General Motors 2010 Annual Report Download - page 210

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Pension Plan Assets and Fair Value Measurements
The following tables summarize the fair value of defined benefit pension plan assets by asset class (dollars in millions):
Successor
Fair Value Measurements of U.S. Plan Assets
at December 31, 2010
Fair Value Measurements of Non-U.S.
Plan Assets at December 31, 2010
Level 1 Level 2 Level 3
Total U.S.
Plan Assets Level 1 Level 2 Level 3
Total
Non-U.S.
Plan Assets
Total
U.S.
and Non-
U.S. Plan
Assets
Assets
Direct investments
Cash equivalents and other short-term
investments .......................... $— $ — $— $ — $ — $ 620 $ — $ 620 $ 620
Common and preferred stocks ............. — — — — 2,781 13 — 2,794 2,794
Government and agency debt securities (a) . . . — — — — — 3,410 4 3,414 3,414
Corporate debt securities (b) ............... — — — — — 1,964 41 2,005 2,005
Agency mortgage and asset-backed
securities ............................ — — — — — 44 — 44 44
Non-agency mortgage and asset-backed
securities ............................ — — — — — 86 — 86 86
Private equity and debt investments ......... — — — — — — 169 169 169
Real estate assets ........................ — — — — — — 926 926 926
Derivatives ............................ — — — — — 75 — 75 75
Total direct investments .................. — — — — 2,781 6,212 1,140 10,133 10,133
Investment funds
Cash equivalent funds .................... — — — — — 97 — 97 97
Equity funds ........................... — 12,395 — 12,395 2 2,001 200 2,203 14,598
Fixed income funds ...................... — 9,339 — 9,339 — 1,085 — 1,085 10,424
Multi-strategy funds ..................... — 2,544 — 2,544 — 34 — 34 2,578
Real estate funds ........................ — — — — 11 39 337 387 387
Other investment funds (c) ................ — — — — — — 432 432 432
Total investment funds ................... — 24,278 — 24,278 13 3,256 969 4,238 28,516
Other ................................... — — — — — 104 281 385 385
Total assets before Investment Trusts .......... — 24,278 — 24,278 2,794 9,572 2,390 14,756 39,034
Liabilities
Derivatives .............................. — — — — — (52) — (52) (52)
Total liabilities before Investment Trusts ..... — — — — — (52) — (52) (52)
Net assets before Investment Trusts ........... $— $24,278 $ — 24,278 $2,794 $9,520 $2,390 14,704 38,982
Investment Trusts (d) ...................... 66,918 — 66,918
Total net assets and Investment Trusts ....... 91,196 14,704 105,900
Other plan assets and liabilities (e) ............ (189) 199 10
Net plan assets ........................... $91,007 $14,903 $105,910
(a) Includes U.S. and sovereign government and agency issues; excludes mortgage and asset-backed securities.
(b) Includes bank debt obligations.
(c) Primarily investments in alternative investment funds.
(d) Refer to the subsequent discussion of Investment Trusts for the leveling of the underlying assets of the Investment Trusts.
(e) Cash held by the plans, net of amounts payable for investment manager fees, custody fees and other expenses.
208 General Motors Company 2010 Annual Report