Motorola 2009 Annual Report Download - page 122
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114
Non-U.S. Plans
December 31, 2009 Level 1 Level 2 Level 3 Total
Common stock and equivalents $302 $ — $ — $ 302
Commingled equity funds — 359 — 359
Corporate bonds — 80 — 80
Government and agency obligations — 100 — 100
Commingled bond funds — 227 — 227
Short-term investment funds — 3 — 3
Insurance contracts — — 65 65
Total investment securities $302 $769 $65 $1,136
Cash 6
Accrued income receivable 4
Other assets and liabilities, net 1
Fair value plan assets $1,147
The following table summarizes the changes in fair value of the Non-U.S. pension plan assets measured using
Level 3 inputs:
2009
Balance at January 1 $63
Gain on assets held 2
Balance at December 31 $65
Postretirement Health Care Plan
December 31, 2009 Level 1 Level 2 Level 3 Total
Common stock and equivalents $54 $ — $— $ 54
Commingled equity funds — 62 — 62
U.S. government and agency obligations — 5 — 5
Corporate bonds — 5 — 5
Mortgage-backed bonds — 8 — 8
Asset-backed bonds — 2 — 2
Commingled bond funds — 32 — 32
Commingled short-term investment funds — 5 — 5
Invested cash — 1 — 1
Fair value plan assets $54 $120 $ — $174
The table above includes securities on loan as part of a securities lending arrangement of $6 million of
common stock and equivalents, $4 million of U.S. government and agency obligations and $1 million of
corporate bonds. All securities on loan are fully cash collateralized.
Valuation Methodologies
Level 1—Quoted market prices in active markets are available for investments in common and preferred
stock and common stock equivalents. As such, these investments are classified within Level 1.
Level 2—The securities classified as Level 2 are comprised primarily of corporate, government and agency
bonds. The Company primarily relies on valuation pricing models, recent bid prices, and broker quotes to
determine the fair value of these securities. The valuation models for Level 2 assets are developed and maintained
by third party pricing services and use a number of standard inputs to the valuation model including benchmark
yields, reported trades, broker/dealer quotes where the party is standing ready and able to transact, issuer spreads,
benchmark securities, bids, offers and other reference data. The valuation model may prioritize these inputs
differently at each balance sheet date for any given security, based on the market conditions. Not all of the
standard inputs listed will be used each time in the valuation models. For each asset class, quantifiable inputs
related to perceived market movements and sector news may be considered in addition to the standard inputs.