DIRECTV 2009 Annual Report Download - page 118

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DIRECTV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
The investment policy is periodically reviewed by us and a designated third- party fiduciary for
investment matters. We establish and administer the policy in a manner so as to comply at all times
with applicable government regulations.
The fair value measurements of the plan assets as of December 31, 2009 were as follows:
Fair Value Measurements as of December 31, 2009
Quoted Prices in
Active Markets Significant Significant Percentage of Plan
for Identical Observable Unobservable Assets as of
Assets Inputs Inputs December 31,
Total (Level 1) (Level 2) (Level 3) 2009
(Dollars in millions)
Asset Category
Common collective trusts (1) .... $351 $— $351 $— 94%
Insurance contracts at contract
value .................... 2 — 2 — 0%
Partnership and joint venture
interests (2) ............... 21 — — 21 6%
Total ...................... $374 $— $353 $21 100%
(1) As of December 31, 2009, common collective trusts were invested in approximately 59% in equity
securities, 37% in debt securities, 3% in real estate and 1% in cash and cash equivalents.
(2) As of December 31, 2009 partnership and joint venture interests were invested in both foreign and
domestic venture capital funds.
There were no shares of our common stock included in plan assets as of December 31, 2009 and
2008.
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed
during 2009 due to the following:
Partnerships and Joint
Venture Interests
(Dollars in Millions)
Balance at January 1, 2009 ........................................ $23
Realized losses ................................................ (1)
Unrealized losses .............................................. (1)
Balance at December 31, 2009 ...................................... $21
Cash Flows
Contributions
We expect to contribute approximately $15 million to our qualified pension plans and make
payments of $10 million to our nonqualified pension plan participants in 2010.
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