Annual Report 2011 - Ford Motor Company
Annual Report 2011 - Ford Motor Company
Annual Report 2011 - Ford Motor Company
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Notes to the Financial Statements<br />
NOTE 17. RETIREMENT BENEFITS (Continued)<br />
Non-U.S. Plans<br />
<strong>2011</strong><br />
Level 1 Level 2 Level 3 Total<br />
Asset Category<br />
Equity<br />
U.S. companies<br />
$ 2,596 $ 181 $ — $ 2,777<br />
International companies<br />
2,906<br />
154<br />
1 3,061<br />
Derivative financial instruments (a)<br />
—<br />
—<br />
—<br />
—<br />
Total equity<br />
Fixed Income<br />
5,502<br />
335<br />
1 5,838<br />
U.S. government<br />
33<br />
—<br />
—<br />
33<br />
U.S. government-sponsored enterprises (b)<br />
—<br />
16<br />
—<br />
16<br />
Non-U.S. government<br />
Corporate bonds (c)<br />
2 5,805<br />
122 5,929<br />
Investment grade<br />
—<br />
975<br />
11<br />
986<br />
High yield<br />
—<br />
271<br />
—<br />
271<br />
Other credit<br />
—<br />
15<br />
—<br />
15<br />
Mortgage/other asset-backed<br />
—<br />
189<br />
6<br />
195<br />
Commingled funds<br />
Derivative financial instruments (a)<br />
—<br />
415<br />
—<br />
415<br />
Interest rate contracts<br />
—<br />
(15)<br />
(6) (21)<br />
Credit contracts<br />
—<br />
(1)<br />
—<br />
(1)<br />
Other contracts<br />
—<br />
(1)<br />
—<br />
(1)<br />
Total fixed income<br />
Alternatives<br />
35 7,669<br />
133 7,837<br />
Hedge funds (d)<br />
—<br />
— 1,053 1,053<br />
Private equity (e)<br />
—<br />
—<br />
123<br />
123<br />
Real estate (f)<br />
—<br />
1<br />
160<br />
161<br />
Total alternatives<br />
—<br />
1 1,336 1,337<br />
Cash and cash equivalents (g)<br />
—<br />
370<br />
—<br />
370<br />
Other (h)<br />
(554)<br />
12 4,358 3,816<br />
Total assets at fair value<br />
_______<br />
(a) Net derivative position.<br />
(b) Debt securities primarily issued by GSEs.<br />
$ 4,983 $ 8,387 $ 5,828 $ 19,198<br />
(c) "Investment grade" bonds are those rated Baa3/BBB or higher by at least two rating agencies; "High yield" bonds are those rated below investment<br />
grade; "Other credit" refers to non-rated bonds.<br />
(d) Funds investing in diversified portfolio of underlying hedge funds (commingled fund of funds). At December 31, <strong>2011</strong>, the composition of underlying<br />
hedge fund investments (within the U.K. and Canada pension plans) was: event-driven (30%), equity long/short (27%), global macro (14%), multistrategy<br />
(14%) relative value (11%), and cash (4%).<br />
(e) Investments in private investment funds (funds of funds) pursuing strategies broadly classified as venture capital and buyouts.<br />
(f) Investment in private property funds broadly classified as core (13%), value-added and opportunistic (87%). Also includes investment in real<br />
assets.<br />
(g) Primarily short-term investment funds to provide liquidity to plan investment managers.<br />
(h) Primarily <strong>Ford</strong>-Werke GmbH ("<strong>Ford</strong>-Werke") plan assets (insurance contract valued at $3,406 million) and cash related to net pending trade<br />
purchases/sales and net pending foreign exchange purchases/sales.<br />
<strong>Ford</strong> <strong>Motor</strong> <strong>Company</strong> | <strong>2011</strong> <strong>Annual</strong> <strong>Report</strong> 137
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