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Chevron Corporation 2011 Annual Report 61
Note 21 Employee Benefit Plans – Continued
e fair value measurements of the company’s pension plans for 2011 and 2010 are below:
U.S. Int’l.
Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3
At December 31, 2011
Equities
U.S.1 $ 1,470 $ 1,470 $ – $ – $ 497 $ 497 $ – $ –
International 1,203 1,203 – – 693 693 – –
Collective Trusts/Mutual Funds2 2,633 14 2,619 – 596 28 568 –
Fixed Income
Government 622 146 476 – 635 25 610 –
Corporate 338 – 338 – 319 16 276 27
Mortgage-Backed Securities 107 – 107 – 2 – – 2
Other Asset Backed 61 – 61 – 5 – 5 –
Collective Trusts/Mutual Funds2 1,046 – 1,046 – 345 61 284 –
Mixed Funds3
10 10 – – 102 13 89 –
Real Estate4 843 – – 843 155 – – 155
Cash and Cash Equivalents 404 404 – – 211 211 – –
Other5
17 79 8 54 17 (2) 17 2
Total at December 31, 2011 $ 8,720 $ 3,168 $ 4,655 $ 897 $ 3,577 $ 1,542 $ 1,849 $186
At December 31, 2010
Equities
U.S.1 $ 2,121 $ 2,121 $ – $ – $ 465 $ 465 $ – $ –
International 1,405 1,405 – – 721 721 – –
Collective Trusts/Mutual Funds2 2,068 5 2,063 – 578 80 498 –
Fixed Income
Government 659 19 640 – 568 38 530 –
Corporate 314 – 314 – 351 24 299 28
Mortgage-Backed Securities 82 – 82 – 2 – – 2
Other Asset Backed 74 – 74 – 16 – 16 –
Collective Trusts/Mutual Funds2 1,064 – 1,064 – 332 19 313 –
Mixed Funds3
9 9 – – 105 16 89 –
Real Estate4 596 – – 596 142 – – 142
Cash and Cash Equivalents 213 213 – – 217 217 – –
Other5
26 87 8 53 6 (5) 9 2
Total at December 31, 2010 $ 8,579 $ 3,685 $ 4,245 $ 649 $ 3,503 $ 1,575 $ 1,754 $ 174
1 U.S. equities include investments in the company’s common stock in the amount of $35 at December 31, 2011, and $38 at December 31, 2010.
2 Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is
partially based on the restriction that advance notication of redemptions, typically two business days, is required.
3 Mixed funds are composed of funds that invest in both equity and xed-income instruments in order to diversify and lower risk.
4 e year-end valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once
a year for each property in the portfolio.
5 e “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts
and investments in private-equity limited partnerships (Level 3).
Level 3: Inputs to the fair value measurement are unob-
servable for these assets. Valuation may be performed using a
nancial model with estimated inputs entered into themodel.