Ford 2014 Annual Report Download - page 145

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FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 12. RETIREMENT BENEFITS (Continued)
The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $349 million
and $99 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions):
2013
U.S. Plans Non-U.S.Plans
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Asset Category
Equity
U.S. companies $ 3,724 $22 $ 3$ 3,749 $2,711 $229 $ — $ 2,940
International companies 2,288 76 12,365 2,983 214 2 3,199
Total equity 6,012 98 46,114 5,694 443 2 6,139
Fixed Income
U.S. government 3,610 3,610 30 — — 30
U.S. government-sponsored enterprises (b) 4,127 4,127 — 11 11
Non-U.S. government 2,115 2,115 6,880 67 6,947
Corporate bonds (c)
Investment grade 15,058 15,058 1,229 55 1,284
High yield 1,254 1,254 337 21 358
Other credit 48 48 — 37 13 50
Mortgage/other asset-backed 1,287 33 1,320 238 14 252
Commingled funds 304 304 471 471
Derivative financial instruments (a) (23) 41 18 (5) — (5)
Total fixed income 3,587 24,234 33 27,854 30 9,198 170 9,398
Alternatives
Hedge funds (d) 2,778 2,778 1,657 1,657
Private equity (e) 2,626 2,626 352 352
Real estate (f) 610 610 601 601
Total alternatives 6,014 6,014 2,610 2,610
Cash and cash equivalents (g) 1,477 1,477 950 950
Other (h) (273)30 1(242)(465) 13 5,198 4,746
Total assets at fair value $ 9,326 $25,839 $6,052 $41,217 $5,259 $10,604 $7,980 $ 23,843
_______
(a) Net derivative position.
(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) For U.S. Plans, funds investing in diverse hedge fund strategies with the following composition of underlying hedge fund investments at
December 31, 2013: global macro (32%), event-driven (26%), equity long/short (22%), multi-strategy (11%), and relative value (9%.) For non-U.S.
Plans, funds investing in diversified portfolio of underlying hedge funds. At December 31, 2013, the composition of underlying hedge fund
investments (within the United Kingdom and Canada pension plans) was: event-driven (35%), equity long/short (35%), multi-strategy (12%), global
macro (12%) and relative value (6%).
(e) For U.S. Plans, diversified investments in private equity funds with the following strategies: buyout (61%), venture capital (26%), mezzanine/
distressed (7%), and other (6%). Allocations are estimated based on latest available data for managers reflecting June 30, 2013 holdings. For
non-U.S. Plans, investments in private investment funds (funds of funds) pursuing strategies broadly classified as venture capital and buyouts.
(f) For U.S. Plans, Investment in private property funds broadly classified as core (49%), value-added and opportunistic (51%). For non-U.S. Plans,
investment in private property funds broadly classified as core (40%), value-added and opportunistic (60%). Also includes investment in real
assets.
(g) Primarily short-term investment funds to provide liquidity to plan investment managers and cash held to pay benefits.
(h) For U.S. Plans, primarily cash related to net pending trade purchases/sales and net pending foreign exchange purchases/sales. For
primarily Ford-Werke, plan assets (insurance contract valued at $4.1 billion) and cash related to net pending trade purchases/sales
and net pending foreign exchange purchases/sales.
FS-39