Dow Chemical 2013 Annual Report Download - page 143
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121
For pension plan assets classified as Level 3 measurements, total fair value is based on significant unobservable inputs
including assumptions where there is little, if any, market activity for the investment. Investment managers or fund managers
provide valuations of the investment on a monthly or quarterly basis. These valuations are reviewed for reasonableness based
on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate. Where
available, audited financial statements are obtained and reviewed for the investments as support for the manager’s investment
valuation.
The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31,
2012 and 2013:
Fair Value Measurement of Level 3
Pension Plan Assets Equity
Securities
Fixed
Income
Securities
Alternative
Investments
Other
Investments Total
In millions
Balance at January 1, 2012 $ 16 $ 100 $ 2,328 $ 42 $ 2,486
Actual return on plan assets:
Relating to assets sold during 2012 (5) 2 (59) — (62)
Relating to assets held at Dec 31, 2012 (3) 19 193 — 209
Purchases, sales and settlements 7 141 (54) — 94
Transfers into (out of) Level 3, net (2) (4) 99 — 93
Foreign currency impact — — 8 — 8
Balance at December 31, 2012 $ 13 $ 258 $ 2,515 $ 42 $ 2,828
Actual return on plan assets:
Relating to assets sold during 2013 — 42 176 — 218
Relating to assets held at Dec 31, 2013 — (32) 67 (1) 34
Purchases, sales and settlements 2 (27) (5) (1) (31)
Transfers (out of) Level 3, net (3) (2) — — (5)
Foreign currency impact — (2) 8 — 6
Balance at December 31, 2013 $ 12 $ 237 $ 2,761 $ 40 $ 3,050
The following table summarizes the bases used to measure the Company’s other postretirement benefit plan assets at fair value
for the year ended December 31, 2012:
Basis of Fair Value Measurements of Other
Postretirement Benefit Plan Assets at
December 31, 2012
Quoted Prices
in Active
Markets for
Identical Items
Significant
Other
Observable
Inputs
In millions (Level 1) (Level 2) Total
Cash and cash equivalents $ — $ 7 $ 7
Fixed income securities — 58 58
Total assets at fair value $ — $ 65 $ 65