IBM 2010 Annual Report Download - page 125

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Notes to Consolidated Financial Statements
International Business Machines Corporation and Subsidiary Companies 123
The following tables present the reconciliation of the beginning and ending balances of Level 3 assets for the years ended December 31,
2010 and 2009 for the U.S. Plan:
($ in millions)
Equity Mortgage and Fixed Income
Commingled/ Asset-Backed Commingled/ Hedge Private Private
Mutual Funds Securities Mutual Funds Funds Equity Real Estate Total
Balance at January 1, 2010 $ 26 $37 $192 $587 $3,877 $2,247 $6,964
Return on assets held at end of year 24 3 30 45 829 123 1,054
Return on assets sold during the year (0) 0 — 3 (153) 16 (133)
Purchases, sales and settlements, net 139 11 — (11) (302) 248 85
Transfers, net (188)* 4 — — — — (184)
Balance at December 31, 2010 $ — $56 $221 $624 $4,251 $2,634 $7,786
* During the year ended December 31, 2010, the fund hired an independent administrator responsible for valuing the fund. As a result of this action the asset was transferred from
Level 3 to Level 2.
($ in millions)
Equity Mortgage and Fixed Income
Commingled/ Asset-Backed Commingled/ Hedge Private Private
Mutual Funds Securities Mutual Funds Funds Equity Real Estate Total
Balance at January 1, 2009 $ — $ 47 $180 $513 $3,169 $2,698 $6,607
Return on assets held at end of year 1 11 11 80 575 (634) 44
Return on assets sold during the year — 1 — 2 14 (98) (81)
Purchases, sales and settlements, net 25 (7) — (8) 118 281 408
Transfers, net — (14) — — — — (14)
Balance at December 31, 2009 $26 $ 37 $192 $587 $3,877 $2,247 $6,964
The following tables present the reconciliation of the beginning and ending balances of Level 3 assets for the years ended December 31,
2010 and 2009 for the non-U.S. Plans:
($ in millions)
Corporate Private Private
Bonds Equity Real Estate Total
Balance at January 1, 2010 $ — $ 93 $492 $585
Return on assets held at end of year (0) 14 41 55
Return on assets sold during the year — 3 (3) 0
Purchases, sales and settlements, net 4 69 9 82
Transfers, net 7 (0) — 7
Foreign exchange impact 0 (3) (6) (8)
Balance at December 31, 2010 $11 $176 $533 $720
($ in millions)
Private Private
Equity Real Estate Total
Balance at January 1, 2009 $ 64 $429 $494
Return on assets held at end of year (10) (10) (19)
Return on assets sold during the year — — 1
Purchases, sales and settlements, net 32 27 59
Transfers, net — — —
Foreign exchange impact 6 46 51
Balance at December 31, 2009 $ 93 $492 $585