Archer Daniels Midland 2010 Annual Report Download - page 79

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75
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 14.
Employee Benefit Plans (Continued)
Plan Assets
The Company‘s employee benefit plan assets are principally comprised of the following types of investments:
ADM and other common stock:
Equity securities are valued based on quoted exchange prices and are classified within Level 1 of the valuation
hierarchy.
Mutual funds:
Mutual funds are valued at the closing price reported on the active market on which they are traded and are
classified within Level 1 of the valuation hierarchy.
Common collective trust (CCT) funds:
The fair values of the CCTs are based on the cumulative net asset value of their underlying investments. The
investments in CCTs are comprised of international equity funds, a small cap U.S. equity fund, large cap U.S.
equity funds, fixed income funds, and other funds. The fund units are valued at NAV based on the closing market
value of the units bought or sold as of the valuation date and are classified in Level 2 of the fair value hierarchy.
The CCTs seek primarily to provide investment results approximating the aggregate price, dividend performance,
total return, and income stream of underlying investments of the funds. Issuances and redemptions of certain of the
CCT investments may be restricted by date and/or amount.
Corporate debt instruments:
Corporate debt instruments are valued at the closing price reported on the active market on which they are traded
and are classified within Level 2 of the valuation hierarchy.
U.S. Treasury instruments:
U.S. Treasury instruments are valued at the closing price reported on the active market on which they are traded
and are classified within Level 1 of the valuation hierarchy.
U.S. government agency, state, and local government bonds:
U.S. government agency obligations and state and municipal debt securities are valued using third-party pricing
services and are classified within Level 2 of the valuation hierarchy.