Ford 2013 Annual Report Download - page 113

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Ford Motor Company | 2013 Annual Report 111
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 14. RETIREMENT BENEFITS (Continued)
The following table summarizes the changes in Level 3 pension benefits plan assets measured at fair value on a
recurring basis for the year ended December 31, 2013 (in millions):
2013
Return on plan assets
U.S. Plans:
Fair
Value
at
January 1,
2013
Attributable
to Assets
Held
at
December 31,
2013
Attributable
to
Assets
Sold
Net
Purchases/
(Settlements)
Transfers
Into/ (Out of)
Level 3
Fair
Value
at
December 31,
2013
Asset Category
Equity
U.S. companies $ 15 $ — $ — $ — $ (12) $ 3
International companies 3 — — (2) — 1
Total equity 18 — — (2) (12)4
Fixed Income
U.S. government — — — — — —
U.S. government-sponsored enterprises 3 — — — (3) —
Non-U.S. government 32 — (1) (28) (3) —
Corporate bonds
Investment grade 80 — (4) (33)(43) —
High yield 14 — (1) (12) (1) —
Other credit 50 — (7) (26)(17) —
Mortgage/other asset-backed 115 — 7 7 (96) 33
Derivative financial instruments — — — — — —
Total fixed income 294 — (6) (92)(163) 33
Alternatives
Hedge funds 3,121 295 (40)(598) — 2,778
Private equity 2,412 345 —(131) — 2,626
Real estate 457 45 — 108 —610
Total alternatives 5,990 685 (40)(621) — 6,014
Other 57 1 2 (55) (4) 1
Total Level 3 fair value $ 6,359 $686 $(44) $ (770) $ (179) $ 6,052
Non-U.S. Plans:
Asset Category
Equity
U.S. companies $ — $ — $ — $ — $ — $ —
International companies 1 — — — 1 2
Total equity 1 — — — 1 2
Fixed Income
U.S. government — — — — — —
U.S. government-sponsored enterprises — — — — — —
Non-U.S. government 41 (7) — 33 — 67
Corporate bonds
Investment grade 22 (1) (1) 32 355
High yield 1 — — 19 121
Other credit 6 — — 7 — 13
Mortgage/other asset-backed 28 — 2 1 (17) 14
Derivative financial instruments (1) — — 1 — —
Total fixed income 97 (8) 1 93 (13)170
Alternatives
Hedge funds 1,142 114 10 391 — 1,657
Private equity 236 34 — 82 — 352
Real estate 329 42 — 230 —601
Total alternatives 1,707 190 10 703 — 2,610
Other (a) 4,670 528 — — — 5,198
Total Level 3 fair value $ 6,475 $710 $ 11 $ 796 $(12) $ 7,980
_______
(a) Primarily Ford-Werke plan assets (insurance contract valued at $4,077 million).
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