DIRECTV 2012 Annual Report Download - page 107
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DIRECTV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
The objectives of the target allocations are to maintain investment portfolios The fair value measurements of the plan assets as of December 31, 2011 were
that diversify risk through prudent asset allocation parameters, achieve asset returns as follows:
that meet or exceed the plans’ actuarial assumptions, and achieve asset returns that Fair Value Measurements as of December 31, 2011
are competitive with like institutions employing similar investment strategies. Quoted Prices
in Active Percentage of
The investment policy is periodically reviewed by us and a designated third- Markets for Significant Significant Plan Assets
party fiduciary for investment matters. We establish and administer the policy in a Identical Observable Unobservable as of
Assets Inputs Inputs December 31,
manner so as to comply at all times with applicable government regulations. Total (Level 1) (Level 2) (Level 3) 2011
The fair value measurements of the plan assets as of December 31, 2012 were (Dollars in millions)
Asset Category
as follows:
Common collective trusts
Fair Value Measurements as of December 31, 2012 Cash and cash equivalents $ 3 $ — $ 3 $— 1%
Quoted Prices Equity securities:
in Active Percentage of U.S. large-cap ....... 75 — 75 — 17%
Markets for Significant Significant Plan Assets
Identical Observable Unobservable as of U.S. mid-cap growth . . 17 — 17 — 3%
Assets Inputs Inputs December 31, International large-cap
Total (Level 1) (Level 2) (Level 3) 2012 value ........... 92 — 92 — 21%
(Dollars in millions) Domestic real estate . . . 23 — 23 — 5%
Asset Category Fixed income ......... 165 — 165 — 37%
Common collective trusts Partnership and joint venture
Cash and cash equivalents $ 4 $— $ 4 $— 1% interests ............ 30 — — 30 7%
Equity securities: Insurance contracts at
U.S. large-cap ....... 87 — 87 — 18% contract value ........ 2 — 2 — —
U.S. mid-cap growth . . 19 — 19 — 4% Hedge funds ........... 41 — — 41 9%
International large-cap
value ........... 94 — 94 — 19% Total ................ $448 $ — $377 $71 100%
Emerging markets
growth.......... 6 — 6 — 1% There were no shares of our common stock included in plan assets as of
Domestic real estate . . . 26 — 26 — 5% December 31, 2012 and 2011.
Fixed income ......... 182 — 182 — 37%
Partnership and joint venture
interests ............ 31 — — 31 6%
Insurance contracts at
contract value ........ 2 — 2 — —
Hedge funds ........... 44 — — 44 9%
Total ................ $495 $— $420 $75 100%
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