Table of
Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K/A
(Amendment No. 1)
ANNUAL
REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
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x
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
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For the fiscal year ended
December 31, 2009
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OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
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For the transition period from
to
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Commission File Number
333-151802
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A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
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SAVINGS PLAN FOR UNION EMPLOYEES
OF UNILEVER
UNILEVER UNITED STATES, INC.
800 SYLVAN AVENUE
ENGLEWOOD CLIFFS, NEW JERSEY 07632
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B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
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UNILEVER N.V.
WEENA 455
3013 AL, ROTTERDAM
THE NETHERLANDS
Table
of Contents
EXPLANATORY NOTE
The Savings Plan for Union Employees of Unilever (the Plan) is filing
this amendment to its Form 11-K for the fiscal year ended December 31, 2009
(the Form 11-K) because it erroneously indicated in the initial filing of the
Form 11-K that the Report of Independent Registered Public Accounting Firm was
subject to that firms approval when, in fact, the firm signed the report. The notation regarding the need for the
firms approval has been deleted in this amendment. In addition, in the initial filing of the
Form 11-K, the Plan inadvertently omitted the conformed signature of the
authorized signatory. The conformed
signature is now included on the signature page of this filing.
Savings Plan for Union Employees of Unilever
In
dex
(*)
Other supplemental schedules
required by 29 CFR 2520.103-10 of the Department of Labors Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974 have not been included as they are not applicable.
Table
of Contents
Report of Independent Registered
Public Accounting Firm
To
the Participants and Administrator of the
Savings Plan for Union Employees of Unilever
In
our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of the Savings Plan for Union Employees of Unilever (the Plan) at December 31,
2009 and December 31, 2008, and the changes in net assets available for
benefits for the years then ended in conformity with accounting principles
generally accepted in the United States of America. These financial statements are the
responsibility of the Plans 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 Labors Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the
responsibility of the Plans management.
The supplemental schedule has been subjected to the auditing procedures
applied in the audits 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
Florham
Park, New Jersey
June 21,
2010
1
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Savings Plan for Union Employees of Unilever
Statements of Net Assets Available for Benefits
As of December 31, 2009 and 2008
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2009
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2008
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Assets
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Investment in the Unilever United
States, Inc.
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Master Trust, at fair value
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$
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113,235,470
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$
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104,754,803
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Loans to participants
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4,332,079
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4,450,159
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Total investments
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117,567,549
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109,204,962
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Receivables
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Participant contributions
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61,336
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64,183
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Employer contributions
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26,548
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29,928
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Net assets, at fair value
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117,655,433
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109,299,073
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Adjustment from fair value to contract value for interest
in the Master Trust relating to fully benefit-responsive investment contracts
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(2,636,362
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)
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(936,589
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)
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Net assets available for benefits
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$
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115,019,071
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$
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108,362,484
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The accompanying notes are an integral part of these financial
statements.
2
Table of
Contents
Savings Plan for Union Employees of Unilever
Statements of Changes in Net
Assets Available for Benefits
For the years ended December 31, 2009 and 2008
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2009
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2008
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Investment Results
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Net investment income (loss) from Plan interest in
Unilever United States, Inc. Master Trust
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$
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12,820,668
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$
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(19,668,113
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)
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Additions
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Additions to net assets attributed to:
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Interest from participant loans
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280,022
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391,206
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Transfer from UNI
Care
Savings Plan
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4,641
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Transfer from Good Humor Breyers Savings Plan
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8,991,504
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Contributions and other additions:
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Contributions from participants
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4,183,951
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5,270,408
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Contributions from employer
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1,816,004
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1,890,026
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Rollover contributions
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108,516
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31,390
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Total additions
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6,393,134
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16,574,534
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Deductions
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Deductions to net assets attributed to:
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Benefits paid to participants
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12,550,190
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44,350,818
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Administrative expenses
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7,025
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16,830
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Total deductions
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12,557,215
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44,367,648
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Net increase (decrease)
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6,656,587
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(47,461,227
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Net assets available for
benefits:
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Beginning of year
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108,362,484
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155,823,711
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End of year
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$
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115,019,071
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$
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108,362,484
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The accompanying notes are an integral part of these financial
statements.
3
Table of
Contents
Savings Plan for Union Employees of Unilever
Notes to Financial Statements
December 31, 2009 and 2008
1.
Description of the Plan
The Savings Plan for Union Employees of Unilever (the Plan)
is a defined contribution plan that is subject to the provisions of the
Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plans sponsor is Conopco, Inc. (the Company). Assets of the Plan along with assets from the
UNI
Care
Savings Plan, an affiliated plan,
sponsored by Unilever United States, Inc., an affiliate of the Company (Unilever
US), and the Good Humor Breyers Savings Plan (the GHB Plan), sponsored by
the Company, are maintained in the Unilever United States, Inc. Master
Trust (the Master Trust). Effective December 31,
2008, the GHB Plan was merged with the Plan.
The following brief description of the Plan is provided for general
information purposes only. Participants
should refer to the summary plan description for more complete information.
Eligibility
All employees at the Hammond, Indiana plant
represented by the United Steel, Paper and Forestry, Rubber, Manufacturing,
Energy and Allied Industrial and Service Workers International Union Local
7-0336 (Hammond plant) are eligible to become participants of the Plan after
the completion of 90 days of continuous service.
All employees at the Atlanta, Georgia plant represented
by the Bakery, Confectionery and Tobacco Workers and Grain Millers
International AFL-CIO Local 42 (Atlanta plant), and the Olathe, Kansas plant
represented by the International Brotherhood of Teamsters Local 41 or the
International Union of Operating Engineers AFL-CIO Local 101-S (Olathe plant)
were eligible to become participants of the Plan upon the date of hire.
All employees located at the Baltimore, Maryland plant
represented by the United Food and Commercial Workers International Union
AFL-CIO Local 27 (Baltimore plant) are eligible to become participants of the
Plan after the completion of 60 days of continuous service.
All employees located at the Chicago, Illinois
plant represented by the United Food and Commercial Workers International Union
AFL-CIO, CLC Local 399 or the International Union of Operating Engineers
AFL-CIO Local 100A (Chicago plant) who are at least 18 years old are eligible
to become participants of the Plan after the completion of 45 days of service.
All employees at the Independence, Missouri plant
represented by the International Brotherhood of Teamsters Local 838 (Independence
plant) are eligible to become participants of the Plan after the completion of
one year of service.
All employees at the Hagerstown, Maryland plant
represented by the United Steel Workers of America AFL-CIO-CLC Local 9836 (Hagerstown
plant), the Huntington, Indiana plant represented by the Retail,
Wholesale and Department Store Union, UFCW AFL-CIO and its United Dairy Workers
Local 835 (Huntington plant),and the St. Albans, Vermont plant represented by
the International Brotherhood of Electrical Workers Local 300 (St Albans plant),
scheduled to work twenty or more hours a week are eligible to participate in
the Plan as of date of hire. Employees
who are not regularly scheduled to work twenty or more hours a week can
participate in the Plan after completing one year of service.
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Table of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
Contributions
Plan participants are permitted to make voluntary
contributions to the Plan through payroll deductions. Before-tax contributions, representing 401(k) contributions
are deposited in a before-tax account and after-tax contributions, where
applicable, are deposited in an after-tax account. Before-tax contributions are limited to
$16,500 and $15,500 for 2009 and 2008, respectively.
Participants who will be age 50 or older by the
end of the Plan year are eligible to make before-tax catch-up
contributions. Catch-up contributions
are limited to $5,500 and $5,000 for eligible employees for 2009 and 2008,
respectively.
The permitted contributions vary for each collective
bargaining unit at the discretion of the Company and range from 1%-15% to
1%-20% of eligible compensation through payroll deductions on a before-tax
basis, after-tax basis or a combination of both.
The Company matches contributions made by participants. These contributions are recorded in a company
matching account. Company matching
contributions vary for each collective bargaining unit at the discretion of the
Company and range from 25% of 4% to 100% of 5% of eligible earnings
participants elect to contribute.
All collective bargaining employees at the
Hammond plant hired on or after January 12, 2007, the Huntington plant
hired on or after June 30, 2007, at the Baltimore plant hired on or after April 1,
2008, the Olathe plant represented by the
International Brotherhood of Teamsters Local 41 hired on or after June 1,
2008, the Chicago plant represented by the United Food and Commercial Workers
International Union AFL-CIO, CLC Local 399 hired on or after November 22,
2008 and the Chicago plant represented by the International Union of Operating
Engineers AFL-CIO Local 100A hired on or after December 16, 2008 are
eligible to receive non-elective contributions of 4% of compensation after one
Year of Service.
All contributions are deposited in the Master
Trust.
Participant Accounts
Each participants account is credited with: (a) the
participants contribution (b) the Companys contribution, and (c) an
allocation of Plan earnings (losses) and administrative expenses. Allocations are based on participant earnings
or account balances, as defined in the Plan.
The benefit to which a participant is entitled is the benefit that can
be provided from the vested portion of the participants account. At December 31, 2009 and 2008, there
were 1,600 and 1,682 participants with account balances in the Plan,
respectively.
Vesting
Participants are fully vested in their contributions as
well as the earnings thereon.
Vesting of matching and non-elective contributions, made
by the Company, varies for each collective bargaining unit at the discretion of
the Company. Collective bargaining
units can achieve full vesting from the date of hire through three years of
service.
Non-elective contributions vest after 3 years of
service, upon attainment of age 65, death from active status or disability for
all participants receiving non-elective employer contributions.
5
Table of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
The balance of forfeitures was $2,992 and $7,897 as of December 31,
2009 and 2008, respectively. Amounts
forfeited by non-vested participants who terminated employment during the years
ended December 31, 2009 and 2008 were $2,879 and $5,859,
respectively. Forfeitures reduced
Company matching contributions and Company non-elective contributions in the
amount of $8,078 and $0 for the years ended December 31, 2009 and 2008,
respectively.
Payment of Benefits
Provisions for the withdrawal
of contributions of active participants vary for each collective bargaining
unit at the discretion of the Company and include in-service withdrawals of the
after-tax account, prior plan profit sharing account, portion of company
matching account on deposit for 2 years, before-tax account for reasons of
hardship provided the withdrawal does not exceed the amount of the hardship,
and company matching account following attainment of age 59.5.
Upon termination of employment, participants are
entitled to all of their vested balances and must receive their full balance
upon reaching the age of 65.
Retired employees may elect to leave their account
balances in the Plan until they attain age 70.5 at which time Internal Revenue
Service regulations require minimum distributions to be made. Failure to make a
voluntary election to defer payment will result in a total distribution of
vested Plan balances at age 65.
Participants who retire under the provisions of certain
defined benefit plans sponsored by the Company may, under certain conditions,
roll over their lump sum distribution to the Plan.
Investments
Participants have the option to invest in, and direct
the Company matching contributions towards a wide variety of funds including
stable value, fixed income, balanced, equity and the Unilever N.V. Stock
Fund. The funds are as follows:
·
The INVESCO (also known as
PRIMCO) Interest Income Fund is primarily invested in a diversified portfolio of
investment contracts issued by high quality financial institutions such as
insurance companies and banks. Each
contract has its own specific terms, including interest rate and maturity date. The crediting interest rates at December 31,
2009 and 2008 for the contracts range from .25% to 5.71% and 2.08% to 5.01%,
respectively. The average crediting
interest rates at December 31, 2009 and 2008 for the contracts are 4.31%
and 4.50%, respectively.
·
PIMCO Total Return Fund
Institutional Class, Unilever N.V. Stock Fund, Fidelity Contrafund, American
Funds Washington Mutual Investors Fund (R5) (introduced October 16, 2008),
Northern Trust Total US Equity Index Fund (introduced July 1, 2008) and
the Northern Trust International Equity Index Fund (introduced July 1,
2008).
·
The following were available until August 28,
2008: Fidelity Asset Manager Fund,
NTGI-QM S&P 500 Equity Index Fund, Fidelity Magellan Fund, Harbor Capital
Appreciation Fund, Fidelity Growth & Income Portfolio Fund, T. Rowe
Price Small Cap Stock Fund, Fidelity Select Health Care Portfolio Fund,
Fidelity Select Technology Portfolio Fund, Fidelity Select Financial Services
Portfolio Fund, Fidelity Select Natural Resources Portfolio Fund,
NTGI-QM Collective
Daily Russell 1000 Value Equity Index Fund, Legg Mason Partners Emerging
Markets Equity Fund and the
Fidelity Select International Equity
Portfolio Fund. The
6
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Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
American Funds Washington Mutual Investors Fund Class A, was
available until October 16, 2008.
·
Effective July 1, 2008 the Plan
introduced Vanguard Target Retirement Trusts, including: Vanguard Target
Retirement Income Trust II, Vanguard Target Retirement 2005 Trust II, Vanguard
Target Retirement 2010 Trust II,
Vanguard Target Retirement 2015 Trust II, Vanguard Target Retirement
2020 Trust II, Vanguard Target Retirement 2025 Trust II, Vanguard Target
Retirement 2030 Trust II, Vanguard Target Retirement 2035 Trust II, Vanguard
Target Retirement 2040 Trust II, Vanguard Target Retirement 2045 Trust II, and
Vanguard Target Retirement 2050 Trust II.
·
Effective July 1, 2008, the Plan
introduced self directed brokerage accounts whereby the participant is able to
select from approximately 4,600 mutual funds.
As of December 31, 2009 and 2008, $55,922,119 and $39,314,002,
respectively was invested through the brokerage accounts at the Master Trust
level. As of December 31, 2009, the
brokerage account consisted of $49,367,799 and $6,554,320 in mutual funds and
short-term investments, respectively. As
of December 31, 2008, the brokerage account consisted of $30,052,249 and
$9,261,753 in mutual funds and short-term investments, respectively. As of December 31, 2009 and 2008
$4,072,217 and $3,298,519, respectively, of the Master Trust brokerage account
is held by the Plan.
Loans to Plan Participants
At the request of Plan participants, loans are permitted
up to the lesser of $50,000 reduced by the largest outstanding loan balance in
the previous 12 months or one-half of the participants vested interest in
their accounts less any outstanding loans.
Loans bear interest at a fixed rate based on the Reuters published prime
rate plus one percent, adjusted quarterly.
Interest rates ranging from 4.25% to 10.50% and 5% to
10.5% in 2008 were charged on the loans for the years ended December 31,
2009 and 2008.
Loans relating to the acquisition or construction of a
participants principal residence are to be repaid within fifteen years. All other loans are required to be repaid
within five years.
For participants that were transferred from the Ben and
Jerrys Homemade Plan in 2006, loans relating to the acquisition or
construction of a participants principal residence are to be repaid within
thirty years. All other loans are
required to be repaid within five years.
Administration
The Plan provides that the Benefits Administration
Committee is responsible for the general administration of the Plan.
2.
Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared on the
accrual basis of accounting in conformity with the accounting principles
generally accepted in the United States of America (GAAP).
7
Table of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
Accounting Standards Codification
In June 2009, the Financial Accountign Standards
Board (FASB) issued the Accounting Standards Codification (ASC) 105, FASB
Accounting Standards Codification (ASC 105).
The statement confirmed that the FASB Accounting Standards Codification
(the Codification) is the single official source of authoritative accounting
principles generally accepted in the United States of America (GAAP) (other
than guidance issued by the SEC), superseding existing FASB, American Institute
of Certified Public Accountants, Emerging Issues Task Force, and related
literature. The Codification does not
change GAAP. Instead, it introduces a
new structure that is organized in an easily accessible, user friendly online
research system. The Codification, which
changed the referencing of financial standards, is effective for interim and
annual periods ending on or after September 15, 2009. Thereafter, only one level of authoritative
GAAP exists. All other literature is
considered non-authoritative. The
adoption of ASC 105 did not impact the Plans financial statements.
Valuation of Plan Investments and
Income Recognition
On December 31, 2008, the GHB Plan merged into the
Plan. The assets of the Plan have been
commingled in the Master Trust with the assets of the Uni
Care
Savings Plan for investment and administrative purposes. The investment in the Master Trust represents
the Plans interest in the net assets of the Master Trust. The Plans investment is stated at fair value
and is based on the beginning of the year value of the Plans interest in the
Master Trust plus contributions and allocated investment income (loss) less
distributions and allocated expenses.
Participants loans are valued at cost plus accrued interest, which
approximates fair value.
The Plan presents in the Statements of Changes in Net
Assets Available for Benefits the investment income (loss) for the Plans
interest in the Master Trust, which consists of its allocated share of
investment income and (loss), realized gains and losses, and the change in
unrealized appreciation and depreciation from the Master Trust.
The Plans interest in the Master Trust represents more
than 5 percent of the Plans net assets available for benefits as of December 31,
2009 and 2008.
Investment Contracts (See Also
Note 4)
The Plan accounts for synthetic guaranteed investment
contracts at contract value in accordance with Topic 946, Financial Services
Investment Companies (ASC 946) of the Codification. ASC 946 clarifies the definition of fully
benefit-responsive investment contracts for contracts held by defined
contribution plans along with the financial statement presentation and
disclosure of such contracts. Investment
contracts held by a defined-contribution plan are required to be reported at
fair value. However, contract value is
the relevant measurement attribute for that portion of the net assets available
for benefits of a defined-contribution plan attributable to fully
benefit-responsive investment contracts because contract value is the amount
participants would receive if they were to initiate permitted transactions
under the terms of the plan. As required
by ASC 946, the accompanying Statements of Net Assets Available for Benefits
present the fair value of the investment contracts as well as the adjustment of
the fully benefit-responsive investment contracts from fair value to contract
value. The accompanying Statements of
Changes in Net Assets Available for Benefits are prepared on a contract value
basis.
Benefit Payments
Benefit payments are recorded when paid and include
deemed distributions of $16,980 and $25,124 for the years ended December 31,
2009 and 2008, respectively.
8
Table of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
Administrative Expenses
Investment management fees for all funds and certain
professional fees are paid by the Plan.
All other administrative expenses are paid by the Company.
Use of Estimates
The preparation of financial statements in conformity
with accounting standards generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and changes therein, and disclosure of
contingent assets and liabilities at the date of the financial statements. These significant estimates include fair
market values of investments. Actual
results could differ from those estimates.
Risks and Uncertainties
The Plan provides for various investment options in any
combination of stocks, commingled funds, mutual funds, and other investment
securities. Investment securities are
exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with
certain investment securities and the level of uncertainty related to changes
in the value of investment securities, it is at least reasonably possible that
changes in risks in the near term would materially affect participants account
balances and the amounts reported in the December 31, 2009 and 2008
Statements of Net Assets Available for Benefits.
The Master Trust is exposed to credit loss in the event
of non-performance by the companies with whom guaranteed investment contracts
are placed. However, the Plan does not
anticipate non-performance by these companies and believes that the risk to the
Master Trust portfolio from credit loss is not material due to the diversified
nature of assets held.
Effects of New Accounting
Pronouncements
In April 2009 the FASB
issued FSP FAS 157-4, Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly Decreased and
Identifying Transactions That Are Not Orderly. Subsequently in June 2009
this was codified as part of Topic 820, Fair Value Measurements and Disclosures
(ASC 820) of the Codification, reaffirming that fair value is the price that
would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date under
current market conditions. The guidance reaffirms the need to use judgment in
determining if a formerly active market has become inactive and in determining
fair values when the market has become inactive. The guidance also requires
disclosures by major category about the attributes of investments consistent
with the guidance for major security types in GAAP on investments in debt and
equity securities. This guidance is
effective for fiscal years and interim periods ending after June 15,
2009. The adoption of this topic did not
have a material impact on the Plans financial statements.
In September 2009, the
FASB issued Update 2009-12 - Investment in Certain Entities that Calculate Net
Asset Value per Share (or Its Equivalent) to ASC 820. This update provides
guidance on estimating the fair value of a companys investments in investment
companies when the investment does not have a readily determinable fair
value. It permits the use of the
investments net asset value as a practical expedient to determine fair value.
This guidance also required additional disclosure of the attributes of these
investments such as: (i) the nature of any restrictions on the reporting
entitys ability to redeem its investment; (ii) unfunded commitments; and
(iii) investment strategies of the investees. This guidance is effective
for periods ending after December 15, 2009. The adoption did not have a
material impact on the Plans financial condition or results of operations and
all applicable disclosures are included in these financial statements.
9
Table of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
In January 2010, the
FASB issued Update 2010-06 Improving Disclosures about Fair Value
Measurements, to ASC 820. This guidance
requires: (i) separate disclosure of significant transfers between Level 1
and Level 2 and reasons for the transfers; (ii) disclosure, on a gross
basis, of purchases, sales, issuances, and net settlements within Level 3;
(iii) disclosures by class of assets and liabilities; and (iv) a
description of the valuation techniques and inputs used to measure fair value
for both recurring and nonrecurring fair value measurements. This guidance is
effective for reporting periods beginning after December 15, 2009, except
for the Level 3 disclosure requirements, which will be effective for fiscal
years beginning after December 15, 2010 and interim periods within those
fiscal years. The Plan is currently
evaluating the impact that this guidance will have on the financial statement
disclosures.
Subsequent Events
The Plan has evaluated subsequent events through the
date that the financial statements were available to be issued. Based on this evaluation, the Plans
administrator has determined that no subsequent events have occurred which
require disclosure in the financial statements.
3.
Tax Status of the Plan
The Plan received an updated favorable tax determination
letter dated May 4, 2009 in which the Internal Revenue Service stated that
the Plan, as then designed, was in compliance with the applicable requirements
of the Internal Revenue Code of 1986, as amended (the Code). The original letter was effective October 5,
2005. Although the Plan has been amended
since then, the Plan administrator and the Plans legal counsel believe that
the Plan is currently designed and being operated in compliance with the
applicable requirements of the Code.
Therefore, no provision for income taxes has been included in the Plans
financial statements. The IRS reserves
the right to perform a review of the Plans tax status.
4.
Investments Held by the Master Trust
At December 31, 2009, the Master Trust comprises
the assets of the Plan, UNI
Care
Savings
Plan and all affiliated plans of Unilever US.
The Plan has a 7.3% and a 7.7% interest in the investments of the Master
Trust as of December 31, 2009 and 2008, respectively. The UNI
Care
Savings
Plan comprises approximately 92.7% and 92.3% respectively, of the investments
held by the Master Trust as of December 31, 2009 and 2008. Certain investment assets of the Master
Trust, related earnings (losses) and expenses are allocated to the plans
participating in the Master Trust based upon the total of each individual
participants share of the Master Trust.
The Plans approximate share of various investments held
by the Master Trust at December 31, 2009 and 2008 were as follows:
10
Table
of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Short-term investment funds
|
|
9.0
|
%
|
9.5
|
%
|
Mutual funds
|
|
4.5
|
%
|
4.7
|
%
|
Commingled funds
|
|
5.6
|
%
|
5.4
|
%
|
Unilever N.V. stock
|
|
7.7
|
%
|
8.6
|
%
|
Synthetic guaranteed
investment contracts
|
|
10.3
|
%
|
10.5
|
%
|
As of December 31, 2009 and 2008, the
investment categories of the Master Trust were as follows:
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Investments, at fair value
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investment funds
|
|
$
|
17,720,608
|
|
$
|
19,998,192
|
|
Mutual funds
|
|
194,534,713
|
|
131,586,253
|
|
Commingled funds
|
|
687,740,967
|
|
561,718,878
|
|
Unilever N.V. stock
|
|
62,072,868
|
|
48,015,850
|
|
Synthetic guaranteed investment contracts
|
|
576,134,272
|
|
593,719,704
|
|
Master Trust investments, at fair value
|
|
1,538,203,428
|
|
1,355,038,877
|
|
|
|
|
|
|
|
Adjustment to contract value
|
|
(25,507,248
|
)
|
(8,901,693
|
)
|
Net amount
|
|
$
|
1,512,696,180
|
|
$
|
1,346,137,184
|
|
The following presents investments that represent 5 percent or more of
the Master Trusts net assets as of December 31, 2009 and 2008:
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Investments,
at fair value as determined by quoted market price
|
|
|
|
|
|
Commingled funds
|
|
|
|
|
|
Vanguard Target Retirement
2015 Trust II, 4,346,980 shares
|
|
$
|
77,767,480
|
|
$
|
71,516,326
|
|
Vanguard Target Retirement
2020 Trust II, 6,864,325 shares
|
|
$
|
117,036,739
|
|
$
|
102,553,602
|
|
Vanguard Target Retirement
2025 Trust II, 7,640,130 shares
|
|
$
|
124,610,518
|
|
$
|
101,200,428
|
|
Vanguard Target Retirement
2030 Trust II, 7,233,682 shares
|
|
$
|
112,556,087
|
|
$
|
90,653,725
|
|
11
Table of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Investments,
at estimated fair value
|
|
|
|
|
|
Synthetic guaranteed
investment contracts
|
|
|
|
|
|
|
|
|
|
|
|
JP Morgan Chase Contract #
441619-IAAA
|
|
$
|
100,000,317
|
|
$
|
107,492,330
|
|
|
|
|
|
|
|
State Street Bank and Trust
Company Contract # 103108
|
|
$
|
96,050,826
|
|
$
|
105,332,247
|
|
|
|
|
|
|
|
Bank of America Contract #
99-052
|
|
$
|
51,525,371
|
*
|
$
|
102,631,137
|
|
|
|
|
|
|
|
NATIXIS Financial Contract #
1419-01
|
|
$
|
126,484,508
|
|
$
|
119,412,377
|
|
|
|
|
|
|
|
Pacific Life Insurance
Contract #G27253.01.0001
|
|
$
|
91,840,962
|
|
$
|
86,744,473
|
|
|
|
|
|
|
|
ING Contract #60099
|
|
$
|
58,653,924
|
*
|
$
|
72,107,140
|
|
*
- Less than 5%
As of December 31, 2009, the fully
benefit-responsive contracts of the Master Trust were as follows:
|
|
Major
|
|
|
|
|
|
|
|
credit
|
|
|
|
|
|
|
|
ratings
|
|
Investments,
|
|
Adjustment to
|
|
|
|
(unaudited)
|
|
at fair value
|
|
contract value
|
|
JP Morgan Chase (IGT PIMCO
AAA or Better Intermediate Fund)
|
|
|
AA-
|
|
$
|
100,000,317
|
|
$
|
(8,675,107
|
)
|
State Street Bank (IGT WAM
AAA or Better Intermediate Fund)
|
|
|
AA-
|
|
96,050,826
|
|
(5,708,036
|
)
|
Bank of America (IGT PIMCO
AAA or Better Intermediate Fund)
|
|
|
A+
|
|
51,525,372
|
|
(1,802,466
|
)
|
Bank of America (IGT WAM AAA
or Better Intermediate Fund)
|
|
|
A+
|
|
51,578,365
|
|
(1,831,904
|
)
|
NATIXIS Capital Markets (IGT
Invesco Short-term Bond Fund)
|
|
|
A+
|
|
126,484,508
|
|
(3,492,656
|
)
|
ING Life & Annuity
(IGT Invesco Short-term Bond Fund)
|
|
|
A+
|
|
58,653,924
|
|
(1,422,361
|
)
|
Pacific Life Insurance (IGT
Invesco Short-term Bond Fund)
|
|
|
AA-
|
|
91,840,960
|
|
(2,574,718
|
)
|
|
|
|
|
$
|
576,134,272
|
|
$
|
(25,507,248
|
)
|
12
Table
of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
As of December 31, 2008, the fully
benefit-responsive contracts of the Master Trust were as follows:
|
|
Major
|
|
|
|
|
|
|
|
credit
|
|
|
|
|
|
|
|
ratings
|
|
Investments,
|
|
Adjustment to
|
|
|
|
(unaudited)
|
|
at fair value
|
|
contract value
|
|
|
|
|
|
|
|
|
|
JP Morgan Chase (IGT PIMCO
AAA or Better Intermediate Fund)
|
|
|
AA-
|
|
$
|
107,492,330
|
|
$
|
(7,591,732
|
)
|
State Street Bank (IGT
Intermediate Government Fund)
|
|
|
AA
|
|
105,332,247
|
|
(6,185,181
|
)
|
Bank of America (IGT
Intermediate Government Fund)
|
|
|
AA-
|
|
102,631,137
|
|
(3,447,405
|
)
|
NATIXIS Capital Markets (IGT
Short-term Bond Fund)
|
|
|
A+
|
|
119,412,377
|
|
3,427,421
|
|
ING Life & Annuity
(IGT Short-term Bond Fund)
|
|
|
AA
|
|
72,107,140
|
|
2,462,063
|
|
Pacific Life Insurance (IGT
Invesco Short-term Bond Fund)
|
|
|
AA
|
|
86,744,473
|
|
2,433,141
|
|
|
|
|
|
$
|
593,719,704
|
|
$
|
(8,901,693
|
)
|
The investment income (loss), net of investment expenses,
of the Master Trust net assets for the years ended December 31, 2009 and
2008 were as follows:
|
|
2009
|
|
2008
|
|
Net
appreciation (depreciation) in fair value of net investments:
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at fair value as determined by quoted market price
|
|
|
|
|
|
Mutual funds
|
|
$
|
29,716,064
|
|
$
|
(130,168,794
|
)
|
Unilever N.V. stock
|
|
15,314,827
|
|
(21,898,019
|
)
|
|
|
|
|
|
|
Investments,
at estimated fair value
|
|
|
|
|
|
Commingled funds
|
|
141,962,778
|
|
(228,550,987
|
)
|
Net appreciation
(depreciation)
|
|
186,993,669
|
|
(380,617,800
|
)
|
Interest
|
|
22,593,166
|
|
27,086,960
|
|
Dividends
|
|
7,389,654
|
|
18,645,515
|
|
Total net investment income
(loss)
|
|
$
|
216,976,489
|
|
$
|
(334,885,325
|
)
|
13
Table of
Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
Investment valuation and income
recognition of Master Trust
Master Trust investments are stated at fair value. Investments in mutual funds are valued at the
published net asset value of shares held at year end. Investments in commingled funds are stated at
fair value based on unit values provided by the administrator, which are based
on market values of underlying investments.
Unilever N.V. common stock is valued at the last close price at end of
the year. Short-term investments are valued at amortized cost, which is cost
plus accrued interest, which approximates fair value. Investment contracts are stated at fair value
based on the sum of the fair value of the underlying investments and the fair
value of the wrapper.
Purchases and sales of securities are recorded as of the
trade date. Dividend income is recorded
on the ex-dividend date and interest is recorded on the accrual basis.
Investment income (loss) for the Master Trust includes
net appreciation (depreciation) of investments, as well as, interest and
dividends from investments. The net
appreciation (depreciation) of investments held in the Master Trust consists of
the realized gains (losses) and the unrealized appreciation (depreciation) on
these investments.
Investment contracts
The Master Trust entered into benefit-responsive
investment contracts, such as synthetic guaranteed investment contracts (GICs),
with various third party financial institutions. These benefit-responsive investment contracts
are held through the INVESCO Interest Income Fund (the Fund). Contract values represent contributions made
to the investment contract plus earnings, less participant withdrawals and
administrative expenses.
A synthetic GIC provides for a fixed return on principal
over a specified period of time through fully benefit-responsive wrapper
contracts issued by third party financial institutions which are backed by
underlying assets owned by the Master Trust.
The wrapper contract amortizes the realized and unrealized gains and
losses on the underlying fixed income investments, typically over the duration
of the investments through adjustments to the future interest crediting rate
(which is the rate earned by participants in the Fund for the underlying
investments). 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.
Calculating the Interest
Crediting Rate in Wrapper Contracts
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 contributions, transfers, and
withdrawals into/out of the wrapper contract
·
The investment returns generated by the fixed income investments that
back the wrapper contract
·
The duration of the underlying investments backing the wrapper contract
Wrapper contracts interest crediting rates are
typically reset on a monthly or quarterly basis. While there may be slight variations from one
contract to another, most wrapper contracts use a formula that is based on the
characteristics of the underlying fixed income portfolio. Over time, the crediting rate formula
amortizes the Funds realized and unrealized market value gains and losses over
the duration of the underlying investments.
14
Table of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
Because changes in the market interest rates affect the
yield to maturity and the market value of the underlying investments, they can
have a material impact on the wrapper contracts 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 crediting rate. The resulting
gains and losses in the market value of the underlying investments relative to
the contract value are presented on the Plans Statements of Net Assets
Available for Benefits as the Adjustment from Fair Value to Contract Value. If the Adjustment from Fair Value to Contract
Value is positive for a given contract, this indicates that the 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. And if the
Adjustment from Fair Value to Contract Value figure is negative, this indicates
that the 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 helps to ensure that participants
principal and accrued interest will be protected.
Events That Limit the Ability of
the Plan to Transact at Contract Value
In certain circumstances, the amount withdrawn from the
wrapper contract would be payable at fair value rather than at contract
value. These events include termination
of the Plan, a material adverse change to the provisions of the Plan, if the
employer elects to withdraw from a wrapper contract in order to switch to a
different investment provider, or if the terms of a successor plan (in the
event of the spin-off or sale of a division) do not meet the wrapper contract
issuers underwriting criteria for issuance of a clone wrapper contract. The events described above that could result
in the payment of benefits at market value rather than contract value are not
probable of occurring in the foreseeable future.
Issuer-Initiated Contract
Termination
Examples of events that would permit a wrapper contract
issuer to terminate a wrapper contract upon short notice include the Plans
loss of its qualified status, un-cured material breaches of responsibilities, or
material and adverse changes to the provisions of the Plan. If one of these events was to occur, the
wrapper contract issuer could terminate the wrapper contract at the market
value of the underlying investments.
For the Master Trust, the contract values of the
synthetic GICs were approximately $551 million and $585 million at December 31,
2009 and 2008, respectively. As of December 31,
2009 and 2008 the fair value of the synthetic GICs, based upon the fair value
of underlying assets and wrapper contracts was greater than the contract value
by $25.5 million and $8.9 million, respectively
As of December 31, 2009 and 2008, the average
yields for synthetic GICs were as follows:
15
Table of
Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
Average yields for synthetic GICs
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Based on actual earnings
|
|
2.53
|
%
|
5.23
|
%
|
Based on interest rate
credited to participants
|
|
4.12
|
%
|
4.43
|
%
|
Fair value measurements
ASC 820 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 measurements) and the lowest priority
to unobservable inputs (level 3 measurements).
The three levels of the fair value hierarchy under this standard 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 that are observable, either directly or
indirectly, such as quoted prices for similar assets or liabilities; quoted
prices in markets that are not active; or other inputs that are observable or
can be corroborated by observable market data for substantially the full term
of the assets or liabilities. 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.
A financial instruments categorization within the
valuation hierarchy is based upon the lowest level of 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 methodologies used for instruments
measured at fair value, including the general classification of such
instruments pursuant to the valuation hierarchy:
Mutual Funds
A mutual funds Net Asset Value (NAV) is based on the
value of underlying assets owned by the Fund minus its liabilities and then
divided by the number of shares outstanding calculated as of the close of
business of the New York Stock Exchange. The funds assets normally are valued
as of this time for the purpose of computing the funds NAV. Since the NAV is a quoted price in a market
that is active, they are classified within Level 1 of the valuation hierarchy.
Synthetic Guaranteed Investment
Contracts
The fair value of the synthetic guaranteed investment
contracts 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 value of the wrapper
contracts is determined using observable inputs including rebid rates from the
wrapper provider. The fair value of the
wrapper contracts at December 31, 2009 and 2008 of $613,757 and $812,811,
respectively is included in the synthetic guaranteed investment contracts amount
of the Master Trust shown below.
16
Table of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
Commingled Funds
These investments are public investment vehicles valued
using the Net Asset Value (NAV) provided by the administrator of the fund.
The NAV is based on the value of the underlying assets owned by the fund, minus
its liabilities, and then divided by the number of shares outstanding. The NAV
is a quoted price in a market that is not active and classified within Level 2
of the valuation hierarchy. Each
common/collective trust fund provides for daily redemptions by the Plan at
reported net asset values per share with no advance notice requirement.
Unilever N.V. Common Stock
Unilever N.V. common stock is valued at the closing
price reported on the New York Stock Exchange Composite Transaction Tape and is
classified within Level 1 of the valuation hierarchy.
Short-term Investment Funds
The Short-term Investment funds are valued at quoted
market prices in an active market, which represent the net asset values of
shares held by the Plan at year end and are classified within Level 1 of the
valuation hierarchy.
In accordance with the guidance relating to fair value
measurements, the following table represents the Master Trusts fair value
hierarchy for its financial assets measured at fair value on a recurring basis
as of December 31, 2009 and 2008:
2009
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Mutual funds:
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
$
|
71,724,074
|
|
$
|
|
|
$
|
|
|
$
|
71,724,074
|
|
Large cap funds
|
|
73,442,840
|
|
|
|
|
|
73,442,840
|
|
Brokerage Link
|
|
49,367,799
|
|
|
|
|
|
49,367,799
|
|
Total Mutual funds
|
|
194,534,713
|
|
|
|
|
|
194,534,713
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic Guaranteed Investment Contracts
|
|
|
|
576,134,272
|
|
|
|
576,134,272
|
|
|
|
|
|
|
|
|
|
|
|
Commingled funds:
|
|
|
|
|
|
|
|
|
|
Index funds
|
|
|
|
687,740,967
|
|
|
|
687,740,967
|
|
|
|
|
|
|
|
|
|
|
|
Unilever N.V. Stock
|
|
62,072,868
|
|
|
|
|
|
62,072,868
|
|
|
|
|
|
|
|
|
|
|
|
Short-term Investment Funds
|
|
17,720,608
|
|
|
|
|
|
17,720,608
|
|
|
|
|
|
|
|
|
|
|
|
Investments at fair value
|
|
$
|
274,328,189
|
|
$
|
1,263,875,239
|
|
$
|
|
|
$
|
1,538,203,428
|
|
17
Table
of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
2008
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Mutual funds:
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
$
|
49,214,005
|
|
$
|
|
|
|
|
49,214,005
|
|
Large cap funds
|
|
52,319,999
|
|
|
|
|
|
52,319,999
|
|
Brokerage Link
|
|
30,052,249
|
|
|
|
|
|
30,052,249
|
|
Mutual funds
|
|
131,586,253
|
|
|
|
|
|
131,586,253
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic Guaranteed Investment Contracts
|
|
|
|
593,719,704
|
|
|
|
593,719,704
|
|
|
|
|
|
|
|
|
|
|
|
Commingled funds:
|
|
|
|
|
|
|
|
|
|
Index funds
|
|
|
|
561,718,878
|
|
|
|
561,718,878
|
|
|
|
|
|
|
|
|
|
|
|
Unilever N.V. Stock
|
|
48,015,850
|
|
|
|
|
|
48,015,850
|
|
|
|
|
|
|
|
|
|
|
|
Short-term Investment Funds
|
|
19,998,192
|
|
|
|
|
|
19,998,192
|
|
|
|
|
|
|
|
|
|
|
|
Investments at fair value
|
|
$
|
199,600,295
|
|
$
|
1,155,438,582
|
|
$
|
|
|
$
|
1,355,038,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Plans participant loans are valued using Level 3 inputs. Changes in the fair value of Plans
investments that are valued using Level 3 inputs during the years ended December 31,
2009 and 2008 were as follows:
Balance at December 31,
2007
|
|
$
|
5,448,758
|
|
Purchases, issuances, and
settlements, net
|
|
(998,599
|
)
|
Balance at December 31,
2008
|
|
4,450,159
|
|
Purchases, issuances, and settlements, net
|
|
(118,080
|
)
|
Balance at December 31, 2009
|
|
$
|
4,332,079
|
|
5. Transactions with Related Parties and Parties-in-Interest
The Unilever N.V. Stock Fund invests in shares of
Unilever N.V. Stock. This fund is
designed as a means for employees to participate in the potential long-term
growth of Unilever N.V. The Master Trust
held approximately 1,920,000 and 1,956,000
shares at December 31, 2009 and 2008, respectively, of common stock
in Unilever N.V. The Master Trust also
earned dividend income from the common stock of approximately $2.1 million for
the years ended December 31, 2009 and 2008. The Master Trust had sales and purchases of
Unilever N.V. Stock of approximately $20.1 million and $16.7 million in 2009
and $23.7 million and $29.3 million in 2008, respectively.
Certain Master Trust investments consist of units in
investment funds managed by Fidelity.
Fidelity owns these investment funds, and is a party-in-interest as
defined by ERISA. In the opinion of the
Plan administrator, fees paid during the year for services rendered by
parties-in-interest were based on customary and reasonable rates for such
services. The administration fees paid
by the Plan during 2009 and 2008 disclosed on the statement of changes in net
assets available for benefits were paid to Fidelity.
18
Table of Contents
Savings Plan for Union Employees of Unilever
Notes
to Financial Statements
December 31, 2009 and 2008
6.
Plan Termination
Although it has not expressed any intent to do so, the
Company has the right under the Plan to discontinue its contributions at any
time and terminate the Plan, subject to the provisions of ERISA. In the event of the Plan termination, the
participants rights to their accrued benefits are non-forfeitable. Any unallocated assets of the Plan shall be
allocated to participant accounts and distributed in such a manner as the
Company may determine.
7.
Reconciliation of Financial Statements to Form 5500
The
following is a reconciliation of net assets available for benefits as disclosed
in the statement of net assets available for benefits at December 31, 2009
and 2008 to amounts presented in Form 5500:
|
|
2009
|
|
2008
|
|
Net assets available for
benefits as disclosed in the financial statements
|
|
$
|
115,019,071
|
|
$
|
108,362,484
|
|
Adjustment from fair value
to contract value for interest in the Master Trust relating to fully
benefit-responsive investment contracts
|
|
2,636,362
|
|
936,589
|
|
|
|
|
|
|
|
Net assets available for
benefits as presented in Form 5500
|
|
$
|
117,655,433
|
|
$
|
109,299,073
|
|
The following is a reconciliation of investment
income as disclosed in the statement for the years ended December 31, 2009
and 2008 to the amounts presented in Form 5500:
|
|
2009
|
|
2008
|
|
Net investment income /
(loss) from Plan interest in Unilever United States Inc. Master Trust as
presented in the financial statements
|
|
$
|
12,820,668
|
|
$
|
(19,668,113
|
)
|
|
|
|
|
|
|
Adjustment from fair value
to contract value
|
|
1,699,773
|
|
(721,816
|
)
|
|
|
|
|
|
|
Investment income / (loss)
as presented in Form 5500
|
|
$
|
14,520,441
|
|
$
|
(20,389,929
|
)
|
The following is a reconciliation of the transfer
from Good Humor Breyers Savings Plan as disclosed in the statement for the
years ended December 31, 2009 and 2008 to the amounts presented in Form 5500:
|
|
2009
|
|
2008
|
|
Transfer from Good Humor
Breyers Savings Plan as presented in the financial statements
|
|
$
|
|
|
$
|
8,991,504
|
|
|
|
|
|
|
|
Adjustment from fair value
to contract value at
December 31,
2009 (date of transfer)
|
|
|
|
61,751
|
|
|
|
|
|
|
|
Transfer of assets as
presented in Form 5500
|
|
$
|
|
|
$
|
9,053,255
|
|
19
Table of
Contents
Savings Plan for Union Employees of Unilever
Schedule H
Line 4i Schedule of Assets (Held at End of Year)
December 31, 2009
|
|
|
|
(c) Description of
Investment Including
|
|
|
|
|
|
|
|
(b) Identify of Issue,
Borrower
|
|
Maturity Date, Rate of
Interest, Collateral, Par
|
|
|
|
(e) Current
|
|
(a)
|
|
Lessor or Similar Party
|
|
or Maturity Value
|
|
(d) Cost **
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Investment
in Master Trust at fair value,
|
|
|
|
|
|
$
|
113,235,470
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Loans
to Participants
|
|
Interest rates ranging
from 4.25% to 10.50% and with maturities through 2023
|
|
|
|
$
|
4,332,079
|
|
*
|
Denotes
a party-in-interest to the Plan
|
**
|
Not
applicable
|
20
Table of
Contents
Savings Plan for Union Employees of Unilever
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
SAVINGS
PLAN FOR UNION EMPLOYEES OF UNILEVER
|
|
|
|
|
|
By:
|
/s/
Pascale Thomas
|
|
|
PASCALE
THOMAS
|
|
|
DIRECTOR
OF BENEFITS
|
Date:
June 25, 2010
21
Table of
Contents
Savings Plan for Union Employees
of Unilever
Index
EXHIBIT INDEX
Exhibit Number
|
|
Exhibit
|
23.1*
|
|
Consent
of Independent Registered Public Accounting Firm
|
*
Previously filed.
22
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