Dow Chemical 2011 Annual Report Download - page 222
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128
The JP Morgan Federal Agency money market fund is utilized as the sweep vehicle for one of the largest U.S. plans, which
from time to time can represent a significant investment. For one U.S. plan, approximately half of the liability is covered by a
participating group annuity issued by Prudential Insurance Company.
The following tables summarize the bases used to measure the Company’s pension plan assets at fair value for the years
ended December 31, 2011 and 2010:
Basis of Fair Value Measurements of
Pension Plan Assets at December 31, 2011
In millions
Cash and cash equivalents
Equity securities:
U.S. equity (1)
Non-U.S. equity – developed countries
Emerging markets
Convertible bonds (2)
Equity derivatives
Total equity securities
Fixed income securities:
U.S. government and municipalities
U.S. agency and agency mortgage-backed
securities
Corporate bonds – investment grade
Non-U.S. governments – developed countries
Non-U.S. corporate bonds – developed countries
Emerging market debt
Other asset-backed securities
High yield bonds
Other fixed income funds
Fixed income derivatives
Total fixed income securities
Alternative investments:
Real estate
Private equity
Absolute return
Total alternative investments
Other investments
Total pension plan assets at fair value
Quoted Prices
in Active
Markets for
Identical Items
(Level 1)
$ 52
$ 2,257
1,660
415
—
1
$ 4,333
$ —
—
—
—
—
—
—
—
—
—
$ —
$ 30
—
—
$ 30
$ —
$ 4,415
Significant
Other
Observable
Inputs
(Level 2)
$ 771
$ 184
1,059
414
169
6
$ 1,832
$ 1,181
482
1,461
1,073
664
54
147
337
268
167
$ 5,834
$ 29
—
448
$ 477
$ 304
$ 9,218
Significant
Unobservable
Inputs
(Level 3)
$ —
$ 3
9
4
—
—
$ 16
$ 1
2
—
—
—
—
15
16
66
—
$ 100
$ 999
985
344
$ 2,328
$ 42
$ 2,486
Total
$ 823
$ 2,444
2,728
833
169
7
$ 6,181
$ 1,182
484
1,461
1,073
664
54
162
353
334
167
$ 5,934
$ 1,058
985
792
$ 2,835
$ 346
$ 16,119
(1) Included less than $1 million of the Company’s common stock.
(2) In 2011, convertible bonds were moved from fixed income securities to equity securities for asset allocation purposes.