The following tables set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands):



	December 31, 2013		Quoted Prices in Active Markets for Identical Items (Level 1)		Quoted Prices in Active Markets for Similar Items (Level 2)		Unobservable inputs (Level 3)
Assets:
Investments under executive deferred compensation plan ^(a)	$	23,030	$	23,030	$	—	$	—
Equity securities ^(b)	$	771	$	21	$	—	$	750
Foreign currency forward contracts ^(c)	$	161	$	—	$	161	$	—
Pension assets ^(d)	$	616,545	$	482,002	$	10,944	$	123,599
Postretirement assets ^(d)	$	5,620	$	—	$	5,620	$	—

Liabilities:
Obligations under executive deferred compensation plan ^(a)	$	23,030	$	23,030	$	—	$	—



	December 31, 2012		Quoted Prices in Active Markets for Identical Items (Level 1)		Quoted Prices in Active Markets for Similar Items (Level 2)		Unobservable inputs (Level 3)
Assets:
Investments under executive deferred compensation plan ^(a)	$	20,265	$	20,265	$	—	$	—
Equity securities ^(b)	$	25	$	25	$	—	$	—
Foreign currency forward contracts ^(c)	$	262	$	—	$	262	$	—
Pension assets ^(d)	$	563,303	$	247,463	$	245,011	$	70,829
Postretirement assets ^(d)	$	6,611	$	—	$	6,611	$	—

Liabilities:
Obligations under executive deferred compensation plan ^(a)	$	20,265	$	20,265	$	—	$	—
Foreign currency forward contracts ^(c)	$	771	$	—	$	771	$	—

(a)

We maintain an EDCP that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the Trust) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statements of income) and cash and cash equivalents. As such, these assets and obligations are classified within Level 1.

(b)

Primarily consists of private equity securities classified as available-for-sale and are reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other in our consolidated statements of comprehensive income. Holdings in private equity securities are typically valued using the net asset valuations provided by the underlying private investment companies and as such are classified within Level 3.

(c)

As a result of our global operating and financing activities, we are exposed to market risks from changes in foreign currency exchange rates, which may adversely affect our operating results and financial position. When deemed appropriate, we minimize our risks from foreign currency exchange rate fluctuations through the use of derivative financial instruments. The foreign currency forward contracts are valued using broker quotations or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within Level 2.


(d)	See Note 17 “Pension Plans and Other Postretirement Benefits” for further information about fair value measurements of our pension and postretirement plan assets.