IBM 2014 Annual Report Download - page 143

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Notes to Consolidated Financial Statements
International Business Machines Corporation and Subsidiary Companies
142
The following tables present the reconciliation of the beginning and ending balances of Level3 assets for the years ended December31,
2014 and 2013 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 Total
Balance at January 1, 2014 $ 1 $ 5 $19 $274 $860 $3,771 $3,038 $ 7,968
Return on assets held at end of year — 0 0 21 28 (10) 197 238
Return on assets sold during the year — 0 0 — — 332 199 531
Purchases, sales and settlements, net — 0 (3) — — (807) (492) (1,302)
Transfers, net (1) (1) 4 — — — — 2
Balance at December 31, 2014 $ — $ 4 $20 $295 $889 $3,287 $2,942 $ 7,437
($ in millions)
Government
and Related
Corporate
Bonds
Mortgage
and Asset-
Backed
Securities
Fixed Income
Commingled/
Mutual Funds
Hedge
Funds
Private
Equity
Private
Real Estate Total
Balance at January 1, 2013 $ 6 $11 $ 45 $267 $756 $4,085 $2,861 $ 8,032
Return on assets held at end of year 0 0 (1) 7 104 1,104 889 2,103
Return on assets sold during the year 0 0 0 — 0 (528) (412) (939)
Purchases, sales and settlements, net (5) 3 0 — 0 (891) (301) (1,194)
Transfers, net 0 (8) (26) — — — — (33)
Balance at December 31, 2013 $ 1 $ 5 $ 19 $274 $860 $3,771 $3,038 $ 7,968
The following tables present the reconciliation of the beginning and ending balances of Level3 assets for the years ended December31,
2014 and 2013 for the non-U.S. Plans.
($ in millions)
Government
and Related
Corporate
Bonds
Private
Equity
Private
Real Estate
Other
Commingled/
Mutual Funds Tot al
Balance at January 1, 2014 $42 $ 4 $410 $655 $ — $1,110
Return on assets held at end of year 3 0 26 83 26 138
Return on assets sold during the year 0 0 46 (12) — 34
Purchases, sales and settlements, net (8) (3) 75 (13) 104 155
Transfers, net — — 0 — 102 102
Foreign exchange impact (5) 0 (45) (49) (12) (110)
Balance at December 31, 2014 $32 $ 1 $513 $664 $220 $1,429
($ in millions)
Government
and Related
Corporate
Bonds
Private
Equity
Private
Real Estate Total
Balance at January 1, 2013 $ 76 $ 5 $353 $609 $1,042
Return on assets held at end of year (12) 0 1 33 22
Return on assets sold during the year 1 0 18 (3) 16
Purchases, sales and settlements, net (24) (1) 26 1 1
Foreign exchange impact 2 0 12 15 29
Balance at December 31, 2013 $ 42 $ 4 $410 $655 $1,110