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112 Ford Motor Company | 2012 Annual Report
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 16. RETIREMENT BENEFITS (Continued)
The fair value of our pension benefits plan assets (including dividends and interest receivables of $274 million and
$84 million for U.S. and non-U.S. plans, respectively) by asset category was as follows (in millions):
U.S. Plans December 31, 2012
Level 1 Level 2 Level 3 Total
Asset Category
Equity
U.S. companies $ 7,544 $ 48 $ 15 $ 7,607
International companies 4,971 133 3 5,107
Derivative financial instruments (a) — — — —
Total equity 12,515 181 18 12,714
Fixed Income
U.S. government 2,523 — — 2,523
U.S. government-sponsored enterprises (b) — 3,236 3 3,239
Non-U.S. government — 2,884 32 2,916
Corporate bonds (c)
Investment grade — 10,581 80 10,661
High yield — 1,386 14 1,400
Other credit — 28 50 78
Mortgage/other asset-backed — 1,183 115 1,298
Commingled funds — 477 —477
Derivative financial instruments (a)
Interest rate contracts (31) 15 — (16)
Credit contracts — 2—2
Other contracts — (122) — (122)
Total fixed income 2,492 19,670 294 22,456
Alternatives
Hedge funds (d) — — 3,121 3,121
Private equity (e) — — 2,412 2,412
Real estate (f) — — 457 457
Total alternatives — — 5,990 5,990
Cash and cash equivalents (g) — 1,844 57 1,901
Other (h) (681) 15 — (666)
Total assets at fair value $ 14,326 $21,710 $6,359 $ 42,395
_______
(a) Net derivative position.
(b) Debt securities primarily issued by U.S. government-sponsored enterprises ("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) Funds investing in diverse hedge fund strategies with the following composition of underlying hedge fund investments within the U.S. pension plans
at December 31, 2012: global macro (39%), event-driven (21%), equity long/short (17%), relative value (13%), and multi-strategy (10%).
(e) Diversified investments in private equity funds with the following strategies: buyout (60%), venture capital (25%), mezzanine/distressed (8%), and
other (7%). Allocations are estimated based on latest available data for managers reflecting June 30, 2012 holdings.
(f) Investment in private property funds broadly classified as core (54%), value-added and opportunistic (46%).
(g) Primarily short-term investment funds to provide liquidity to plan investment managers and cash held to pay benefits.
(h) Primarily cash related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales).