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Notes to the Financial Statements
132 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
2009
20092009
2009
Level 1
Level 1Level 1
Level 1
Level 2
Level 2Level 2
Level 2
Level 3
Level 3Level 3
Level 3
Total
TotalTotal
Total
A
AAAsset Category
sset Categorysset Category
sset Category
Equity
EquityEquity
Equity
U.S. companies ................................................................
................................
$ 2,769 $ 144 $ — $ 2,913
International companies................................
................................
3,864 468 21 4,353
Total equity ................................................................
................................
6,633 612 21 7,266
Fixed Income
Fixed IncomeFixed Income
Fixed Income
U.S. government................................................................
................................
67 — — 67
Government-sponsored enterprises (a) ................................
................................
— 147 — 147
Government – non-U.S. ................................
................................
— 3,691 77 3,768
Corporate bonds (b)
Investment grade................................................................
................................
— 884 28 912
High yield................................................................
................................
— 101 19 120
Other credit................................................................
................................
— 4 7 11
Mortgage-backed and other asset-backed................................
................................
— 151 43 194
Commingled funds................................................................
................................
— 518 — 518
Derivative financial instruments (c) ................................
................................
— 1 2 3
Total fixed income................................................................
................................
67 5,497 176 5,740
Alternative
AlternativeAlternative
Alternatives
sss
Private equity (d)................................................................
................................
— — 4 4
Hedge funds (e) ................................................................
................................
— — 244 244
Real estate (f) ................................................................
................................
1 12 — 13
Total alternatives................................................................
................................
1 12 248 261
Cash and cash equivalents (g)................................
................................
22 310 — 332
Other (h) ................................................................
................................
(45) 13 3,989 3,957
Total assets at fair value................................
................................
$ 6,678 $ 6,444 $ 4,434 $ 17,556
_______
(a) Debt securities primarily issued by GSEs.
(b) "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.
(c) Net derivative position. Fixed income derivative position includes assets of $12 million offset by liabilities of $9 million.
(d) Investments in private investment funds (funds of funds) pursuing strategies broadly classified as venture capital and buyouts.
(e) Funds investing in diversified portfolio of underlying hedge funds (commingled fund of funds). At December 31, 2009, the composition of
underlying hedge fund investments (within the U.K. and Canada pension plans) was: equity long/short (26%), global macro (20%), event-driven
(18%), relative value (16%), multi-strategy (14%) and cash (6%).
(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 contracts valued at $3,480 million) and cash related to net pending trade
purchases/sales and net pending foreign exchange purchases/sales.