Ford 2014 Annual Report Download - page 146

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FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 12. RETIREMENT BENEFITS (Continued)
The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on
a recurring basis for the year ended December 31 (in millions):
2014
Return on plan assets
U.S. Plans:
Fair
Value
at
January 1,
2014
Attributable
to Assets
Held
at
December 31,
2014
Attributable
to
Assets
Sold
Net
Purchases/
(Settlements)
Transfers
Into/ (Out of)
Level 3
Fair
Value
at
December 31,
2014
Asset Category
Equity
U.S. companies $ 3$ —$ (3) $ —$ —$ —
International companies 1 — (1) — — —
Total equity 4 — (4) — — —
Fixed Income
Other credit — — — — 14 14
Mortgage/other asset-backed 33 — — 34 (33) 34
Total fixed income 33 — — 34 (19) 48
Alternatives
Hedge funds 2,778 205 (4) (504) — 2,475
Private equity 2,626 403 —(247) — 2,782
Real estate 610 85 — 126 —821
Total alternatives 6,014 693 (4) (625) — 6,078
Other 1 — — (1) — —
Total Level 3 fair value $ 6,052 $693 $ (8) $ (592)$ (19) $ 6,126
Non-U.S. Plans:
Asset Category
Equity
International companies $ 2$ —$ (1) $ (1) $ —$ —
Total equity 2 — (1) (1) — —
Fixed Income
Non-U.S. government 67 — (2) (12)(53) —
Corporate bonds
Investment grade 55 — 3 (17)(41) —
High yield 21 — — (15) (6) —
Other credit 13 — — (7) (6) —
Mortgage/other asset-backed 14 — — (4) (10) —
Total fixed income 170 — 1 (55)(116) —
Alternatives
Hedge funds 1,657 169 5(82) — 1,749
Private equity 352 63 — 123 —538
Real estate 601 52 (14) 39 — 678
Total alternatives 2,610 284 (9) 80 — 2,965
Other (a) 5,198 —(282)(191) — 4,725
Total Level 3 fair value $ 7,980 $284 $(291)$ (167)$ (116) $ 7,690
_______
(a) Primarily Ford-Werke plan assets (insurance contract valued at $3.8 billion).
FS-40