DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
Corporate pension
Retirement Benefit Accumulation Plan for Employees of Pwc
Corporate pensionTampa, FL
Assets
$1.9B
Total assets, Jun 30, 2025 reported
Funded
80.8%
Jul 1, 2024
Private markets target
n/a
policy Jun 30, 2025
Commitments
56
2 managers on Schedule C
Plan sponsor: PWC US Group LLP
Allocation policy
Form 5500, as of Jun 30, 2025
Actual allocation lines without a target (as filed)
- Non-interest-bearing cash 0.0%
- U.S. Government securities 2.2%
- Common/collective trusts 70.3%
- Master trust investment accounts 8.7%
- Registered investment companies 18.7%
Consultants and advisers
4 firms
- State Street Global Advisors Custodianthrough Jun 30, 2025 Form 5500
- PWC US Consulting LLP Actuarythrough Jun 30, 2024 Form 5500
- Bank of New York Mellon Custodianthrough Jun 30, 2023 Form 5500
- PWC US Tax LLP Actuarythrough Jun 30, 2023 Form 5500
People
No investment staff or executives have been read for this allocator yet.
Manager roster
5 managers on the commitment tape
From the plan’s own commitment disclosures
- State Street Gbl Equity36 rows, latest Jun 30, 2025
- Northern Trust Collective Eafe Inde15 rows, latest Jun 30, 2025
- State Street Global Advisors Trust2 rows, latest Jun 30, 2025
- Ubs2 rows, latest Jun 30, 2024
- State Street - Russell 20001 rows, latest Jun 30, 2024
From Schedule C (investment management, code 28)
- Bank of New York Mellonplan years 2025
- USI Consulting Groupplan years 2025
- AON Investments USA Incplan years 2023
- SEI Investment Companyplan years 2023
- Northern Trust Co.plan years 2023
- Morningstar, Inc.plan years 2023
Commitments
56 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| as of Jun 30, 2025 | NT Collective Short Term Investmentcollective trust | Northern Trust Collective Eafe Inde | Cash | $191M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | Northern Trust Eafe Indexcollective trust | Northern Trust Collective Eafe Inde | Pooled vehicles | $74.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | NT Collective S&p 500 Index Nlcollective trust | Northern Trust Collective Eafe Inde | Pooled vehicles | $714M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | NT Collective Extended Equity Indexcollective trust | Northern Trust Collective Eafe Inde | Public equity | $106M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2025collective trust | State Street Gbl Equity | Pooled vehicles | $18.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2030collective trust | State Street Gbl Equity | Pooled vehicles | $87.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2035collective trust | State Street Gbl Equity | Pooled vehicles | $38.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2040collective trust | State Street Gbl Equity | Pooled vehicles | $68.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2045collective trust | State Street Gbl Equity | Pooled vehicles | $16.8M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2050collective trust | State Street Gbl Equity | Pooled vehicles | $13.3M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2055collective trust | State Street Gbl Equity | Pooled vehicles | $1.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2060collective trust | State Street Gbl Equity | Pooled vehicles | $3.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2065collective trust | State Street Gbl Equity | Pooled vehicles | $1.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement 2070collective trust | State Street Gbl Equity | Pooled vehicles | $559,386 held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | State Street Target Retirement Incocollective trust | State Street Gbl Equity | Pooled vehicles | $21.8M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2025 | Ssga US Bond Indexcollective trust | State Street Global Advisors Trust | Fixed income | $4.3M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | NT Collective S&p 500 Index Nlcollective trust | Northern Trust Collective Eafe Inde | Pooled vehicles | $691M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | NT Collective Short Term Investmentcollective trust | Northern Trust Collective Eafe Inde | Cash | $196M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | Northern Trust Eafe Indexcollective trust | Northern Trust Collective Eafe Inde | Pooled vehicles | $70.6M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | UBS Trumbull Diversified Propertycollective trust | Ubs | Real estate | $1.0M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Real Asset Non-Lendingcollective trust | State Street Gbl Equity | Real assets | $9.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2020collective trust | State Street Gbl Equity | Pooled vehicles | $19.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2025collective trust | State Street Gbl Equity | Pooled vehicles | $17.9M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2030collective trust | State Street Gbl Equity | Pooled vehicles | $90.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2035collective trust | State Street Gbl Equity | Pooled vehicles | $32.0M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2040collective trust | State Street Gbl Equity | Pooled vehicles | $56.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2045collective trust | State Street Gbl Equity | Pooled vehicles | $11.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2050collective trust | State Street Gbl Equity | Pooled vehicles | $11.0M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2055collective trust | State Street Gbl Equity | Pooled vehicles | $1.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2060collective trust | State Street Gbl Equity | Pooled vehicles | $4.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement 2065collective trust | State Street Gbl Equity | Pooled vehicles | $1.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | State Street Target Retirement Incocollective trust | State Street Gbl Equity | Pooled vehicles | $11.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | NT Collective Extended Equity Indexcollective trust | Northern Trust Collective Eafe Inde | Public equity | $104M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | Ssga All Cap Equity Index Securitiecollective trust | State Street Gbl Equity | Public equity | $95.3M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | U.S. Long Govt Bond Index Sec Lendcollective trust | State Street - Russell 2000 | Fixed income | $13.9M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2024 | Ssga US Bond Indexcollective trust | State Street Global Advisors Trust | Fixed income | $2.0M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | Northern Trust Emerging Marketscollective trust | Northern Trust Collective Eafe Inde | Public equity | $4.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | NT Collective S&p 500 Index Nlcollective trust | Northern Trust Collective Eafe Inde | Pooled vehicles | $648M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | NT Collective Short Term Investmentcollective trust | Northern Trust Collective Eafe Inde | Cash | $204M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | Northern Trust Russell 2000 Indexcollective trust | Northern Trust Collective Eafe Inde | Pooled vehicles | $113M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | Northern Trust Eafe Indexcollective trust | Northern Trust Collective Eafe Inde | Pooled vehicles | $102M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | NT Coll Long Term Gov Bnd Idx Fd Nlcollective trust | Northern Trust Collective Eafe Inde | Pooled vehicles | $17.8M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | NT Collective Aggregate Bond Indexcollective trust | Northern Trust Collective Eafe Inde | Fixed income | $16,965 held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | UBS Trumbull Diversified Propertycollective trust | Ubs | Real estate | $1.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Real Asset Non-Lendingcollective trust | State Street Gbl Equity | Real assets | $10.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2020collective trust | State Street Gbl Equity | Pooled vehicles | $24.3M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2025collective trust | State Street Gbl Equity | Pooled vehicles | $19.5M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2030collective trust | State Street Gbl Equity | Pooled vehicles | $95.8M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2035collective trust | State Street Gbl Equity | Pooled vehicles | $28.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2040collective trust | State Street Gbl Equity | Pooled vehicles | $54.3M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2045collective trust | State Street Gbl Equity | Pooled vehicles | $9.8M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2050collective trust | State Street Gbl Equity | Pooled vehicles | $9.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2055collective trust | State Street Gbl Equity | Pooled vehicles | $686,714 held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2060collective trust | State Street Gbl Equity | Pooled vehicles | $4.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement 2065collective trust | State Street Gbl Equity | Pooled vehicles | $16,915 held | Disclosed holding | askebsa.dol.gov | |
| as of Jun 30, 2023 | State Street Target Retirement Incocollective trust | State Street Gbl Equity | Pooled vehicles | $13.1M held | Disclosed holding | askebsa.dol.gov |
Size and funding
33 readings
Investment management fees
$704,652 (2024-06) · $257,137 (2023-06)
Form 5500 filings
3 plan years
| Plan year | Participants | Assets (SB market) | Funding target | FTAP | Total assets (H) | Partnerships / JV | Master trust | Real estate |
|---|---|---|---|---|---|---|---|---|
| 2024 to Jun 30, 2025 | 16,152 | $1.9B | $1.9B | 80.8% | $1.9B | n/a | $169M | n/a |
| 2023 to Jun 30, 2024 | 16,853 | $1.9B | $1.9B | 80.7% | $1.9B | n/a | n/a | n/a |
| 2022 to Jun 30, 2023 | 17,431 | $1.9B | $1.7B | 79.5% | $1.9B | $0 | n/a | n/a |
Service providers and investment entities as filed (Schedule C and D, latest year first)
- Alight Solutions LLC codes 15 50 99 $801,426 PY2024
- SEI Investments codes 28 51 $198,764 PY2024
- Grant Thornton LLP codes 10 50 $117,068 PY2024
- AON Investments USA Inc codes 28 51 $76,156 PY2024
- State Street Bank and Trust Company codes 19 21 28 50 59 62 $60,549 PY2024
- The Bank of New York Mellon Corp codes 28 50 $48,259 PY2024
- USI Consulting Group codes 13 28 50 $5,185 PY2024
- State Street Target Retirement 2035 Sched. D C $38.7M PY2024
- State Street Target Retirement 2040 Sched. D C $68.1M PY2024
- Northern Trust Short Term Inv Fund Sched. D C $191M PY2024
- Northern Trust Eafe Index Sched. D C $74.2M PY2024
- Northern Trust S&p 500 Sched. D C $714M PY2024
- Northern Trust Collective Ext Eq Mr Sched. D C $106M PY2024
- State Street Target Retirement 2025 Sched. D C $18.1M PY2024
- State Street Target Retirement 2030 Sched. D C $87.1M PY2024
- Ssga Glbl Stock Lending Mtu Sched. D C PY2024
- State Str Bk % Tr Co Invt Fds Tax E Sched. D C PY2024
- State Street Target Retirement 2045 Sched. D C $16.8M PY2024
- State Street Target Retirement 2050 Sched. D C $13.3M PY2024
- State Street Target Retirement 2055 Sched. D C $1.1M PY2024
- State Street Target Retirement 2060 Sched. D C $3.4M PY2024
- State Street Target Retirement 2065 Sched. D C $1.7M PY2024
- State Street Target Retirement 2070 Sched. D C $559,386 PY2024
- State Street Target Retirement Inco Sched. D C $21.8M PY2024
- Ssga US Bond Index Sched. D C $4.3M PY2024
- PWC Defined Contribution Investment Sched. D M $169M PY2024
- UBS Trumbull Div Prop Fd Sched. D C PY2024
- State Street Real Asset Non-Lending Sched. D C PY2024
- State Street Target Retirement 2020 Sched. D C PY2024
- PWC US Consulting LLP codes 11 PY2024
- The Bank of New York Mellon Corp codes 19 28 50 59 62 $340,029 PY2023
- SEI Investments codes 28 51 $267,140 PY2023
- Grant Thornton LLP codes 10 50 $114,561 PY2023
- Morningstar, Inc codes 28 51 $62,206 PY2023
- AON Investments USA Inc codes 28 51 $52,794 PY2023
- Conduent Hr Solutions, LLC codes 13 50 $41,090 PY2023
- West Publishing Corp codes 49 50 $16,933 PY2023
- Northern Trust Eafe Index Sched. D C $70.6M PY2023
- Northern Trust Long Term Govt Bond Sched. D C PY2023
- Northern Trust Aggregate Bond Sched. D C PY2023
- UBS Trumbull Div Prop Fd Sched. D C $1.0M PY2023
- State Street Real Asset Non-Lending Sched. D C $9.1M PY2023
- State Street Target Retirement 2020 Sched. D C $19.1M PY2023
- State Street Target Retirement 2025 Sched. D C $17.9M PY2023
- State Street Target Retirement 2030 Sched. D C $90.7M PY2023
- State Street Target Retirement 2035 Sched. D C $32.0M PY2023
- State Street Target Retirement 2040 Sched. D C $56.7M PY2023
- State Street Target Retirement 2045 Sched. D C $11.4M PY2023
- State Street Target Retirement 2050 Sched. D C $11.0M PY2023
- State Street Target Retirement 2055 Sched. D C $1.2M PY2023
- State Street Target Retirement 2060 Sched. D C $4.2M PY2023
- State Street Target Retirement 2065 Sched. D C $1.1M PY2023
- State Street Target Retirement Inco Sched. D C $11.7M PY2023
- Northern Trust Collective Ext Eq Mr Sched. D C $104M PY2023
- Ssga Glbl Stock Lending Mtu Sched. D C $95.3M PY2023
- State Str Bk % Tr Co Invt Fds Tax E Sched. D C $13.9M PY2023
- Ssga US Bond Index Sched. D C $2.0M PY2023
- Northern Trust Emerging Markets Sched. D C PY2023
- Northern Trust S&p 500 Sched. D C $691M PY2023
- Northern Trust Short Term Inv Fund Sched. D C $196M PY2023
- Northern Trust Russell 2000 Index Sched. D C PY2023
- PWC US Consulting LLP codes 11 PY2023
- Conduent Hr Solutions, LLC codes 13 50 $122,714 PY2022
- SEI Investments codes 28 51 $109,901 PY2022
- The Bank of New York Mellon Corp codes 18 28 50 65 $80,275 PY2022
- Alight Solutions LLC codes 13 50 $70,549 PY2022
- Dg3 North America, Inc. codes 49 50 $35,663 PY2022
- Northern Trust Investments codes 28 51 $26,649 PY2022
- AON Investments USA Inc codes 28 51 $21,074 PY2022
- Morningstar, Inc codes 28 51 $19,238 PY2022
- West Publishing Corp codes 49 50 $9,608 PY2022
- Grant Thornton LLP codes 10 50 $8,500 PY2022
- USI Consulting Group codes 13 50 $8,418 PY2022
- State Street Target Retirement 2025 Sched. D C $19.5M PY2022
- State Street Target Retirement 2030 Sched. D C $95.8M PY2022
- State Street Target Retirement 2035 Sched. D C $28.4M PY2022
- State Street Target Retirement 2040 Sched. D C $54.3M PY2022
- State Street Target Retirement 2045 Sched. D C $9.8M PY2022
- State Street Target Retirement 2050 Sched. D C $9.1M PY2022
- State Street Target Retirement 2055 Sched. D C $686,714 PY2022
What changed
16 events
- Jun 30, 2025Holding endedinferenceRetirement Benefit Accumulation Plan for Employees of Pwc no longer reports Ssga All Cap Equity Index Securitie (State Street Gbl Equity) (last held $95M at 2024-06-30; absent from the 2025-06-30 filing)with State Street Gbl Equityaskebsa.dol.gov
- Jun 30, 2025Holding endedinferenceRetirement Benefit Accumulation Plan for Employees of Pwc no longer reports UBS Trumbull Diversified Property (Ubs) (last held $1M at 2024-06-30; absent from the 2025-06-30 filing)with Ubsaskebsa.dol.gov
- Jun 30, 2025Holding endedinferenceRetirement Benefit Accumulation Plan for Employees of Pwc no longer reports State Street Real Asset Non-Lending (State Street Gbl Equity) (last held $9M at 2024-06-30; absent from the 2025-06-30 filing)with State Street Gbl Equityaskebsa.dol.gov
- Jun 30, 2025Holding endedinferenceRetirement Benefit Accumulation Plan for Employees of Pwc no longer reports U.S. Long Govt Bond Index Sec Lend (State Street - Russell 2000) (last held $14M at 2024-06-30; absent from the 2025-06-30 filing)with State Street - Russell 2000askebsa.dol.gov
- Dec 31, 2024Manager relationship startedUSI Consulting Group appears on Retirement Benefit Accumulation Plan for Employees of Pwc's Schedule C as investment manager (plan year 2024 vs 2023)with USI Consulting Groupaskebsa.dol.gov
- Dec 31, 2024Manager relationship endedinferenceMorningstar, Inc no longer appears on Retirement Benefit Accumulation Plan for Employees of Pwc's Schedule C as investment manager (plan year 2024 vs 2023)with Morningstar, Inc.askebsa.dol.gov
- Dec 31, 2024Manager relationship startedState Street Bank and Trust Company appears on Retirement Benefit Accumulation Plan for Employees of Pwc's Schedule C as investment manager (plan year 2024 vs 2023)with State Street Global Advisorsaskebsa.dol.gov
- Jun 30, 2024Holding startedRetirement Benefit Accumulation Plan for Employees of Pwc first reports an interest in Ssga All Cap Equity Index Securitie (State Street Gbl Equity): $95M at 2024-06-30with State Street Gbl Equityaskebsa.dol.gov
- Jun 30, 2024Holding endedinferenceRetirement Benefit Accumulation Plan for Employees of Pwc no longer reports NT Collective Aggregate Bond Index (Northern Trust Collective Eafe Inde) (last held $16,965 at 2023-06-30; absent from the 2024-06-30 filing)with Northern Trust Collective Eafe Indeaskebsa.dol.gov
- Jun 30, 2024Holding endedinferenceRetirement Benefit Accumulation Plan for Employees of Pwc no longer reports Northern Trust Russell 2000 Index (Northern Trust Collective Eafe Inde) (last held $113M at 2023-06-30; absent from the 2024-06-30 filing)with Northern Trust Collective Eafe Indeaskebsa.dol.gov
- Jun 30, 2024Holding endedinferenceRetirement Benefit Accumulation Plan for Employees of Pwc no longer reports Northern Trust Emerging Markets (Northern Trust Collective Eafe Inde) (last held $4M at 2023-06-30; absent from the 2024-06-30 filing)with Northern Trust Collective Eafe Indeaskebsa.dol.gov
- Jun 30, 2024Holding startedRetirement Benefit Accumulation Plan for Employees of Pwc first reports an interest in NT Collective Extended Equity Index (Northern Trust Collective Eafe Inde): $104M at 2024-06-30with Northern Trust Collective Eafe Indeaskebsa.dol.gov
- Jun 30, 2024Holding startedRetirement Benefit Accumulation Plan for Employees of Pwc first reports an interest in U.S. Long Govt Bond Index Sec Lend (State Street - Russell 2000): $14M at 2024-06-30with State Street - Russell 2000askebsa.dol.gov
- Jun 30, 2024Holding endedinferenceRetirement Benefit Accumulation Plan for Employees of Pwc no longer reports NT Coll Long Term Gov Bnd Idx Fd Nl (Northern Trust Collective Eafe Inde) (last held $18M at 2023-06-30; absent from the 2024-06-30 filing)with Northern Trust Collective Eafe Indeaskebsa.dol.gov
- Jun 30, 2024Holding startedRetirement Benefit Accumulation Plan for Employees of Pwc first reports an interest in Ssga US Bond Index (State Street Global Advisors Trust): $2M at 2024-06-30with State Street Global Advisors Trustaskebsa.dol.gov
- Dec 31, 2023Manager relationship endedinferenceNorthern Trust Investments no longer appears on Retirement Benefit Accumulation Plan for Employees of Pwc's Schedule C as investment manager (plan year 2023 vs 2022)with Northern Trust Co.askebsa.dol.gov
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: EIN-PN 920400838-002
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.