Ford 2012 Annual Report Download - page 117

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Ford Motor Company | 2012 Annual Report 115
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 16. RETIREMENT BENEFITS (Continued)
Non-U.S. Plans December 31, 2011
Level 1 Level 2 Level 3 Total
Asset Category
Equity
U.S. companies $ 2,596 $181 $ — $ 2,777
International companies 2,906 154 1 3,061
Derivative financial instruments (a) — — — —
Total equity 5,502 335 1 5,838
Fixed Income
U.S. government 33 — — 33
U.S. government-sponsored enterprises (b) — 16 — 16
Non-U.S. government 2 5,805 122 5,929
Corporate bonds (c)
Investment grade — 975 11 986
High yield — 271 —271
Other credit — 15 — 15
Mortgage/other asset-backed — 189 6 195
Commingled funds — 415 —415
Derivative financial instruments (a)
Interest rate contracts — (15) (6) (21)
Credit contracts — (1) — (1)
Other contracts — (1) — (1)
Total fixed income 35 7,669 133 7,837
Alternatives
Hedge funds (d) — — 1,053 1,053
Private equity (e) — — 123 123
Real estate (f) — 1 160 161
Total alternatives — 1 1,336 1,337
Cash and cash equivalents (g) — 370 —370
Other (h) (554) 12 4,358 3,816
Total assets at fair value $ 4,983 $8,387 $5,828 $ 19,198
_______
(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) Funds investing in diversified portfolio of underlying hedge funds (commingled fund of funds). At December 31, 2011, the composition of underlying
hedge fund investments (within the U.K. and Canada pension plans) was: event-driven (30%), equity long/short (27%), global macro (14%), multi-
strategy (14%), relative value (11%), and cash (4%).
(e) Investments in private investment funds (funds of funds) pursuing strategies broadly classified as venture capital and buyouts.
(f) Investment in private property funds broadly classified as core (13%), value-added and opportunistic (87%). Also includes investment in real
assets.
(g) Primarily short-term investment funds to provide liquidity to plan investment managers.
(h) Primarily Ford-Werke plan assets (insurance contract valued at $3,406 million) and cash related to net pending trade purchases/sales and net
pending foreign exchange purchases/sales.
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