Time Magazine 2011 Annual Report Download - page 112
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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Fair Value of Plan Assets
The following table sets forth by level, within the fair value hierarchy as described in Note 5, the assets held
by the Company’s pension plans, including those assets related to The CW sub-plan as of December 31, 2011
and December 31, 2010 (millions):
December 31, 2011 December 31, 2010
Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Cash and cash equivalents ...... $ 113 $ —$—$ 113$ 157$ —$—$ 157
Insurance contracts ........... — 43 — 43 — 43 — 43
Equity securities:
Domestic equities .......... 270 — — 270 333 — — 333
International equities ........ 162 — — 162 199 — — 199
Fixed income securities:
U.S. government and agency
securities ............... 239 18 — 257 857 — — 857
Municipal bonds ........... — 39 — 39 — 15 — 15
Investment grade corporate
bonds(a) ................. — 1,117 — 1,117 — 347 — 347
Non-investment grade
corporate bonds(a) ......... — 34 — 34 — 9 — 9
Other investments:
Pooled investments(b) ........ — 907 — 907 — 910 — 910
Commingled trust funds(c) .... — 53 — 53 — 162 — 162
Hedge funds ............... — — 77 77 — — 121 121
Other(d) ................... 37 2 36 75 3 2 12 17
Total(e) ...................... $ 821 $ 2,213 $ 113 $ 3,147 $ 1,549 $ 1,488 $ 133 $ 3,170
(a) Investment grade corporate bonds have an S&P rating of BBB- or higher and non-investment grade corporate bonds have an S&P rating
of BB+ and below.
(b) Pooled investments primarily consist of interests in unitized investment pools of which underlying securities primarily consist of equity
and fixed income securities.
(c) Commingled trust funds include $24 million and $43 million, respectively, as of December 31, 2011 and December 31, 2010 of collateral
for securities on loan.
(d) Other investments primarily include limited partnerships, 103-12 investments, derivative contracts, exchange-traded funds and mutual
funds.
(e) At December 31, 2011 and December 31, 2010, total assets include $26 million and $44 million, respectively, of securities on loan.
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