UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 11-K
| x | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2010
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-32686
VIACOM 401(k) PLAN
(Full title of the Plan)
VIACOM INC.
(Name of issuer of the securities held pursuant to the plan)
1515 Broadway
New York, NY 10036
(Address of principal executive offices)
VIACOM 401(k) PLAN
FINANCIAL STATEMENTS, SUPPLEMENTAL SCHEDULE AND EXHIBIT
DECEMBER 31, 2010
INDEX
| Page | ||||
| 1 | ||||
| Financial Statements: |
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| Statements of Net Assets Available for Benefits at December 31, 2010 and 2009 |
2 | |||
| Statement of Changes in Net Assets Available for Benefits for the Year ended December 31, 2010 |
3 | |||
| 4 | ||||
| Schedule | ||||
| Supplemental Schedule: |
||||
| S-1 | ||||
| All other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure Under the Employee Retirement Income Security Act of 1974 are omitted as not applicable or not required. |
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| S-6 | ||||
| Exhibit: |
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| 23.1 Consent of Independent Registered Public Accounting Firm |
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Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of
Viacom 401(k) Plan:
In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Viacom 401(k) Plan (the “Plan”) at December 31, 2010 and 2009, and the changes in net assets available for benefits for the year ended December 31, 2010 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held at end of year is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/S/ PRICEWATERHOUSECOOPERS LLP
New York, New York
June 23, 2011
1
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents |
$ | — | $ | — | ||||
| Investments: |
||||||||
| Investments, at fair value |
547,319 | 418,139 | ||||||
| Fully benefit-responsive investment contracts, at fair value |
89,687 | 83,277 | ||||||
| Total investments |
637,006 | 501,416 | ||||||
| Receivables: |
||||||||
| Employee contributions |
284 | 1,044 | ||||||
| Employer contributions |
1 | 457 | ||||||
| Participant loans receivable |
9,083 | 7,101 | ||||||
| Due from broker for securities sold |
148 | 98 | ||||||
| Investment income |
99 | 81 | ||||||
| Total receivables |
9,615 | 8,781 | ||||||
| Total assets |
646,621 | 510,197 | ||||||
| LIABILITIES | ||||||||
| Accrued expenses and other liabilities |
310 | 220 | ||||||
| Due to broker for securities purchased |
371 | 126 | ||||||
| Total liabilities |
681 | 346 | ||||||
| Net assets reflecting all investments at fair value |
645,940 | 509,851 | ||||||
| Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
(4,139 | ) | (2,656 | ) | ||||
| Net assets available for benefits |
$ | 641,801 | $ | 507,195 | ||||
See accompanying notes to financial statements.
2
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
| Year Ended December 31, 2010 |
||||
| Additions to net assets attributed to: |
||||
| Investment income: |
||||
| Dividends |
$ | 4,490 | ||
| Interest |
3,443 | |||
| Net appreciation in fair value of investments |
77,506 | |||
| Total investment gain |
85,439 | |||
| Interest income on participant loans receivable |
461 | |||
| Contributions: |
||||
| Employee |
53,432 | |||
| Employer |
21,713 | |||
| Rollover |
2,301 | |||
| Total contributions |
77,446 | |||
| Plan transfers (Note 1) |
19,954 | |||
| Total additions attributed to investments, contributions, and plan transfers |
183,300 | |||
| Deductions from net assets attributed to: |
||||
| Benefits paid to participants |
46,559 | |||
| Plan expenses |
2,135 | |||
| Total deductions |
48,694 | |||
| Net increase in net assets available for benefits |
134,606 | |||
| Net assets available for benefits, beginning of year |
507,195 | |||
| Net assets available for benefits, end of year |
$ | 641,801 | ||
See accompanying notes to financial statements.
3
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
NOTE 1—PLAN DESCRIPTION
Viacom Inc. (“Viacom” or the “Company”) established the Viacom 401(k) Plan (the “Plan”), effective on January 1, 2006.
The following is a brief description of the Plan and is provided for general information only. Participants should refer to the Plan document and the Summary Plan Description made available to them for more complete information regarding the Plan.
The Plan, sponsored by the Company, is a defined contribution plan offered on a voluntary basis to substantially all of the Company’s employees. The Plan is subject to the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and is administered by the Viacom Retirement Committee, the members of which are appointed by the Company’s Board of Directors (the “Board”) or its designee.
JPMorgan Chase Bank, N.A. (the “Trustee”) is the trustee and custodian of the Plan and JPMorgan Retirement Plan Services LLC (“JPM RPS”) is the recordkeeper for the Plan.
Related Party Transactions
Certain short term investments for the Plan are invested in a fund managed by JPMorgan Asset Management, an affiliate of the Trustee, and are considered a “party-in-interest” as such term is defined in ERISA. In addition, certain Plan investments are in shares of Class A and Class B common stock of the Company and qualify as a party-in-interest. During the year ended December 31, 2010, the Plan sold shares of Viacom Class A and Class B common stock for total proceeds of $11.1 million and purchased Viacom Class B common stock at a cost of $5.5 million. During the year ended December 31, 2010, Viacom Class A and Class B common stock appreciated $19.1 million related to the net of realized and unrealized gains and losses.
Plan Transfers
Effective January 1, 2010, employees of Black Entertainment Television, LLC (“BET”) became participants of the Plan. Assets of approximately $20.0 million were transferred into the Plan from the BET 401(k) Plan in February 2010.
Eligibility
Eligible full-time employees may become participants in the Plan following the attainment of age 21. Eligible part-time employees participate in the Plan on the first of the month after attainment of age 21 and completion of one thousand hours of service within the consecutive twelve-month period beginning with their date of hire or within any plan year (January 1 through December 31) thereafter.
Participant Accounts
Each participant’s account is credited with the participant’s contributions, the employer matching contributions and the participant’s share of the Plan’s income or losses in the investment options selected, net of certain plan expenses.
Plan participants have the option of investing their contributions and existing account balances among fifteen investment options. These investment options include separately managed investment portfolios, common/collective trust funds, registered investment companies (mutual funds) and Viacom Class B common stock. Some plan participants are invested in Viacom Class A common stock, but that fund is closed to new investment. The securities held by these investment options are described in greater detail in Note 2.
4
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
Contributions
Participants are permitted to contribute up to 50% of annual compensation, on a before-tax basis, subject to applicable Code limitations discussed below. Participants may also contribute eligible rollover amounts into the Plan. Prior to 2010, participants were allowed to make limited contributions on an after-tax basis.
Any eligible employee is deemed to have authorized the Company to make before-tax contributions in the Plan in an amount equal to 6% of the employee’s eligible compensation upon his or her date of hire. Deemed authorization takes effect following the 30th day the employee becomes eligible to participate in the Plan unless the employee elects not to participate in the Plan or to participate at a different contribution rate.
The Code limited the amount of annual participant contributions that can be made on a before-tax basis to $16,500 for 2010. Compensation considered under the Plan based on Code limits could not exceed $245,000 for 2010. The Code also limited annual aggregate participant and employer contributions to the lesser of $49,000 or 100% of compensation in 2010. All contributions made to the Plan on an annual basis may be further limited due to certain non-discrimination tests prescribed by the Code.
All participants who have attained age 50 before the close of the calendar year are eligible to make catch-up contributions if the participants made the maximum contribution permitted under the Plan for a plan year. The limit for catch-up contributions was $5,500 in 2010.
The employer matching contribution is equal to 100% of the first 1% and 50% of the next 5% of eligible compensation contributed and employer matching contributions are invested according to the participant’s investment elections. Catch-up contributions are not treated as matchable contributions.
Vesting
Participants in the Plan are immediately vested in their own contributions and earnings thereon. Employer matching contributions vest at 100% after two years of service. In the case of a participant who was an employee on March 31, 2009, employer matching contributions vest at 20% after one year of service and 100% after two years of service. Transition rules apply to participants of plans that were merged into the Plan.
If participants terminate employment prior to being vested in their employer matching contributions, upon distribution of the vested portion of their account, the non-vested portion of their account is forfeited and may be applied to future employer matching contributions and/or to pay administrative expenses. As of December 31, 2010, the Company had forfeitures of approximately $1.4 million available to be used as noted above, which includes interest earned on forfeitures of approximately $0.1 million. Employer matching contributions of approximately $0.6 million were forfeited in 2010 and the Company utilized forfeitures of approximately $0.6 million and $1.0 million in 2010 to pay administrative expenses and employer matching contributions, respectively.
Participant Loans Receivable
Participants may request a loan of up to the lesser of 50% of the participant’s vested account balance or $50,000, reduced by the highest outstanding balance of any Plan loan made to the participant during the twelve-month period ending on the day before the loan is made. The minimum loan available to a participant is $500. The interest rate on participant loans is one percentage point above the annual prime commercial rate (as published in The Wall Street Journal) on the first day of the calendar month in which the loan is approved, with principal and interest payable not less than quarterly through payroll deductions. Only one loan may be outstanding at any time. Participants may elect repayment periods from 12 to 60 months commencing as soon as
5
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
administratively possible following the distribution of the loan. The Plan allows participants to elect a repayment period of up to 300 months for loans used for the acquisition of a principal residence. Repayments of loan principal and interest are allocated in accordance with the participant’s then current investment elections.
Included in the Statements of Net Assets Available for Benefits are Participant loans receivable of $9.1 million and $7.1 million which carried interest rates ranging from 3.25% to 12.0% and 4.25% to 12% as of December 31, 2010 and 2009 respectively.
Distributions and Withdrawals
Earnings on both employee and employer contributions are not subject to income tax until they are distributed or withdrawn from the Plan.
Participants in the Plan, or their beneficiaries, may receive their vested account balances in a lump sum or in installments over a period of up to 20 years in the event of retirement, termination of employment, disability or death. Participants must receive a required minimum distribution upon attainment of age 70 1/2 unless they are still employed.
Participants in the Plan may withdraw certain eligible contributions at any time. Upon attainment of age 59 1/2, participants may withdraw all or part of their vested account. The Plan limits participants to a maximum of two withdrawals in each calendar year.
A participant may obtain a financial hardship withdrawal of the employee’s before-tax contributions provided that the requirements for hardship are met and only to the extent required to relieve such financial hardship. Additionally, the vested portion of employer matching contributions through December 31, 2009 may be used toward a financial hardship withdrawal. There is no restriction on the number of hardship withdrawals permitted.
When a participant terminates employment with the Company, the full value of the employee contributions and earnings thereon plus the value of all vested employer matching contributions and earnings thereon can be rolled over to a tax qualified retirement plan or an Individual Retirement Account or remain in the Plan rather than being distributed. If the vested account balance is $1,000 or less and the participant does not make an election to roll over the vested balance, it will be automatically paid in a single lump sum cash payment and taxes will be withheld from the distribution.
Plan Expenses
The fees for investment of Plan assets are charged to the Plan’s investment funds. Certain administrative expenses such as legal and accounting fees may be paid by the Plan using forfeitures as described above or may be paid by the Company. Recordkeeping fees may be paid by the Company, paid by the Plan using forfeitures, or paid from participant accounts. Trustee fees are paid from participant accounts. For 2010, $1.3 million was paid to JPM RPS for recordkeeping services.
NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statements are prepared on the accrual basis of accounting.
In September 2010, the Financial Accounting Standards Board issued new guidance which clarifies how loans to participants should be classified and measured by defined contribution benefit plans. For reporting purposes, participant loans shall be segregated from plan investments and classified as Participant Notes Receivable on the Statement of Net Assets Available for Benefits. In addition, notes receivable from participants
6
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
are required to be measured at their unpaid principal balance plus accrued unpaid interest and are no longer subject to the fair value measurement disclosure requirement. This new guidance was effective for periods ending after December 15, 2010 and applied retrospectively to all prior periods presented.
As a result of the adoption, participant loan balances of $9.1 million and $7.1 million have been reclassified from Investments, at fair value to Participant Loans Receivable on the Statement of Net Assets Available for Benefits for 2010 and 2009, respectively.
Fair Value Measurements and Income Recognition
Financial Accounting Standards Board (“FASB”) provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy under the FASB guidance are described as follows:
| • | Level 1—Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. |
| • | Level 2—Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. |
| • | Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
The following is a description of the valuation methodology used for assets measured at fair value including the general classification of such instruments pursuant to the valuation hierarchy. There have been no changes in the methodologies used at December 31, 2010 and 2009.
Common Stocks: Common stocks are reported at fair value based on quoted market prices on national securities exchanges. Substantially all common stocks are classified within level 1 of the valuation hierarchy.
Common/Collective Trust Funds: The fair values of investments in common/collective trust funds are based on their net asset values (“NAV”) reported by the investment advisor in the financial statements of the common/collective trusts at year-end. Each common/collective trust provides for daily participant redemptions by the Plan at reported net asset values per share, with no advance notice requirement. The NAV is a quoted price in a market that is not active and classified within level 2 of the valuation hierarchy.
Registered Investment Companies (Mutual Funds): Investments in registered investment companies are stated at the respective funds’ NAV, which is determined based on market values at the closing price on the last business day of the year. The NAV is a quoted price in an active market and classified within level 1 of the valuation hierarchy.
7
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
Guaranteed Investment Contracts: The fair value of the synthetic guaranteed investment contracts (“GICs”) is based on the underlying investments. The underlying investments are common/collective trust funds, which are public investment vehicles, valued at the NAV as described above. Because the NAV is a quoted price in a market that is not active, they are classified within level 2 of the valuation hierarchy. The related wrapper contracts have a fair value of $105,190 and $38,212 at December 31, 2010 and 2009 respectively. The wrapper contracts are valued by INVESCO, the administrator of the fund using other significant observable inputs in a valuation model and are classified within level 2 of the valuation hierarchy. See Note 7 for further information on INVESCO and these contracts.
U.S. Government Securities: Short-term money market obligations are valued at $1.00 per share and are classified within level 2 of the valuation hierarchy.
8
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2010 and 2009 respectively. The Plan has no investments classified within level 3 of the valuation hierarchy.
| Investments at Fair Value as of December 31, 2010 | ||||||||||||
| (in thousands) | Quoted Prices In Active Markets for Identical Assets Level 1 |
Significant Other Observable Inputs Level 2 |
Total | |||||||||
| Common Stocks |
||||||||||||
| Consumer |
$ | 92,355 | $ | — | $ | 92,355 | ||||||
| Information Technology |
33,225 | — | 33,225 | |||||||||
| Financial |
13,236 | — | 13,236 | |||||||||
| Industrial |
10,601 | — | 10,601 | |||||||||
| Health Care |
8,885 | — | 8,885 | |||||||||
| Energy |
8,805 | — | 8,805 | |||||||||
| Other |
5,645 | — | 5,645 | |||||||||
| Total Common Stocks |
$ | 172,752 | $ | — | $ | 172,752 | ||||||
| Common / Collective Trust Funds |
||||||||||||
| Index |
$ | — | $ | 116,918 | $ | 116,918 | ||||||
| Growth |
— | 70,999 | 70,999 | |||||||||
| Fixed Income |
— | 40,511 | 40,511 | |||||||||
| Other |
— | 4,088 | 4,088 | |||||||||
| Total Common/Collective Trust Funds |
$ | — | $ | 232,516 | $ | 232,516 | ||||||
| Registered Investment Companies |
||||||||||||
| Growth |
$ | 59,296 | $ | — | $ | 59,296 | ||||||
| Balanced Funds |
70,911 | — | 70,911 | |||||||||
| Index |
3,652 | — | 3,652 | |||||||||
| Total Registered Investment Companies |
$ | 133,859 | $ | — | $ | 133,859 | ||||||
| Synthetic Guaranteed Investment Contracts |
$ | — | $ | 89,687 | $ | 89,687 | ||||||
| U.S. Government Securities |
— | 8,192 | 8,192 | |||||||||
| Total Investments At Fair Value |
$ | 306,611 | $ | 330,395 | $ | 637,006 | ||||||
9
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
| Investments at Fair Value as of December 31, 2009 | ||||||||||||
| (in thousands) | Quoted Prices In Active Markets for Identical Assets Level 1 |
Significant Other Observable Inputs Level 2 |
Total | |||||||||
| Common Stocks |
||||||||||||
| Consumer |
$ | 75,898 | $ | — | $ | 75,898 | ||||||
| Information Technology |
26,285 | — | 26,285 | |||||||||
| Financial |
10,987 | — | 10,987 | |||||||||
| Industrial |
9,399 | — | 9,399 | |||||||||
| Health Care |
8,806 | — | 8,806 | |||||||||
| Energy |
7,785 | — | 7,785 | |||||||||
| Other |
3,877 | — | 3,877 | |||||||||
| Total Common Stocks |
$ | 143,037 | $ | — | $ | 143,037 | ||||||
| Common / Collective Trust Funds |
||||||||||||
| Index |
$ | — | $ | 86,378 | $ | 86,378 | ||||||
| Growth |
— | 58,470 | 58,470 | |||||||||
| Fixed Income |
— | 33,072 | 33,072 | |||||||||
| Other |
— | 3,470 | 3,470 | |||||||||
| Total Common/Collective Trust Funds |
$ | — | $ | 181,390 | $ | 181,390 | ||||||
| Registered Investment Companies |
||||||||||||
| Growth |
$ | 42,318 | $ | — | $ | 42,318 | ||||||
| Balanced Funds |
45,269 | — | 45,269 | |||||||||
| Index |
3,086 | — | 3,086 | |||||||||
| Total Registered Investment Companies |
$ | 90,673 | $ | — | $ | 90,673 | ||||||
| Synthetic Guaranteed Investment Contracts |
$ | — | $ | 83,277 | $ | 83,277 | ||||||
| U.S. Government Securities |
— | 3,039 | 3,039 | |||||||||
| Total Investments At Fair Value |
$ | 233,710 | $ | 267,706 | $ | 501,416 | ||||||
10
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
Securities Transactions
Purchases and sales of securities are recorded on the trade date. The average cost basis is used to determine gains or losses on dispositions of securities.
Interest income is accrued as earned and dividend income is recorded on the ex-dividend date.
Included in the Statement of Changes in Net Assets Available for Benefits is the net appreciation in the fair value of the Plan’s investments, which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.
Payment of Benefits
Benefits are recorded when paid.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan to make estimates and assumptions, such as those regarding the fair value of investments, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results could differ from those estimates.
NOTE 3—RISKS AND UNCERTAINTIES
The Plan provides for various investment options that, along with the underlying securities, are exposed to various risks such as market, interest rate, and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of such securities, it is at least reasonably possible that changes in risks in the near term could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
NOTE 4—INVESTMENTS
Individual investments representing 5% or more of the Plan’s net assets available for benefits are identified below:
| At December 31, | ||||||||||||
| 2010 | 2009 | |||||||||||
| Blackrock Equity Index Fund |
$ | 82,005 | $ | 64,330 | ||||||||
| Viacom Class B Common Stock |
$ | 73,816 | $ | 60,796 | ||||||||
| EB CIS Non-SL Aggregate Bond Index Fund |
$ | 40,511 | $ | — | (2 | ) | ||||||
| EB CIS Aggregate Bond Index Fund of The Bank of NY Mellon |
$ | — | $ | 33,072 | (2 | ) | ||||||
| Vanguard LifeStrategy Conservative Growth |
$ | 39,899 | $ | — | (1 | ) | ||||||
| Capital Guardian International Equity Fund |
$ | 35,681 | $ | 29,935 | ||||||||
| Capital Guardian Emerging Markets Equity Fund |
$ | 35,318 | $ | 28,535 | ||||||||
| Blackrock Mid Cap Equity Index Fund |
$ | 34,913 | $ | — | (1 | ) | ||||||
| Vanguard LifeStrategy Growth |
$ | 32,490 | $ | — | (1 | ) | ||||||
| (1) | Represents less than 5% during the respective year. |
| (2) | Assets in the EB CIS Aggregate Bond Index Fund were transferred to the EB CIS Non-SL Aggregate Bond Index Fund in November 2010 which was a new Fund created by the Bank of NY Mellon. |
11
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
During the year ended December 31, 2010 the Plan’s investments (including gains and losses on investments bought, sold and held during the year) appreciated as follows:
| Registered investment companies |
$ | 15,242 | ||
| Common stocks |
32,930 | |||
| Common/Collective trust funds |
29,334 | |||
| Net appreciation in fair value of investments |
$ | 77,506 | ||
NOTE 5—INCOME TAX STATUS
On October 9, 2008, the Plan received a determination from the Internal Revenue Service (“IRS”) that the Plan satisfies the requirements of Section 401(a) of the Code and that the trust thereunder is exempt from federal income taxes under the provisions of Section 501(a) of the Code. Certain amendments have been made to the Plan since receiving the determination letter. However, the Plan Administrator and the Plan’s counsel believe that the Plan is designed and is currently being operated in compliance with the applicable provisions of the Code.
NOTE 6—TERMINATION PRIORITIES
Although the Company anticipates that the Plan will continue indefinitely, it reserves the right by action of the Board of Directors to amend or terminate the Plan provided that such action does not retroactively reduce earned participant benefits. In the event of Plan termination, participants become fully vested. Upon termination, the Plan provides that the net assets of the Plan would be distributed to participants based on their respective account balances.
NOTE 7—INVESTMENT IN FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACTS
The Plan accounts for guaranteed investment contracts in accordance with the accounting and reporting guidance related to Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans. Contract value is the relevant measurement attribute for that portion of the net assets available for plan benefits of a defined-contribution plan attributable to fully benefit-responsive contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Plan invests in investment contracts through the INVESCO Fund. As required by the guidance, the Statements of Net Assets Available for Benefits present the fair value of the investment in the INVESCO Fund from fair value to contract value for fully benefit-responsive investment contracts. The Statements of Net Assets Available for Benefits are prepared on a contract value basis.
The INVESCO Fund (the “Fund”) invests primarily in fully benefit-responsive investment contracts such as traditional GICs and wrapper contracts (also known as synthetic GICs). In a traditional GIC, the issuer takes a deposit from the Fund and purchases investments that are held in the issuer’s general account. The issuer is contractually obligated to repay the principal and a specified rate of interest guaranteed to the Fund. The fair value of the investment contracts use a formula that is based on the characteristics of the underlying fixed income portfolio under each contract, as further described below.
In a wrapper contract structure, the underlying investments are owned by the Fund and held in trust for plan participants and are of high quality fixed income securities or investment funds. The Fund purchases a wrapper contract from an insurance company or bank. The wrapper contract amortizes the realized and unrealized gains and losses on the underlying fixed income investments, typically over the expected duration of
12
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
the investment through adjustments to the future interest crediting rate (which is the rate earned by participants in the fund for the underlying investments which resets on a monthly basis). The issuer of the wrapper contract provides assurance that the adjustments to the interest crediting rate do not result in a future interest crediting rate that is less than zero. An interest crediting rate less than zero would result in a loss of principal or accrued interest.
The key factors that influence future interest crediting rates for a wrapper contract include: the level of market interest rates, the amount and timing of participant activity into/out of the wrapper contract, the investment returns generated by the fixed income investments that back the wrapper contract, and the duration of the underlying investments backing the wrapper contract.
Changes in market interest rates affect the yield to maturity and the market value of the underlying investments; therefore, they can have a material impact on the wrapper contract’s interest crediting rate. In addition, participant withdrawals and transfers from the Fund are paid at contract value but funded through the market value liquidation of the underlying investments, which also impacts the interest credit rating. The resulting gains and losses in the market value of the underlying investments relative to the wrapper contract value are represented on the Statements of Net Assets Available for Benefits as the Adjustment from fair value to contract value for fully benefit-responsive investment contracts. If the adjustment from fair value to contract value is positive for a given contract, this indicates that the wrapper contract value is greater than the market value of the underlying investments. The embedded market value losses will be amortized in the future through a lower interest crediting rate than would otherwise be the case. If the adjustment from fair value to contract value is negative, this indicates that the wrapper contract value is less than the market value of the underlying investments. The amortization of the embedded market value gains will cause the future interest crediting rate to be higher than it otherwise would have been.
All wrapper contracts provide for a minimum interest crediting rate of zero percent. In the event that the interest crediting rate should fall to zero and the requirements of the wrapper contract are satisfied, the wrapper issuers will pay to the Plan the shortfall needed to maintain the interest crediting rate at zero. This ensures that participants’ principal and accrued interest are protected.
13
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
The following table details the individual synthetic guaranteed investment contracts at fair value and their adjustment to contract value of $85.5 million held by the INVESCO Fund at December 31, 2010:
| Contract Issuer |
Security Name |
Issuer Ratings |
Investments at Fair Value |
Wrap Contracts at Fair Value |
Adjustment to Contract Value |
|||||||||||||
| Bank of America NA |
Wrapper | A+/Aa3 | $ | 49 | ||||||||||||||
| IGT INVESCO Short-term Bond Fund |
$ | 20,589 | ||||||||||||||||
| 20,589 | 49 | $ | (847 | ) | ||||||||||||||
| ING Life & Annuity |
Wrapper | A/A2 | 0 | |||||||||||||||
| IGT INVESCO Multi-Mgr A or Better Intermediate G/C Fund |
18,384 | |||||||||||||||||
| 18,384 | 0 | (969 | ) | |||||||||||||||
| Monumental Life Insurance Co |
Wrapper | AA-/A1 | 27 | |||||||||||||||
| IGT INVESCO Multi-Mgr A or Better Intermediate G/C Fund |
15,923 | |||||||||||||||||
| 15,923 | 27 | (985 | ) | |||||||||||||||
| Pacific Life Insurance Co |
Wrapper | A+/A1 | 29 | |||||||||||||||
| IGT INVESCO Multi-Mgr A or Better Core Fund |
14,197 | |||||||||||||||||
| 14,197 | 29 | (543 | ) | |||||||||||||||
| State Street Bank |
Wrapper | AA/Aa2 | 0 | |||||||||||||||
| IGT INVESCO Short-term Bond Fund |
20,489 | |||||||||||||||||
| 20,489 | 0 | (795 | ) | |||||||||||||||
| Total |
$ | 89,582 | $ | 105 | $ | (4,139 | ) | |||||||||||
14
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
The following table details the individual synthetic guaranteed investment contracts at fair value and their adjustment to contract value of $80.6 million held by the INVESCO Fund at December 31, 2009:
| Contract Issuer |
Security Name |
Issuer Ratings |
Investments at Fair Value |
Wrap Contracts at Fair Value |
Adjustment to Contract Value |
|||||||||||||
| Bank of America NA |
Wrapper | A+/Aa3 | $ | 23 | ||||||||||||||
| IGT INVESCO Short-term Bond Fund |
$ | 19,968 | ||||||||||||||||
| 19,968 | 23 | $ | (514 | ) | ||||||||||||||
| ING Life & Annuity |
Wrapper | A+/A2 | 15 | |||||||||||||||
| IGT INVESCO Multi-Mgr A or Better Intermediate G/C Fund |
15,225 | |||||||||||||||||
| 15,225 | 15 | (689 | ) | |||||||||||||||
| Monumental Life Insurance Co |
Wrapper | AA-/A1 | 0 | |||||||||||||||
| IGT INVESCO Multi-Mgr A or Better Intermediate G/C Fund |
15,192 | |||||||||||||||||
| 15,192 | 0 | (685 | ) | |||||||||||||||
| Pacific Life Insurance Co |
Wrapper | AA-/A1 | 0 | |||||||||||||||
| IGT INVESCO Multi-Mgr A or Better Core Fund |
12,982 | |||||||||||||||||
| 12,982 | 0 | (278 | ) | |||||||||||||||
| State Street Bank |
Wrapper | AA-Aa2 | 0 | |||||||||||||||
| IGT INVESCO Short-term Bond Fund |
19,872 | |||||||||||||||||
| 19,872 | 0 | (490 | ) | |||||||||||||||
| Total |
$ | 83,239 | $ | 38 | $ | (2,656 | ) | |||||||||||
The Company does not expect any employer initiated events that may cause premature liquidation of a contract at market value. The average yield to investments at fair value was approximately 2.17% and 3.13% for 2010 and 2009, respectively, and crediting interest rates to investments at fair value were approximately 3.73% and 4.15% at December 31, 2010 and 2009, respectively.
NOTE 8—RECONCILIATION OF FINANCIAL STATEMENTS TO IRS FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
| At December 31, | ||||||||
| 2010 | 2009 | |||||||
| Net assets available for benefits per the financial statements |
$ | 641,801 | $ | 507,195 | ||||
| Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
4,139 | 2,656 | ||||||
| Amounts allocated to withdrawing participants |
(183 | ) | (145 | ) | ||||
| Deemed distribution of participant loans |
(165 | ) | (262 | ) | ||||
| Net assets available for benefits per the Form 5500 |
$ | 645,592 | $ | 509,444 | ||||
15
VIACOM 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
(Tabular dollars in thousands)
The following is a reconciliation of benefits paid to participants as reflected in the financial statements to the Form 5500:
| Year Ended December 31, 2010 |
||||
| Benefits paid to participants per the financial statements |
$ | 46,559 | ||
| Add: Amounts allocated to withdrawing participants at December 31, 2010 |
183 | |||
| Less: Amounts allocated to withdrawing participants at December 31, 2009 |
(145) | |||
| Deemed loan offsets |
(108) | |||
| Benefits paid to participants per the Form 5500 |
$ | 46,489 | ||
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that were processed and approved for payment prior to December 31, 2010 but were not paid as of that date.
The following is a reconciliation of additions attributed to investments and contributions per the financial statements to the Form 5500:
| Year Ended December 31, 2010 |
||||
| Total additions attributed to investments and contributions per the financial statements |
$ | 183,300 | ||
| Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
1,483 | |||
| Total income per the Form 5500 (including Plan transfers) |
$ | 184,783 | ||
The following is a reconciliation of net increase in net assets available for benefits per the financial statements to the Form 5500:
| Year Ended December 31, 2010 |
||||
| Net increase in net assets available for benefits per the financial statements |
$ | 134,606 | ||
| Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
1,483 | |||
| Amounts allocated to withdrawing participants at December 31, 2010 |
(183 | ) | ||
| Amounts allocated to withdrawing participants at December 31, 2009 |
145 | |||
| Deemed loan offsets |
108 | (1) | ||
| Deemed distribution of participant loans |
(11 | ) | ||
| Net income per the Form 5500 (including Plan transfers) |
$ | 136,148 | ||
| (1) | Previously reported as a deemed loan distribution on 2009 Form 5500. |
NOTE 9—SUBSEQUENT EVENTS
Effective February 14, 2011, the Vanguard Life Strategy funds and the Mellon EB DL Asset Allocation fund were replaced with JPMCB Smart Retirement funds. These funds are managed by JP Morgan Asset Management, an affiliate of the Trustee.
Effective March 15, 2011, assets of approximately $11.7 million were transferred from the Viacom 401(k) Plan for Project Based Employees to the Viacom 401k Plan.
16
Schedule H, line 4i
Page 1 of 5
SCHEDULE OF ASSETS HELD AT END OF YEAR
DECEMBER 31, 2010
(In thousands)
| Identity of issuer, borrower, lessor or similar party |
Description of investment including maturity date, rate of interest, collateral, par, or maturity value |
Cost(1) | Current Value | |||||||||
| Common Stocks |
||||||||||||
| ACCENTURE PLS CLS ‘A’ |
416 | |||||||||||
| AEGON NV AMER REGD CERT ADR |
184 | |||||||||||
| AGILENT TECHNOLOGIES INC COM STK |
453 | |||||||||||
| ALTERA CORP COM STK |
1,799 | |||||||||||
| AMERIPRISE FINANCIAL INC COM STK |
937 | |||||||||||
| AMETEK INC COM STK |
300 | |||||||||||
| AMGEN INC COM STK |
1,016 | |||||||||||
| ANADARKO PETROLEUM CORP COM STK |
601 | |||||||||||
| ANALOG DEVICES INC COM STK |
850 | |||||||||||
| AOL INC |
144 | |||||||||||
| APPLE INC COM STK |
3,068 | |||||||||||
| BAKER HUGHES INC COM STK |
972 | |||||||||||
| BANCO SANTANDER (BRAZIL) SA ADR |
511 | |||||||||||
| BANK OF NEW YORK MELLON CORP COM STK |
891 | |||||||||||
| BB&T CORP COM STK |
331 | |||||||||||
| BLACKROCK INC CLASS ‘A’ COM STK |
1,062 | |||||||||||
| BMC SOFTWARE INC COM STK |
1,224 | |||||||||||
| BOEING CO COM STK |
336 | |||||||||||
| BOSTON SCIENTIFIC CORP COM STK |
454 | |||||||||||
| BROADCOM CORP CLASS ‘A’ COM STK |
1,177 | |||||||||||
| CADENCE DESIGN SYSTEMS INC COM STK |
145 | |||||||||||
| CAPITAL ONE FINANCIAL CORP COM STK |
1,234 | |||||||||||
| CAREFUSION CORP |
257 | |||||||||||
| CARMAX INC COM STK |
191 | |||||||||||
| CATERPILLAR INC COM STK |
666 | |||||||||||
| CELGENE CORP COM STK |
373 | |||||||||||
| CEMEX S.A.B. DE C.V. ADR |
139 | |||||||||||
| CH ROBINSON WORLDWIDE INC COM STK |
285 | |||||||||||
| CHEVRON CORP COM STK |
730 | |||||||||||
| CISCO SYSTEMS INC COM STK |
652 | |||||||||||
| CITRIX SYSTEMS INC COM STK |
743 | |||||||||||
| COACH INC COM STK |
773 | |||||||||||
| COGNIZANT TECHNOLOGY SOLUTIONS CORP COM |
659 | |||||||||||
| COMCAST CORP COM CLS ‘A’ |
1,501 | |||||||||||
| COMPUTER SCIENCES CORP COM STK |
407 | |||||||||||
| COMPUWARE CORP COM STK |
292 | |||||||||||
| CONSOL ENERGY INC COM STK |
565 | |||||||||||
| COVIDIEN PLC SHS |
768 | |||||||||||
S-1
Schedule H, line 4i
Page 2 of 5
| Identity of issuer, borrower, lessor or similar party |
Description of investment including maturity date, rate of interest, collateral, par, or maturity value |
Cost(1) | Current Value | |||||||||
| CREDIT SUISSE GROUP ADR |
81 | |||||||||||
| CUMMINS INC COM STK |
860 | |||||||||||
| DIAGEO ADR |
186 | |||||||||||
| DIRECTV |
81 | |||||||||||
| DISH NETWORK CORP CLASS ‘A’ COM STK |
187 | |||||||||||
| DOLBY LABORATORIES INC COM STK |
452 | |||||||||||
| DOMTAR CORPORATION COM STK |
79 | |||||||||||
| DOW CHEMICAL CO COM STK |
867 | |||||||||||
| DUN & BRADSTREET CORP (DELAWARE) COM STK |
123 | |||||||||||
| EATON CORP COM |
657 | |||||||||||
| EBAY INC COM STK |
1,933 | |||||||||||
| ELECTRONIC ARTS COM STK |
287 | |||||||||||
| EMC CORP COM STK |
1,478 | |||||||||||
| ENSCO PLC |
524 | |||||||||||
| EOG RESOURCES INC COM STK |
682 | |||||||||||
| ERICSSON(LM) TEL ADR |
277 | |||||||||||
| FEDEX CORP COM STK |
1,023 | |||||||||||
| FORD MOTOR CO COM STK |
1,049 | |||||||||||
| FREEPORT-MCMORAN COPPER & GOLD INC COM STK |
787 | |||||||||||
| GENERAL ELECTRIC CO. COM STK |
1,280 | |||||||||||
| GENWORTH FINANCIAL INC COM STK |
164 | |||||||||||
| GILEAD SCIENCES INC COM STK |
109 | |||||||||||
| GLAXOSMITHKLINE ADR |
784 | |||||||||||
| GOLDMAN SACHS GROUP INC COM STK |
1,345 | |||||||||||
| GOOGLE INC COM STK CLS ‘A’ |
1,633 | |||||||||||
| GREEN MOUNTAIN COFFEE ROASTERS INC COM STK |
760 | |||||||||||
| HARLEY DAVIDSON COM STK |
802 | |||||||||||
| HARTFORD FINANCIAL SERVICES GRP INC COM STK |
969 | |||||||||||
| HEWLETT-PACKARD CO COM STK |
1,579 | |||||||||||
| HOME DEPOT INC COM STK |
631 | |||||||||||
| HSBC HLDGS ADR |
240 | |||||||||||
| ILLINOIS TOOL WORKS INC COM STK |
722 | |||||||||||
| INGERSOLL-RAND PLC |
928 | |||||||||||
| INTERPUBLIC GROUP COMPANIES INC COM STK |
212 | |||||||||||
| ITAU UNIBANCO HLDG SA ADR |
559 | |||||||||||
| JOHNSON CONTROLS INC COM STK |
1,089 | |||||||||||
| JOY GLOBAL INC COM STK |
756 | |||||||||||
| JUNIPER NETWORKS COM STK |
1,003 | |||||||||||
| LAS VEGAS SANDS CORP COM STK |
367 | |||||||||||
| LEGG MASON INC COM STK |
181 | |||||||||||
| LIBERTY GLOBAL INC COM STK SERIES ‘C’ |
102 | |||||||||||
S-2
Schedule H, line 4i
Page 3 of 5
| Identity of issuer, borrower, lessor or similar party |
Description of investment including maturity date, rate of interest, collateral, par, or maturity value |
Cost(1) | Current Value | |||||||||
| LIBERTY GLOBAL INC COM STK SER ‘A’ |
99 | |||||||||||
| LIBERTY MEDIA HOLDING COM STK ‘A’ |
405 | |||||||||||
| LOEWS CORP COM STK |
236 | |||||||||||
| LOWES COMPANIES INC COM STK |
696 | |||||||||||
| LULULEMON ATHLETICA INC COM STK |
136 | |||||||||||
| MACY’S INC COM STK |
58 | |||||||||||
| MAXIM INTEGRATED PRODUCTS COM STK |
591 | |||||||||||
| MCCGRAW-HILL COS IN (THE) COM STK |
127 | |||||||||||
| MEDTRONIC INCCOM STK |
223 | |||||||||||
| MERCK & CO INC(NEW) COM STK |
1,171 | |||||||||||
| MICROSOFT CORP COM STK |
2,024 | |||||||||||
| MOLEX INC CLASS ‘A’ N.VTG COM STK |
236 | |||||||||||
| MONSANTO CO COM STK |
914 | |||||||||||
| MOTOROLA INC |
1,088 | |||||||||||
| NATIONAL OILWELL VARCO INC COM STK |
583 | |||||||||||
| NETAPP INC COM |
1,340 | |||||||||||
| NEWS CORP CLASS ‘A’ NON VTG COM STK |
1,811 | |||||||||||
| NIKE INC CLASS ‘B’ COM STK |
343 | |||||||||||
| NOKIA CORP ADR |
129 | |||||||||||
| NOVARTIS AG ADR |
1,179 | |||||||||||
| OCCIDENTAL PETROLEUM CORP COM |
1,463 | |||||||||||
| ORACLE CORP COM STK |
2,028 | |||||||||||
| PACCAR INC COM STK |
1,213 | |||||||||||
| PANASONIC CORP ADR |
416 | |||||||||||
| PFIZER INC COM STK |
963 | |||||||||||
| PITNEY BOWES INC COM STK |
242 | |||||||||||
| POLO RALPH LAUREN CORP CLASS ‘A’ COM STK |
745 | |||||||||||
| PRECISION CASTPARTS CORP COM |
337 | |||||||||||
| PRICELINE.COM INC COM STK |
959 | |||||||||||
| PROGRESSIVE CORP (OHIO) COM STK |
179 | |||||||||||
| QUALCOMM INC COM STK |
1,165 | |||||||||||
| RIO TINTO ADR |
559 | |||||||||||
| ROVI CORP COM |
637 | |||||||||||
| ROYAL DUTCH SHELL ADR |
240 | |||||||||||
| SANOFI-AVENTIS ADR |
774 | |||||||||||
| SCHLUMBERGER COM STK |
2,445 | |||||||||||
| SCHWAB (CHARLES) CORP COM STK |
428 | |||||||||||
| SIEMENS AG ADR |
519 | |||||||||||
| SLM CORP COM STK |
271 | |||||||||||
| SONY CORP ADR |
643 | |||||||||||
| SPRINT NEXTEL CORP FON COM STK |
508 | |||||||||||
| STAPLES INC COM STK |
537 | |||||||||||
| STARBUCKS CORP COM STK |
433 | |||||||||||
| SUNTRUST BANKS INC COM STK |
201 | |||||||||||
| SYMANTEC CORP COM STK |
485 | |||||||||||
S-3
Schedule H, line 4i
Page 4 of 5
| Identity of issuer, borrower, lessor or similar party |
Description of investment including maturity date, rate of interest, collateral, par, or maturity value |
Cost(1) | Current Value | |||||||||
| SYNOPSYS INC COM STK |
342 | |||||||||||
| TEVA PHARMACEUTICAL INDUSTRIES ADR |
361 | |||||||||||
| TEXAS INSTRUMENTS INC COM STK |
831 | |||||||||||
| THE MOSAIC COMPANY |
871 | |||||||||||
| TIME WARNER CABLE INC |
720 | |||||||||||
| TIME WARNER INC |
966 | |||||||||||
| TRAVELERS COS INC/THE |
446 | |||||||||||
| TYCO ELECTRONICS LTD SWITZERLD SHS |
389 | |||||||||||
| TYCO INTERNATIONAL LTD. |
352 | |||||||||||
| US BANCORP DELAWARE COM STK |
229 | |||||||||||
| VERISIGN COM STK |
361 | |||||||||||
| * VIACOM INC CLASS A |
615 | |||||||||||
| * VIACOM INC CLASS B |
73,816 | |||||||||||
| VMWARE INC CLS ‘A’ COM STK |
298 | |||||||||||
| VODAFONE GROUP SPON ADR |
700 | |||||||||||
| VULCAN MATERIALS CO COM STK |
222 | |||||||||||
| WALGREEN CO COM STK |
467 | |||||||||||
| WAL-MART STORES INC COM STK |
431 | |||||||||||
| WELLS FARGO & CO COM STK |
2,559 | |||||||||||
| WESTERN UNION COMPANY (THE) COM STK |
429 | |||||||||||
| XEROX CORP COM STK |
634 | |||||||||||
| Total Common Stocks |
172,752 | |||||||||||
| Registered Investment Companies |
||||||||||||
| DFA U.S. Small Cap Fund |
26,806 | |||||||||||
| Vanguard FTSE Social Index Fund |
3,652 | |||||||||||
| Vanguard Lifestrategy Conservative Growth Fund |
39,899 | |||||||||||
| Vanguard Lifestrategy Moderate Growth Fund |
31,012 | |||||||||||
| Vanguard Lifestrategy Growth Fund |
32,490 | |||||||||||
| Total Registered Investment Companies |
133,859 | |||||||||||
| Common/Collective Trusts, U.S. Government Securities and GICs |
||||||||||||
| Blackrock Equity Index Fund |
82,005 | |||||||||||
| Blackrock Mid Cap Equity Index Fund |
34,913 | |||||||||||
| Capital Guardian Emerging Markets Equity Fund |
35,318 | |||||||||||
| Capital Guardian International Equity Fund |
35,681 | |||||||||||
| * JP Morgan U.S. Government Fund |
8,192 | |||||||||||
| EB DL Asset Allocation Fund of the Bank of New York Mellon |
4,088 | |||||||||||
| EB CIS Non-SL Aggregate Bond Index Fund |
40,511 | |||||||||||
| Bank of America – Contract #05-066 |
|
IGT INVESCO Shrt Trm Bond; Evergreen |
|
20,589 | ||||||||
S-4
Schedule H, line 4i
Page 5 of 5
| Identity of issuer, borrower, lessor or similar party |
Description of investment including maturity date, rate of interest, collateral, par, or maturity value |
Cost(1) | Current Value | |||||||||
| Bank of America Wrapper at Fair Value, plus Adjustment to Contract Value, Synthetic GIC |
(798 | ) (2) | ||||||||||
| ING Life & Annuity – Contract #60125 |
IGT MxMgr A+ Int G/C; Evergreen | 18,384 | ||||||||||
| ING Life & Annuity Wrapper at Fair Value, plus Adjustment to Contract Value, Synthetic GIC |
(969 | ) (2) | ||||||||||
| Monumental – Contract #MDA00730TR |
IGT MxMgr A+ Int G/C; Evergreen | 15,923 | ||||||||||
| Monumental Wrapper at Fair Value, plus Adjustment to Contract Value, Synthetic GIC |
(958 | ) (2) | ||||||||||
| Pacific Life In – Contract #G-27279.01.0001 |
IGT MxMgr A+ Core; Evergreen | 14,197 | ||||||||||
| Pacific Life In Wrapper at Fair Value, plus Adjustment to Contract Value, Synthetic GIC |
(514 | ) (2) | ||||||||||
| State Street Bank – Contract #106001 |
|
IGT INVESCO ShrtTrm Bond; Evergreen |
|
20,489 | ||||||||
| State Street Bank Wrapper at Fair Value, plus Adjustment to Contract Value, Synthetic GIC |
(795 | ) (2) | ||||||||||
| Total Common/Collective Trusts, U.S. Government Securities and GICs |
330,395 | (3) | ||||||||||
| Loans to Participants |
|
Various maturities and interest rates ranging from 3.25% to 12.0% |
|
9,083 | ||||||||
| Grand Total |
$ | 646,089 | ||||||||||
| * | Identified as a party-in-interest to the Plan. |
| (1) | There are no non-participant directed investments. |
| (2) | Amounts include wrappers at fair value of $105 and adjustment to contract value of ($4,139). |
| (3) | Adjustment to contract value of ($4,139) is not included in the total Common/Collective Trusts, U.S. Government Securities and GICs balance of $330,395. |
S-5
Pursuant to the requirements of the Securities Exchange Act of 1934, the persons who administer the Plan have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| VIACOM 401(k) PLAN | ||||||||
| Date: June 23, 2011 |
By: | /S/ JOHN R. JACOBS | ||||||
| John R. Jacobs | ||||||||
| Member of the Viacom Retirement Committee | ||||||||
S-6