DELPHI 2011 Annual Report Download - page 125
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Table of Contents
The fair values of Delphi's pension plan assets weighted-average asset allocations at December 31, 2011 and 2010, by asset category, are as follows:
Fair Value Measurements at December 31, 2011
Asset Category Total
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(in millions)
Cash $ 101 $ 101 $ — $ —
Equity mutual funds 263 — 263 —
Bond mutual funds 360 — 360 —
Real estate trust funds 43 — — 43
Hedge Funds 81 — — 81
Commodities Fund 35 — 35 —
Debt securities 63 63 — —
Equity securities 41 41 — —
Total $ 987 $ 205 $ 658 $ 124
Fair Value Measurements at December 31, 2010
Asset Category Total
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(in millions)
Cash $ 185 $ 185 $ — $ —
Equity mutual funds 388 — 388 —
Bond mutual funds 234 — 234 —
Debt securities 63 63 — —
Equity securities 40 40 — —
Total $ 910 $ 288 $ 622 $ —
Following is a description of the valuation methodologies used for pension assets measured at fair value.
Equity Mutual Funds—The fair value of the equity mutual funds is determined by the direct quoted market prices on regulated financial exchanges of
the underlying investments included in the fund.
Bond Mutual Funds—The fair value of the bond mutual funds is determined by the direct quoted market prices on regulated financial exchanges of the
underlying investments included in the fund.
Real Estate—The fair value of real estate properties is estimated using an annual appraisal provided by the administrator of the property investment.
Management believes this is an appropriate methodology to obtain the fair value of these assets.
Hedge Funds—The fair value of the hedge funds is accounted for by a custodian. The custodian obtains valuations from the underlying hedge fund
managers based on market quotes for the most liquid assets and alternative methods for assets that do not have sufficient trading activity to derive prices.
Management and the custodian review the methods used by the underlying managers to value the assets. Management believes this is an appropriate
methodology to obtain the fair value of these assets.
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