3M 2012 Annual Report Download - page 90
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84
The fair values of the assets held by the U.S. pension plans by asset class are as follows:
Fair Value Measurements Using Inputs Considered as
Fair Value at
(Millions)
Level 1
Level 2
Level 3
Dec. 31,
Asset Class
2012
2011
2012
2011
2012
2011
2012
2011
Equities
U.S. equities
$
1,662
$
1,186
$
11
$
14
$
5
$
5
$
1,678
$
1,205
Non-U.S. equities
1,332
1,095
―
1
―
―
1,332
1,096
Derivatives
―
―
5
(3)
―
―
5
(3)
EAFE index funds
―
―
250
476
―
―
250
476
Index funds
―
―
156
128
1
1
157
129
Long/short equity
―
―
―
―
477
436
477
436
Total Equities
$
2,994
$
2,281
$
422
$
616
$
483
$
442
$
3,899
$
3,339
Fixed Income
U.S. government securities
$
844
$
776
$
796
$
869
$
―
$
―
$
1,640
$
1,645
Non-U.S. government
securities
―
―
378
314
―
―
378
314
Preferred and convertible
securities
4
4
―
5
―
―
4
9
U.S. corporate bonds
196
168
1,249
1,049
―
5
1,445
1,222
Non-U.S. corporate bonds
―
―
286
244
―
―
286
244
Asset-backed securities
―
―
21
23
―
―
21
23
Collateralized mortgage
obligations
―
―
43
137
―
―
43
137
Private placements
―
―
164
125
2
69
166
194
Derivative instruments
―
2
76
200
―
―
76
202
Other
―
―
29
24
―
―
29
24
Total Fixed Income
$
1,044
$
950
$
3,042
$
2,990
$
2
$
74
$
4,088
$
4,014
Private Equity
Buyouts
$
―
$
―
$
―
$
―
$
662
$
618
$
662
$
618
Derivative instruments
―
―
―
―
(51)
―
(51)
―
Direct investments
―
―
―
―
129
―
129
―
Distressed debt
―
―
―
―
301
333
301
333
Growth equity
7
1
―
―
84
27
91
28
Mezzanine
―
―
―
―
82
90
82
90
Real estate
―
―
―
―
136
148
136
148
Secondary
―
―
―
―
166
181
166
181
Venture capital
―
―
―
―
627
665
627
665
Total Private Equity
$
7
$
1
$
―
$
―
$
2,136
$
2,062
$
2,143
$
2,063
Absolute Return
Hedge funds and hedge fund of
funds
$
―
$
―
$
833
$
1,235
$
664
$
88
$
1,497
$
1,323
Bank loan and other fixed
income funds
―
―
―
―
201
432
201
432
Total Absolute Return
$
―
$
―
$
833
$
1,235
$
865
$
520
$
1,698
$
1,755
Commodities
$
―
$
―
$
102
$
435
$
107
$
105
$
209
$
540
Cash and Cash Equivalents
$
429
$
295
$
1,547
$
600
$
―
$
―
$
1,976
$
895
Total
$
4,474
$
3,527
$
5,946
$
5,876
$
3,593
$
3,203
$
14,013
$
12,606
Other items to reconcile to fair
value of plan assets
$
(232)
$
(504)
Fair value of plan assets
$
13,781
$
12,102
Publicly traded equities are valued at the closing price reported in the active market in which the individual securities are
traded. Index funds, including Europe, Australasia, and Far East (EAFE) funds, are valued at the net asset value (NAV) as
determined by the custodian of the fund. The NAV is based on the fair value of the underlying assets owned by the fund,
minus its liabilities then divided by the number of units outstanding. Long/short equity interests are valued using the most
recent general partner statement of fair value, updated for any subsequent partnership interests’ cash flows or expected
changes in fair value.