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112 Ford Motor Company | 2013 Annual Report
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, 2012 (in millions):
2012
Return on plan assets
U.S. Plans
Fair
Value
at
January 1,
2012
Attributable
to Assets
Held
at
December 31,
2012
Attributable
to
Assets
Sold
Net
Purchases/
(Settlements)
Transfers
Into/ (Out of)
Level 3
Fair
Value
at
December 31,
2012
Asset Category
Equity
U.S. companies $ 15 $ — $ — $ — $ — $ 15
International companies 3 — 3 (3) — 3
Total equity 18 — 3 (3) — 18
Fixed Income
U.S. government — — — — — —
U.S. government-sponsored enterprises 8 — — (5) — 3
Non-U.S. government 169 2 5 (137) (7) 32
Corporate bonds
Investment grade 33 5 (4) 14 32 80
High yield 11 1 1 4 (3) 14
Other credit 17 5 — 28 — 50
Mortgage/other asset-backed 54 1 3 43 14 115
Derivative financial instruments 6 (3) (9) 10 (4) —
Total fixed income 298 11 (4) (43) 32 294
Alternatives
Hedge funds 2,968 189 (6) (30) — 3,121
Private equity 2,085 201 —126 — 2,412
Real estate 362 31 1 63 — 457
Total alternatives 5,415 421 (5) 159 — 5,990
Other (2) 2 — 67 (10) 57
Total Level 3 fair value $ 5,729 $434 $ (6) $ 180 $ 22 $ 6,359
Non-U.S. Plan
Asset Category
Equity
U.S. companies $ — $ — $ — $ — $ — $ —
International companies 1 — — — — 1
Total equity 1 — — — — 1
Fixed Income
U.S. government — — — — — —
U.S. government-sponsored enterprises — — — — — —
Non-U.S. government 122 1 9 (31)(60) 41
Corporate bonds
Investment grade 11 114522
High yield — — — 1 — 1
Other credit — — — 6 — 6
Mortgage/other asset-backed 6 — — 14 828
Derivative financial instruments (6) — (3) — 8(1)
Total fixed income 133 2 7 (6) (39) 97
Alternatives
Hedge funds 1,053 79 10 — — 1,142
Private equity 123 14 — 99 — 236
Real estate 160 4 (1) 166 —329
Total alternatives 1,336 97 9 265 — 1,707
Other (a) 4,358 312 — — — 4,670
Total Level 3 fair value $ 5,828 $411 $ 16 $ 259 $(39) $ 6,475
_______
(a) Primarily Ford-Werke plan assets (insurance contract valued at $3,609 million).