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Newell Rubbermaid Inc. 2010 Annual Report
>
68 NEWELL RUBBERMAID 2010 Annual Report
U.S. International
Quoted Prices Quoted Prices
in Active Significant in Active Significant
Markets for Other Significant % of Total Markets for Other Significant % of Total
Identical Observable Unobservable Assets as of Identical Observable Unobservable Assets as of
Assets Inputs Inputs December 31, Assets Inputs Inputs December 31,
2009 (Level 1) (Level 2) (Level 3) Total 2009 2008 (Level 1) (Level 2) (Level 3) Total 2009 2008
Equity(1)
U.S. large cap $ — $146.1 $ — $146.1 $ 7.2 $ 19.2 $ — $ 26.4
U.S. small cap — 18.3 — 18.3 — — — —
International — 140.2 — 140.2 — 45.7 — 45.7
Total equity — 304.6 — 304.6 53% 53% 7.2 64.9 — 72.1 18% 20%
Fixed income(2)
U.S. Treasury — 28.1 — 28.1 — 1.2 — 1.2
Other government — 49.8 — 49.8 4.6 15.1 — 19.7
Asset-backed
securities — 33.9 — 33.9 — 7.4 — 7.4
Corporate bonds — 48.2 — 48.2 — 52.9 — 52.9
Short-term
investments — 30.2 — 30.2 — — — —
Total fixed income 190.2 — 190.2 33 25 4.6 76.6 — 81.2 20 12
Insurance contracts(3) — 17.9 — 17.9 3 4 — 105.6 — 105.6 26 5
Venture capital
and partnerships(4) — 4.3 32.9 37.2 6 8 14.6 12.3 2.0 28.9 7 6
Real estate(5) — — 18.8 18.8 3 7 2.9 1.6 6.4 10.9 2 2
Cash and cash
equivalents(6) — 3.7 — 3.7 1 1 25.3 74.6 — 99.9 24 39
Other — — 4.5 4.5 1 2 — 10.4 1.6 12.0 3 16
Total $ — $520.7 $56.2 $576.9 100% 100% $54.6 $346.0 $10.0 $410.6 100% 100%
(1) Equity securities are primarily comprised of mutual funds and common/collective trust funds. Investments in mutual funds and common/collective trust funds
are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. The common/collective trust
funds are generally actively managed investment vehicles.
(2) Fixed income investments are primarily comprised of mutual funds and common/collective trust funds that invest in corporate and government bonds. Investments
in mutual funds and common/collective trust funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the
measurement date. The investments in fixed income securities include both actively managed funds and index funds.
(3) The fair values of insurance contracts are estimated based on the future cash flows to be received under the contracts discounted to the present using a discount
rate that approximates the discount rate used to measure the associated pension plan liabilities.
(4) Venture capital and partnerships are valued at net asset value, which is generally calculated using the most recent partnership financial reports.
(5) Real estate investments are generally investments in limited partnerships, real estate investment trusts and similar vehicles that invest in real estate. The values
of the investments are generally based on the most recent financial reports of the investment vehicles. The managers of each of the investment vehicles estimate
the values of the real estate assets underlying the real estate investments using third-party appraisals and other valuation techniques and analysis.
(6) Cash and equivalents include investments in stable value funds. Stable value funds are generally invested in common trust funds and interest-bearing accounts.
A reconciliation of the change in the fair value measurement of the defined benefit plans’ consolidated assets using
significant unobservable inputs (Level 3) for the years ended December 31, 2010 and 2009 is as follows (in millions):
Venture
Capital and Real
Partnerships Estate Other Total
Fair value as of January 1, 2010 $34.9 $25.2 $ 6.1 $ 66.2
Realized gains (losses) — — (1.1) (1.1)
Unrealized gains (losses) 6.1 0.2 (2.8) 3.5
Purchases, sales and settlements, net 6.4 (0.2) (1.7) 4.5
Fair value as of December 31, 2010 $47.4 $25.2 $ 0.5 $ 73.1
Fair value as of January 1, 2009 $33.2 $36.9 $12.5 $ 82.6
Realized gains (losses) — 0.6 (1.8) (1.2)
Unrealized gains (losses) (4.6) (9.0) (0.4) (14.0)
Purchases, sales and settlements, net 6.3 (3.3) (4.2) (1.2)
Fair value as of December 31, 2009 $34.9 $25.2 $ 6.1 $ 66.2