IBM 2012 Annual Report Download - page 132

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Notes to Consolidated Financial Statements
International Business Machines Corporation and Subsidiary Companies
131
The following tables present the reconciliation of the beginning and ending balances of Level 3 assets for the years ended December 31, 2012
and 2011 for the U.S. Plan.
($ in millions)
Government
and Related
Corporate
Bonds
Mortgage
and Asset-
Backed
Securities
Fixed Income
Commingled/
Mutual Funds
Hedge
Funds
Private
Equity
Private
Real Estate To ta l
Balance at January 1, 2012 $ 29 $12 $45 $246 $713 $4,098 $2,790 $7,932
Return on assets held at end of year 0 0 1 21 56 855 202 1,135
Return on assets sold during the year 0 2 1 — 14 (334) (41) (359)
Purchases, sales and settlements, net (1) (2) (9) — (26) (533) (90) (660)
Transfers, net (22) (1) 8 — — — — (15)
Balance at December 31, 2012 $ 6 $11 $45 $267 $756 $4,085 $2,861 $8,032
($ in millions)
Government
and Related
Corporate
Bonds
Mortgage
and Asset-
Backed
Securities
Fixed Income
Commingled/
Mutual Funds
Hedge
Funds
Private
Equity
Private
Real Estate To ta l
Balance at January 1, 2011 $ — $ — $ 56 $221 $624 $4,251 $2,634 $7,786
Return on assets held at end of year (0) 0 (1) 25 (35) 348 131 468
Return on assets sold during the year 0 (0) (0) — 5 (30) 39 14
Purchases, sales and settlements, net 12 5 (16) — (7) (471) (14) (492)
Transfers, net 17 7 6 — 127* — — 157
Balance at December 31, 2011 $29 $12 $ 45 $246 $713 $4,098 $2,790 $7,932
* Due to an increase in the redemption term during 2011, the asset was transferred from Level 2 to Level 3.
The following tables present the reconciliation of the beginning and ending balances of Level 3 assets for the years ended December 31, 2012
and 2011 for the non-U.S. Plans.
($ in millions)
Government
and Related
Corporate
Bonds
Private
Equity
Private
Real Estate To ta l
Balance at January 1, 2012 $ 96 $ 39 $262 $580 $ 977
Return on assets held at end of year 3 (1) 9 (5) 6
Return on assets sold during the year 3 1 9 0 14
Purchases, sales and settlements, net (26) (29) 62 14 21
Transfers, net (2) (5) (0) (3) (10)
Foreign exchange impact 1 (0) 11 23 34
Balance at December 31, 2012 $ 76 $ 5 $353 $609 $1,042
($ in millions)
Government
and Related
Corporate
Bonds
Private
Equity
Private
Real Estate To ta l
Balance at January 1, 2011 $ — $11 $176 $533 $720
Return on assets held at end of year 3 2 30 11 46
Return on assets sold during the year (0) (0) (2) (3) (5)
Purchases, sales and settlements, net 100 28 65 44 237
Transfers, net — — (0) 0 0
Foreign exchange impact (7) (2) (7) (6) (22)
Balance at December 31, 2011 $ 96 $39 $262 $580 $977