  | $ | 964.0 |
Unfunded status at end of year |  | $ | (136.9) |  |  | $ | (265.3) |
Summary of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets as of 2013 and 2012 year end are as follows:
(Amounts in millions) |  | 2013 |  |  | 2012 |
Other assets |  | $ | 3.7 |  |  | $ | – |
Accrued benefits |  |  | (4.8) |  |  |  | (4.6) |
Pension liabilities |  |  | (135.8) |  |  |  | (260.7) |
Net liability |  | $ | (136.9) |  |  | $ | (265.3) |
Summary of Amounts Included in Accumulated Other Comprehensive Income (Loss) | Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2013 and 2012 year end are as follows:
(Amounts in millions) |  | 2013 |  |  | 2012 |
Net loss, net of tax of $96.5 million and $147.1 million, respectively |  | $ | (175.4) |  |  | $ | (260.4) |
Prior service credit, net of tax of $2.3 million and $2.5 million, respectively |  |  | 4.0 |  |  |  | 4.0 |
|  | $ | (171.4) |  |  | $ | (256.4) |
Summary of Benefit Obligations in Excess of Fair Value of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for Snap-on’s pension plans in which the accumulated benefit obligation exceeds the fair value of plan assets as of 2013 and 2012 year end are as follows:
(Amounts in millions) |  | 2013 |  |  | 2012 |
Projected benefit obligation |  | $ | 1,010.7 |  |  | $ | 1,229.3 |
Accumulated benefit obligation |  |  | 979.5 |  |  |  | 1,170.6 |
Fair value of plan assets |  |  | 875.5 |  |  |  | 964.0 |
Summary of Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss) | The components of net periodic benefit cost and changes recognized in “Other comprehensive income (loss)” (“OCI”) are as follows:
(Amounts in millions) |  | 2013 |  |  | 2012 |  |  | 2011 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 20.3 |  |  | $ | 21.1 |  |  | $ | 19.1 |
Interest cost |  |  | 51.4 |  |  |  | 52.0 |  |  |  | 53.9 |
Expected return on plan assets |  |  | (70.5) |  |  |  | (66.6) |  |  |  | (58.7) |
Amortization of unrecognized loss |  |  | 41.4 |  |  |  | 41.4 |  |  |  | 31.1 |
Amortization of prior service (credit) cost |  |  | (0.7) |  |  |  | 1.2 |  |  |  | 1.1 |
Settlement loss recognized |  |  | – |  |  |  | 6.8 |  |  |  | – |
Net periodic benefit cost |  | $ | 41.9 |  |  | $ | 55.9 |  |  | $ | 46.5 |
Changes in benefit obligations recognized in OCI, net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit |  | $ | – |  |  | $ | (7.0) |  |  | $ | (0.2) |
Net (gain) loss |  |  | (85.0) |  |  |  | (7.6) |  |  |  | 61.1 |
Total recognized in OCI |  | $ | (85.0) |  |  | $ | (14.6) |  |  | $ | 60.9 |
Summary of Amounts in Accumulated OCI to be Amortized Over Next Fiscal Year | Amounts in Accumulated OCI that are expected to be amortized as net expense into net periodic benefit cost during 2014 are as follows:
(Amounts in millions) |  | Amount |
Amortization of prior service credit |  | $ | (0.8) |
Amortization of unrecognized loss |  |  | 21.8 |
Total to be recognized in net periodic benefit cost |  | $ | 21.0 |
Summary of Weighted-Average Assumption Used to Determine Full-Year Pension Costs | The worldwide weighted-average assumptions used to determine Snap-on’s full-year pension costs are as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 4.3% |  |  |  | 4.5% |  |  |  | 5.3% |
Expected long-term rate of return on plan assets |  |  | 7.6% |  |  |  | 7.7% |  |  |  | 7.8% |
Rate of compensation increase |  |  | 3.6% |  |  |  | 3.6% |  |  |  | 3.6% |
Summary of Weighted-Average Assumptions Used to Determine Projected Benefit Obligation | The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2013 and 2012 year end are as follows:
|  | 2013 |  |  | 2012 |
Discount rate |  |  | 5.1% |  |  |  | 4.3% |
Rate of compensation increase |  |  | 3.6% |  |  |  | 3.6% |
Summary of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(Amounts in millions) |  | Amount |
Year: |  |  |  |
2014 |  | $ | 66.1 |
2015 |  |  | 68.7 |
2016 |  |  | 70.6 |
2017 |  |  | 73.5 |
2018 |  |  | 75.2 |
2019-2023 |  |  | 406.7 |
Domestic Pension Plans [Member] |
Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value | Snap-on’s domestic pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2013 and 2012 year end are as follows:
|  | Target |  |  | 2013 |  |  | 2012 |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 50% |  |  |  | 51% |  |  |  | 48% |
Debt securities and cash |  |  | 35% |  |  |  | 34% |  |  |  | 37% |
Real estate and other real assets |  |  | 5% |  |  |  | 4% |  |  |  | 6% |
Hedge funds |  |  | 10% |  |  |  | 11% |  |  |  | 9% |
Total |  |  | 100% |  |  |  | 100% |  |  |  | 100% |
Fair value of plan assets (Amounts in millions) |  |  |  |  |  | $ | 863.4 |  |  | $ | 830.6 |
Summary of Fair Value by Asset Category and Level Within Fair Value Hierarchy | The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2013 year end:
|  | Quoted Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
(Amounts in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 18.0 |  |  | $ | – |  |  | $ | – |  |  | $ | 18.0 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | 59.9 |  |  |  | – |  |  |  | – |  |  |  | 59.9 |
Foreign |  |  | 65.4 |  |  |  | – |  |  |  | – |  |  |  | 65.4 |
Commingled funds – domestic |  |  | – |  |  |  | 162.6 |  |  |  | – |  |  |  | 162.6 |
Commingled funds – foreign |  |  | – |  |  |  | 105.5 |  |  |  | – |  |  |  | 105.5 |
Private equity partnerships |  |  | – |  |  |  | – |  |  |  | 49.4 |  |  |  | 49.4 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  |  | 110.8 |  |  |  | – |  |  |  | – |  |  |  | 110.8 |
Corporate bonds |  |  | – |  |  |  | 166.1 |  |  |  | – |  |  |  | 166.1 |
Real estate and other real assets |  |  | – |  |  |  | – |  |  |  | 35.4 |  |  |  | 35.4 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 90.3 |  |  |  | 90.3 |
Total |  | $ | 254.1 |  |  | $ | 434.2 |  |  | $ | 175.1 |  |  | $ | 863.4 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2012 year end:
|  | Quoted Prices for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
(Amounts in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 25.5 |  |  | $ | – |  |  | $ | – |  |  | $ | 25.5 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | 45.1 |  |  |  | – |  |  |  | – |  |  |  | 45.1 |
Foreign |  |  | 63.4 |  |  |  | – |  |  |  | – |  |  |  | 63.4 |
Commingled funds – domestic |  |  | – |  |  |  | 140.2 |  |  |  | – |  |  |  | 140.2 |
Commingled funds – foreign |  |  | – |  |  |  | 96.8 |  |  |  | – |  |  |  | 96.8 |
Private equity partnerships |  |  | – |  |  |  | – |  |  |  | 49.6 |  |  |  | 49.6 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  |  | 91.9 |  |  |  | – |  |  |  | – |  |  |  | 91.9 |
Corporate bonds |  |  | – |  |  |  | 192.5 |  |  |  | – |  |  |  | 192.5 |
Real estate and other real assets |  |  | 11.6 |  |  |  | – |  |  |  | 39.0 |  |  |  | 50.6 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 75.0 |  |  |  | 75.0 |
Total |  | $ | 237.5 |  |  | $ | 429.5 |  |  | $ | 163.6 |  |  | $ | 830.6 |
Summary of Changes in Fair Value of Assets with Level 3 Inputs | The following is a summary of the fiscal 2013 changes in fair value of the domestic plans’ assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |  |  | Private Equity Partnerships |  |  | Real Estate and Other Real Assets |  |  | Total |
Balance as of 2012 year end |  | $ | 75.0 |  |  | $ | 49.6 |  |  | $ | 39.0 |  |  | $ | 163.6 |
Realized (losses) gains on assets sold |  |  | (1.5) |  |  |  | 5.4 |  |  |  | 0.1 |  |  |  | 4.0 |
Unrealized gains attributable to assets held |  |  | 13.4 |  |  |  | 1.6 |  |  |  | 0.6 |  |  |  | 15.6 |
Net purchases and settlements |  |  | 3.4 |  |  |  | (7.2) |  |  |  | (4.3) |  |  |  | (8.1) |
Balance as of 2013 year end |  | $ | 90.3 |  |  | $ | 49.4 |  |  | $ | 35.4 |  |  | $ | 175.1 |
The following is a summary of the fiscal 2012 changes in fair value of the domestic plans’ assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |  |  | Private Equity Partnerships |  |  | Real Estate and Other Real Assets |  |  | Total |
Balance as of 2011 year end |  | $ | 68.6 |  |  | $ | 49.9 |  |  | $ | 33.9 |  |  | $ | 152.4 |
Realized gains on assets sold |  |  | 1.0 |  |  |  | 4.0 |  |  |  | 0.2 |  |  |  | 5.2 |
Unrealized gains (losses) attributable to assets held |  |  | 5.0 |  |  |  | (5.1) |  |  |  | 3.4 |  |  |  | 3.3 |
Net purchases and settlements |  |  | 0.4 |  |  |  | 0.8 |  |  |  | 1.5 |  |  |  | 2.7 |
Balance as of 2012 year end |  | $ | 75.0 |  |  | $ | 49.6 |  |  | $ | 39.0 |  |  | $ | 163.6 |
Foreign Pension Plans [Member] |
Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value | Snap-on’s foreign pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2013 and 2012 year end are as follows:
|  | Target |  |  | 2013 |  |  | 2012 |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities* |  |  | 36% |  |  |  | 37% |  |  |  | 35% |
Debt securities and cash* |  |  | 44% |  |  |  | 44% |  |  |  | 47% |
Insurance contracts and hedge funds |  |  | 20% |  |  |  | 19% |  |  |  | 18% |
Total |  |  | 100% |  |  |  | 100% |  |  |  | 100% |
Fair value of plan assets (Amounts in millions) |  |  |  |  |  | $ | 152.0 |  |  | $ | 133.4 |
* | Includes commingled funds – multi-strategy
Summary of Fair Value by Asset Category and Level Within Fair Value Hierarchy | The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2013 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.8 |  |  | $ | – |  |  | $ | – |  |  | $ | 0.8 |
Commingled funds – multi-strategy |  |  | – |  |  |  | 122.4 |  |  |  | – |  |  |  | 122.4 |
Insurance contracts |  |  | – |  |  |  | 4.0 |  |  |  | – |  |  |  | 4.0 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 24.8 |  |  |  | 24.8 |
Total |  | $ | 0.8 |  |  | $ | 126.4 |  |  | $ | 24.8 |  |  | $ | 152.0 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2012 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3.9 |  |  | $ | – |  |  | $ | – |  |  | $ | 3.9 |
Equity securities |  |  | 11.6 |  |  |  | – |  |  |  | – |  |  |  | 11.6 |
Commingled funds – multi-strategy |  |  | – |  |  |  | 94.1 |  |  |  | – |  |  |  | 94.1 |
Insurance contracts |  |  | – |  |  |  | 3.8 |  |  |  | – |  |  |  | 3.8 |
Hedge funds |  |  | – |  |  |  | – |  |  |  | 20.0 |  |  |  | 20.0 |
Total |  | $ | 15.5 |  |  | $ | 97.9 |  |  | $ | 20.0 |  |  | $ | 133.4 |
Summary of Changes in Fair Value of Assets with Level 3 Inputs | The following is a summary of the fiscal 2013 changes in fair value of the foreign plans’ assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |
Balance as of 2012 year end |  | $ | 20.0 |
Unrealized gains attributable to assets held |  |  | 1.5 |
Net purchases and settlements |  |  | 3.3 |
Balance as of 2013 year end |  | $ | 24.8 |
The following is a summary of the fiscal 2012 changes in fair value of the foreign plans’ assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |
Balance as of 2011 year end |  | $ | 16.5 |
Unrealized gains attributable to assets held |  |  | 2.0 |
Net purchases and settlements |  |  | 1.5 |
Balance as of 2012 year end |  | $ | 20.0 |
Other Postretirement Benefit Plans, Defined Benefit [Member] |
Summary of Change in Benefit Obligation | The status of Snap-on’s U.S. postretirement health care plans is as follows:
(Amounts in millions) |  | 2013 |  |  | 2012 |
Change in accumulated postretirement benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 69.0 |  |  | $ | 72.8 |
Service cost |  |  | 0.1 |  |  |  | 0.2 |
Interest cost |  |  | 2.2 |  |  |  | 2.6 |
Plan participants’ contributions |  |  | 1.2 |  |  |  | 1.4 |
Benefits paid |  |  | (6.8) |  |  |  | (6.8) |
Actuarial gain |  |  | (4.2) |  |  |  | (1.2) |
Benefit obligation at end of year |  | $ | 61.5 |  |  | $ | 69.0 |
Summary of Change in Fair Value of Plan Assets |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 15.1 |  |  | $ | 13.5 |
Plan participants’ contributions |  |  | 1.2 |  |  |  | 1.4 |
Employer contributions |  |  | 3.0 |  |  |  | 5.3 |
Actual return on VEBA plan assets |  |  | 2.5 |  |  |  | 1.7 |
Benefits paid |  |  | (6.8) |  |  |  | (6.8) |
Fair value of plan assets at end of year |  | $ | 15.0 |  |  | $ | 15.1 |
Unfunded status at end of year |  | $ | (46.5) |  |  | $ | (53.9) |
Summary of Amounts Recognized in Consolidated Balance Sheets |
Amounts recognized in the Consolidated Balance Sheets as of 2013 and 2012 year end are as follows: |
(Amounts in millions) |  | 2013 |  |  | 2012 |
Accrued benefits |  | $ | (4.8) |  |  | $ | (5.5) |
Retiree health care benefits |  |  | (41.7) |  |  |  | (48.4) |
Net liability |  | $ | (46.5) |  |  | $ | (53.9) |
Summary of Amounts Included in Accumulated Other Comprehensive Income (Loss) | Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2013 and 2012 year end are as follows:
(Amounts in millions) |  | 2013 |  |  | 2012 |  |  |  |
Net gain, net of tax of $2.6 million and $0.5 million, respectively |  | $ | 4.2 |  |  | $ | 0.8 |  |  |  |
Summary of Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss) |
The components of net periodic benefit cost and changes recognized in OCI are as follows: |
(Amounts in millions) |  | 2013 |  |  | 2012 |  |  | 2011 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Interest cost |  |  | 2.2 |  |  |  | 2.6 |  |  |  | 3.3 |
Expected return on plan assets |  |  | (1.1) |  |  |  | (1.0) |  |  |  | (1.0) |
Net periodic benefit cost |  | $ | 1.2 |  |  | $ | 1.8 |  |  | $ | 2.5 |
Changes in benefit obligations recognized in OCI, net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Net gain |  | $ | (3.4) |  |  | $ | (1.2) |  |  | $ | (3.0)
Summary of Weighted-Average Assumption Used to Determine Full-Year Pension Costs | The weighted-average discount rates used to determine Snap-on’s postretirement health care expense are as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 3.2% |  |  |  | 3.8% |  |  |  | 4.3%
Summary of Weighted-Average Assumptions Used to Determine Projected Benefit Obligation |
The weighted-average discount rates used to determine Snap-on’s accumulated benefit obligation are as follows: |
|  | 2013 |  |  | 2012 |  |  |  |
Discount rate |  |  | 4.2% |  |  |  | 3.2% |  |  |  |
Summary of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(Amounts in millions) |  | Amount |
Year: |  |  |  |
2014 |  | $ | 6.2 |
2015 |  |  | 6.4 |
2016 |  |  | 6.6 |
2017 |  |  | 6.7 |
2018 |  |  | 6.8 |
2019-2023 |  |  | 27.5 |
Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value | Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation as of 2013 and 2012 year end, by asset category and fair value of plan assets, are as follows:
|  | Target |  |  | 2013 |  |  | 2012 |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 56% |  |  |  | 57% |  |  |  | 56% |
Hedge funds |  |  | 24% |  |  |  | 24% |  |  |  | 21% |
Debt securities and cash |  |  | 14% |  |  |  | 13% |  |  |  | 15% |
Real estate and other real assets |  |  | 6% |  |  |  | 6% |  |  |  | 8% |
Total |  |  | 100% |  |  |  | 100% |  |  |  | 100% |
Fair value of plan assets (Amounts in millions) |  |  |  |  |  | $ | 15.0 |  |  | $ | 15.1 |
Summary of Fair Value by Asset Category and Level Within Fair Value Hierarchy | The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA assets as of 2013 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.1 |  |  | $ | – |  |  | $ | 0.1 |
Equity securities |  |  | 8.6 |  |  |  | – |  |  |  | 8.6 |
Hedge funds |  |  | – |  |  |  | 3.6 |  |  |  | 3.6 |
Debt securities |  |  | 1.9 |  |  |  | – |  |  |  | 1.9 |
Real estate and other real assets |  |  | 0.8 |  |  |  | – |  |  |  | 0.8 |
Total |  | $ | 11.4 |  |  | $ | 3.6 |  |  | $ | 15.0 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA assets as of 2012 year end: |
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.1 |  |  | $ | – |  |  | $ | 0.1 |
Equity securities |  |  | 8.5 |  |  |  | – |  |  |  | 8.5 |
Hedge funds |  |  | – |  |  |  | 3.2 |  |  |  | 3.2 |
Debt securities |  |  | 2.1 |  |  |  | – |  |  |  | 2.1 |
Real estate and other real assets |  |  | 1.2 |  |  |  | – |  |  |  | 1.2 |
Total |  | $ | 11.9 |  |  | $ | 3.2 |  |  | $ | 15.1 |
Summary of Changes in Fair Value of Assets with Level 3 Inputs | The following is a summary of the fiscal 2013 changes in fair value of the VEBA plan assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |  |  |  |
Balance as of 2012 year end |  | $ | 3.2 |  |
Unrealized gains attributable to assets held |  |  | 0.4 |  |
Balance as of 2013 year end |  | $ | 3.6 |  |
The following is a summary of the fiscal 2012 changes in fair value of the VEBA plan assets with Level 3 inputs:
(Amounts in millions) |  | Hedge Funds |
Balance as of 2011 year end |  | $ | 3.0 |
Unrealized gains attributable to assets held |  |  | 0.2 |
Balance as of 2012 year end |  | $ | 3.2 |

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