3M 2012 Annual Report Download - page 94
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88
The fair values of the assets held by the postretirement benefit 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
$
466
$
396
$
―
$
―
$
―
$
―
$
466
$
396
Non-U.S. equities
54
44
―
―
―
―
54
44
EAFE index funds
―
―
8
15
―
―
8
15
Index funds
―
―
42
43
―
―
42
43
Long/short equity
―
―
―
―
16
14
16
14
Total Equities
$
520
$
440
$
50
$
58
$
16
$
14
$
586
$
512
Fixed Income
U.S. government securities
$
63
$
55
$
217
$
197
$
―
$
―
$
280
$
252
Non-U.S. government
securities
―
―
16
12
―
―
16
12
U.S. corporate bonds
6
6
68
62
―
―
74
68
Non-U.S. corporate bonds
―
―
16
14
―
―
16
14
Asset-backed securities
―
―
6
5
―
―
6
5
Collateralized mortgage
obligations
―
―
4
7
―
―
4
7
Private placements
―
―
11
9
―
2
11
11
Derivative instruments
―
―
2
7
―
―
2
7
Other
―
―
1
1
―
―
1
1
Total Fixed Income
$
69
$
61
$
341
$
314
$
―
$
2
$
410
$
377
Private Equity
Buyouts
$
―
$
―
$
―
$
―
$
51
$
56
$
51
$
56
Derivative instruments
―
―
―
―
(2)
―
(2)
―
Direct investments
―
―
―
―
4
―
4
―
Distressed debt
―
―
―
―
11
17
11
17
Growth equity
―
―
―
―
3
1
3
1
Mezzanine
―
―
―
―
3
3
3
3
Real estate
―
―
―
―
4
4
4
4
Secondary
―
―
―
―
5
6
5
6
Venture capital
―
―
―
―
91
100
91
100
Total Private Equity
$
―
$
―
$
―
$
―
$
170
$
187
$
170
$
187
Absolute Return
Hedge funds and hedge fund of
funds
$
―
$
―
$
27
$
40
$
21
$
3
$
48
$
43
Bank loan and other fixed
income funds
―
―
―
―
7
14
7
14
Total Absolute Return
$
―
$
―
$
27
$
40
$
28
$
17
$
55
$
57
Commodities
$
―
$
―
$
3
$
14
$
4
$
4
$
7
$
18
Cash and Cash Equivalents
$
51
$
10
$
50
$
51
$
―
$
―
$
101
$
61
Total
$
640
$
511
$
471
$
477
$
218
$
224
$
1,329
$
1,212
Other items to reconcile to fair
value of plan assets
$
(8)
$
(3)
Fair value of plan assets
$
1,321
$
1,209
Publicly traded equities are valued at the closing price reported in the active market in which the individual securities are
traded. Index funds are valued at the 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.
Fixed income includes derivative investments such as credit default swaps, interest rate swaps and futures contracts that
are used to help manage risks. U.S. government and government agency bonds and notes are valued at the closing price