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Notes to the Financial Statements
130 Ford Motor Company | 2010 Annual Report
NOTE 18. RETIREMENT BENEFITS (Continued)
Non
NonNon
Non-
---U.S. Plans
U.S. PlansU.S. Plans
U.S. Plans
2010
20102010
2010
Level 1
Level 1Level 1
Level 1
Level 2
Level 2Level 2
Level 2
Level 3
Level 3Level 3
Level 3
Total
TotalTotal
Total
Asset Category
Asset CategoryAsset Category
Asset Category
Equity
EquityEquity
Equity
U.S. companies ................................................................
................................
$ 2,837 $ 214 $ — $ 3,051
International companies................................
................................
3,759 217 10 3,986
Derivative financial instruments (a) ................................
................................
— — — —
Total equity ................................................................
................................
6,596 431 10 7,037
Fixed Income
Fixed IncomeFixed Income
Fixed Income
U.S. government................................................................
................................
36 — — 36
U.S. government-sponsored enterprises (b)
................................
— 118 — 118
Government – non-U.S. ................................
................................
— 4,282 103 4,385
Corporate bonds (c)
Investment grade................................................................
................................
— 802 15 817
High yield................................................................
................................
— 180 20 200
Other credit................................................................
................................
— 15 — 15
Mortgage/other asset-backed ................................
................................
— 203 34 237
Commingled funds................................................................
................................
— 573 8 581
Derivative financial instruments (a) ................................
................................
Interest rate contracts................................
................................
2 4 — 6
Credit contracts ................................................................
................................
— 1 — 1
Other contracts ................................................................
................................
— — — —
Total fixed income................................................................
................................
38 6,178 180 6,396
Alternatives
AlternativesAlternatives
Alternatives
Hedge funds (d) ................................................................
................................
— — 711 711
Private equity (e)................................................................
................................
— — 31 31
Real estate (f) ................................................................
................................
— — 11 11
Total alternatives................................................................
................................
— — 753 753
Cash and cash equivalents (g)................................
................................
— 335 — 335
Other (h) ................................................................
................................
(297) 11 4,380 4,094
Total assets at fair value................................
................................
$ 6,337 $ 6,955 $ 5,323 $ 18,615
_______
(a) Net derivative position. Gross equity derivative position includes liabilities of $0.1 million. Gross fixed income derivative position includes
assets of $7.2 million offset by liabilities of $0.4 million.
(b) Debt securities primarily issued by GSEs.
(c) "Investment grade" bonds are those rated Baa3/BBB or higher by at least two rating agencies; "High yield" bonds are those rated below
investment grade; "Other credit" refers to non-rated bonds.
(d) Funds investing in diversified portfolio of underlying hedge funds (commingled fund of funds). At December 31, 2010, the composition of
underlying hedge fund investments (within the U.K. and Canada pension plans) was: equity long/short (33%), event-driven (25%), relative
value (20%), global macro (11%), multi-strategy (10%) and cash (1%).
(e) Investments in private investment funds (funds of funds) pursuing strategies broadly classified as venture capital and buyouts.
(f) Investment in private property funds broadly classified as core, value-added and opportunistic. Also includes investment in real assets.
(g) Primarily short-term investment funds to provide liquidity to plan investment managers.
(h) Primarily Ford-Werke GmbH ("Ford-Werke") plan assets (insurance contract valued at $3,371 million) and cash related to net pending trade
purchases/sales and net pending foreign exchange purchases/sales.