Lexmark 2011 Annual Report Download - page 133
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The following table sets forth by level, within the fair value hierarchy, plan assets measured at fair
value on a recurring basis as of December 31, 2011 and 2010:
December 31, 2011 December 31, 2010
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Commingled trust funds:
Fixed income ........... $ — $190.6 $ — 190.6 $ — $184.4 $— $184.4
International equity
large-cap ............ — 80.9 — 80.9 — 114.0 — 114.0
International equity
small-cap ............ — 16.7 — 16.7 — 20.7 — 20.7
Emerging market
equity ............... — 23.0 — 23.0 — 24.7 — 24.7
Emerging market debt . . . — 25.6 — 25.6 — 23.6 — 23.6
Global equity ........... — 38.6 — 38.6 29.6 — — 29.6
U.S. equity ............. — 138.2 — 138.2 — 147.2 — 147.2
Real Estate ............ — 3.2 — 3.2 — — — —
Mutual and money market
funds:
Small mid-cap value ..... 15.7 — — 15.7 18.9 — — 18.9
Money market fund ...... — 1.9 — 1.9 — 2.5 — 2.5
Corporate bonds and
debentures, high yield ..... — 35.1 2.0 37.1 — 32.5 — 32.5
U.S. equity securities:
Small mid-cap growth .... 15.5 — — 15.5 17.8 — — 17.8
Cash equivalent ........ — 0.2 — 0.2 — 0.1 — 0.1
Total assets at fair value ..... $31.2 $554.0 $2.0 $587.2 $66.3 $549.7 $— $616.0
The following table sets forth a summary of changes in the fair value of level 3 assets for the year
ended December 31, 2011:
Corporate bonds and
debentures, high yield
Fair value, January 1, 2011 ............................................. $ —
Actual return on plan assets-assets held at reporting date .................... (0.1)
Actual return on plan assets-assets sold during period ....................... —
Purchases, sales and settlements, net .................................... 1.1
Transfers in/(transfers out), net .......................................... 1.0
Fair value, December 31, 2011 .......................................... $2.0
Defined Contribution Plans
Lexmark also sponsors defined contribution plans for employees in certain countries. Company
contributions are generally based upon a percentage of employees’ contributions. The Company’s expense
under these plans was $25.6 million, $23.6 million and $21.4 million in 2011, 2010 and 2009, respectively.
Additional Information
Other postretirement benefits:
For measurement purposes, a 7.8% annual rate of increase in the per capita cost of covered health
care benefits was assumed for 2012. The rate is assumed to decrease gradually to 4.5% for 2028 and
remain at that level thereafter. A one-percentage-point change in the health care cost trend rate would
have a de minimus effect on the benefit cost and obligation since preset caps have been met for the
net employer cost of postretirement medical benefits.
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