Ford 2012 Annual Report Download - page 121

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Ford Motor Company | 2012 Annual Report 119
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 16. RETIREMENT BENEFITS (Continued)
Non-U.S. Plans 2011
Return on plan assets Transfers
Fair
Value
at
January 1,
2011
Attributable
to Assets
Held
at
December 31,
2011
Attributable
to
Assets
Sold
Net
Purchases/
(Settlements)
Into
Level 3
Out of
Level 3
Fair
Value
at
December 31,
2011
Asset Category
Equity
U.S. companies $ — $ — $ — $ — $ — $ — $ —
International companies 10 — — (5) 1 (5) 1
Commingled funds — — — — — — —
Total equity 10 — — (5) 1 (5) 1
Fixed Income
U.S. government — — — — — — —
U.S. government-sponsored
enterprises — — — — — — —
Non-U.S. government 103 (6) 1 28 — (4) 122
Corporate bonds
Investment grade 15 (1) 1 (7) 3 — 11
High yield 20 — — (10) — (10) —
Other credit — — — — — — —
Mortgage/other asset-backed 34 — 1 (24) 1 (6) 6
Commingled funds 8 — — (8) — — —
Derivative financial
instruments — — (2) (4) — — (6)
Total fixed income 180 (7) 1 (25) 4 (20)133
Alternatives
Hedge funds 711 (31) 11 362 — — 1,053
Private equity 31 (3) — 95 — — 123
Real estate 11 6 — 143 — — 160
Total alternatives 753 (28) 11 600 — — 1,336
Other (a) 4,380 (22) — — — — 4,358
Total Level 3 fair value $ 5,323 $ (57) $ 12 $ 570 $ 5 $ (25) $ 5,828
_______
(a) Primarily Ford-Werke plan assets (insurance contract valued at $3,406 million).
NOTE 17. DEBT AND COMMITMENTS
Our debt consists of short-term and long-term unsecured debt securities, convertible debt securities, and unsecured
and secured borrowings from banks and other lenders. Debt issuances are placed directly by us or through securities
dealers or underwriters and are held by institutional and retail investors. In addition, Ford Credit sponsors securitization
programs that provide short-term and long-term asset-backed financing through institutional investors in the U.S. and
international capital markets.
Debt is recorded on our balance sheet at par value adjusted for unamortized discount or premium and adjustments
related to designated fair value hedges (see Note 18 for policy detail). Discounts, premiums, and costs directly related to
the issuance of debt generally are capitalized and amortized over the life of the debt or to the put date and are recorded in
Interest expense using the effective interest method. Gains and losses on the extinguishment of debt are recorded in
Automotive interest income and other income/(expense), net and Financial Services other income/(loss), net.
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