PROFITABLE GROWTH FOR ALL
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Notes to the Financial Statements<br />
NOTE 17. RETIREMENT BENEFITS (Continued)<br />
The following table summarizes the changes in Level 3 pension benefits plan assets measured at fair value on a<br />
recurring basis for the year ended December 31, 2011 (in millions):<br />
U.S. Plans<br />
Asset Category<br />
Equity<br />
U.S. companies<br />
International companies<br />
Commingled funds<br />
Derivative financial<br />
instruments<br />
Total equity<br />
Fixed Income<br />
U.S. government<br />
U.S. government-sponsored<br />
enterprises<br />
Non-U.S. government<br />
Corporate bonds<br />
Investment grade<br />
High yield<br />
Other credit<br />
Mortgage/other asset-backed<br />
Derivative financial<br />
instruments<br />
Interest rate contracts<br />
Credit contracts<br />
Other contracts<br />
Total fixed income<br />
Alternatives<br />
Hedge funds<br />
Private equity<br />
Real estate<br />
Total alternatives<br />
Other<br />
Total Level 3 fair value<br />
Fair<br />
Value<br />
at<br />
January 1,<br />
2011<br />
$ 13<br />
6<br />
3<br />
—<br />
22<br />
—<br />
14<br />
280<br />
28<br />
2<br />
50<br />
125<br />
(2)<br />
—<br />
—<br />
497<br />
2,854<br />
1,491<br />
120<br />
4,465<br />
(3)<br />
$ 4,981<br />
Return on plan assets<br />
Attributable<br />
to Assets<br />
Held<br />
at<br />
December 31,<br />
2011<br />
$ (1)<br />
—<br />
—<br />
—<br />
(1)<br />
—<br />
—<br />
(2)<br />
4<br />
(1)<br />
(1)<br />
(3)<br />
—<br />
—<br />
25<br />
22<br />
10<br />
244<br />
39<br />
293<br />
—<br />
$ 314<br />
Attributable<br />
to<br />
Assets<br />
Sold<br />
$ —<br />
(1)<br />
—<br />
—<br />
(1)<br />
—<br />
—<br />
(3)<br />
2<br />
—<br />
—<br />
1<br />
(1)<br />
—<br />
(8)<br />
(9)<br />
(22)<br />
—<br />
—<br />
(22)<br />
—<br />
$ (32)<br />
2011<br />
Net<br />
Purchases/<br />
(Settlements)<br />
$ —<br />
(1)<br />
—<br />
—<br />
(1)<br />
—<br />
(5)<br />
(86)<br />
18<br />
8<br />
(32)<br />
(38)<br />
—<br />
—<br />
(8)<br />
(143)<br />
126<br />
350<br />
203<br />
679<br />
1<br />
$ 536<br />
Into<br />
Level 3<br />
$ —<br />
—<br />
—<br />
Transfers<br />
—<br />
—<br />
—<br />
—<br />
13<br />
3<br />
3<br />
—<br />
4<br />
—<br />
—<br />
—<br />
23<br />
—<br />
—<br />
—<br />
—<br />
—<br />
$ 23<br />
Out of<br />
Level 3<br />
$ —<br />
(1)<br />
—<br />
—<br />
(1)<br />
—<br />
(1)<br />
(33)<br />
(22)<br />
(1)<br />
—<br />
(35)<br />
—<br />
—<br />
—<br />
(92)<br />
—<br />
—<br />
—<br />
—<br />
—<br />
$ (93)<br />
Fair<br />
Value<br />
at<br />
December 31,<br />
2011<br />
$ 12<br />
3<br />
3<br />
—<br />
18<br />
—<br />
8<br />
169<br />
33<br />
11<br />
17<br />
54<br />
(3)<br />
—<br />
9<br />
298<br />
2,968<br />
2,085<br />
362<br />
5,415<br />
(2)<br />
$ 5,729<br />
140 Ford Motor Company | 2011 Annual Report
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