Xerox 2011 Annual Report Download - page 93
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The following table represents a rollforward of the defined benefit plans assets measured using significant unobservable inputs (Level 3 assets):
Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Private Guaranteed
Equity/Venture Insurance
Real Estate Capital Contracts Hedge Funds Other Total
December 31, 2009 $ 237 $ 286 $ 130 $ 4 $ — $ 657
Purchases 41 30 1 — — 72
Sales (34) (38) (13) — — (85)
Net transfers in from Level 1 — — 1 — — 1
Realized gains (losses) 5 28 (2) — — 31
Unrealized gains (losses) 22 — (2) — — 20
Currency translation (6) — (9) — — (15)
Other 10 1 (9) — (1) 1
December 31, 2010 275 307 97 4 (1) 682
Purchases 69 30 3 — — 102
Sales (6) (61) (3) (1) — (71)
Net transfers in from Level 1 2 — 12 — — 14
Net transfers in from Level 2 — — 9 — — 9
Realized gains (losses) — 46 (1) — — 45
Unrealized gains (losses) 18 (4) (4) — — 10
Currency translation (4) — (3) — — (7)
Other (2) — 6 — 1 5
December 31, 2011 $ 352 $ 318 $ 116 $ 3 $ — $ 789
Our pension plan assets and benefit obligations at December 31, 2011
were as follows:
Fair Value Pension Net
of Pension Benefit Funded
(in billions) Plan Assets Obligations Status
U.S. funded $ 3.3 $ 4.3 $ (1.0)
U.S. unfunded — 0.3 (0.3)
Total U.S. $ 3.3 $ 4.6 $ (1.3)
U.K. 3.0 3.3 (0.3)
Canada 0.6 0.8 (0.2)
Other funded 1.4 1.3 0.1
Other unfunded — 0.5 (0.5)
Total $ 8.3 $ 10.5 $ (2.2)
InvestmentStrategy
The target asset allocations for our worldwide plans were:
2011 2010
Equity investments 41% 42%
Fixed-income investments 45% 45%
Real estate 7% 7%
Private equity 4% 4%
Other 3% 2%
Total Investment Strategy
100% 100%
Notes to the Consolidated
Financial Statements
(in millions, except per-share data and where otherwise noted)