|
Retirement Benefits (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Compensation and Retirement Disclosure [Abstract] |
|
| Schedule of Assumptions Used [Table Text Block] |
The assumptions used to determine expense and benefit obligation were as follows: | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | | | | U.S. Plans | | Non-U.S. Plans | | U.S. OPEB | | 2014 | | 2013 | | 2014 | | 2013 | | 2014 | | 2013 | Weighted Average Assumptions at December 31 | | | | | | | | | | | | Discount rate | 3.94 | % | | 4.74 | % | | 3.06 | % | | 4.07 | % | | 3.86 | % | | 4.65 | % | Expected long-term rate of return on assets | 6.75 |
| | 6.89 |
| | 6.11 |
| | 6.63 |
| | — |
| | — |
| Average rate of increase in compensation | 3.80 |
| | 3.80 |
| | 3.40 |
| | 3.41 |
| | 3.80 |
| | 3.80 |
| Assumptions Used to Determine Net Benefit Cost for the Year Ended December 31 | | | | | |
| | |
| | |
| | |
| Discount rate | 4.74 | % | | 3.84 | % | | 4.07 | % | | 3.92 | % | | 4.65 | % | | 3.80 | % | Expected long-term rate of return on assets | 6.89 |
| | 7.38 |
| | 6.63 |
| | 6.74 |
| | — |
| | — |
| Average rate of increase in compensation | 3.80 |
| | 3.80 |
| | 3.41 |
| | 3.41 |
| | 3.80 |
| | 3.80 |
|
|
| Schedule of defined benefit plans expense [Table Text Block] |
The pre-tax expense for our defined benefit pension and OPEB plans for the years ended December 31 was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | | | | | | U.S. Plans | | Non-U.S. Plans | | Worldwide OPEB | | 2014 | | 2013 | | 2012 | | 2014 | | 2013 | | 2012 | | 2014 | | 2013 | | 2012 | Service cost | $ | 507 |
| | $ | 581 |
| | $ | 521 |
| | $ | 468 |
| | $ | 484 |
| | $ | 372 |
| | $ | 54 |
| | $ | 64 |
| | $ | 67 |
| Interest cost | 1,992 |
| | 1,914 |
| | 2,208 |
| | 1,189 |
| | 1,137 |
| | 1,189 |
| | 269 |
| | 256 |
| | 290 |
| Expected return on assets | (2,713 | ) | | (2,816 | ) | | (2,873 | ) | | (1,508 | ) | | (1,382 | ) | | (1,340 | ) | | — |
| | — |
| | — |
| Amortization of: | | | | | | | | | | | | | | | | | | Prior service costs/(credits) | 155 |
| | 174 |
| | 220 |
| | 55 |
| | 66 |
| | 72 |
| | (229 | ) | | (283 | ) | | (545 | ) | (Gains)/Losses | 207 |
| | 655 |
| | 425 |
| | 586 |
| | 686 |
| | 412 |
| | 98 |
| | 158 |
| | 129 |
| Separation programs/other | 19 |
| | 10 |
| | 7 |
| | 81 |
| | 242 |
| | 162 |
| | — |
| | — |
| | 2 |
| Recognition of (gains)/losses due to: | | | | | | | | | | | | | | | | | | Curtailments | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (2 | ) | | (11 | ) | Settlements | — |
| | 594 |
| | 250 |
| | 19 |
| | 5 |
| | — |
| | — |
| | — |
| | — |
| Total expense/(income) | $ | 167 |
| | $ | 1,112 |
| | $ | 758 |
| | $ | 890 |
| | $ | 1,238 |
| | $ | 867 |
| | $ | 192 |
| | $ | 193 |
| | $ | (68 | ) |
|
| Schedule Of Defined Benefit Plan Obligations [Table Text Block] |
The year-end status of these plans was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | | | | | U.S. Plans | | Non-U.S. Plans | | Worldwide OPEB | | | 2014 | | 2013 | | 2014 | | 2013 | | 2014 | | 2013 | Change in Benefit Obligation | | | | | | | | | | | | | Benefit obligation at January 1 | | $ | 43,182 |
| | $ | 52,125 |
| | $ | 30,851 |
| | $ | 30,702 |
| | $ | 5,889 |
| | $ | 6,810 |
| Service cost | | 507 |
| | 581 |
| | 468 |
| | 484 |
| | 54 |
| | 64 |
| Interest cost | | 1,992 |
| | 1,914 |
| | 1,189 |
| | 1,137 |
| | 269 |
| | 256 |
| Amendments | | — |
| | — |
| | 11 |
| | (1 | ) | | — |
| | — |
| Separation programs and other | | (50 | ) | | (75 | ) | | 139 |
| | 141 |
| | — |
| | (11 | ) | Curtailments | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Settlements | | — |
| | (3,089 | ) | | (116 | ) | | (51 | ) | | — |
| | — |
| Plan participant contributions | | 26 |
| | 26 |
| | 25 |
| | 25 |
| | 23 |
| | 27 |
| Benefits paid | | (3,028 | ) | | (3,120 | ) | | (1,423 | ) | | (1,416 | ) | | (406 | ) | | (421 | ) | Foreign exchange translation | | — |
| | — |
| | (2,997 | ) | | 229 |
| | (138 | ) | | (131 | ) | Actuarial (gain)/loss | | 3,692 |
| | (5,180 | ) | | 5,076 |
| | (399 | ) | | 697 |
| | (705 | ) | Benefit obligation at December 31 | | 46,321 |
| | 43,182 |
| | 33,223 |
| | 30,851 |
| | 6,388 |
| | 5,889 |
| Change in Plan Assets | | |
| | |
| | |
| | |
| | |
| | |
| Fair value of plan assets at January 1 | | 41,217 |
| | 42,395 |
| | 23,843 |
| | 21,713 |
| | — |
| | — |
| Actual return on plan assets | | 6,542 |
| | 1,539 |
| | 3,656 |
| | 1,689 |
| | — |
| | — |
| Company contributions | | 130 |
| | 3,535 |
| | 1,715 |
| | 1,852 |
| | — |
| | — |
| Plan participant contributions | | 26 |
| | 26 |
| | 25 |
| | 25 |
| | — |
| | — |
| Benefits paid | | (3,028 | ) | | (3,120 | ) | | (1,423 | ) | | (1,416 | ) | | — |
| | — |
| Settlements | | — |
| | (3,089 | ) | | (116 | ) | | (51 | ) | | — |
| | — |
| Foreign exchange translation | | — |
| | — |
| | (2,019 | ) | | 49 |
| | — |
| | — |
| Other | | (43 | ) | | (69 | ) | | (6 | ) | | (18 | ) | | — |
| | — |
| Fair value of plan assets at December 31 | | 44,844 |
| | 41,217 |
| | 25,675 |
| | 23,843 |
| | — |
| | — |
| Funded status at December 31 | | $ | (1,477 | ) | | $ | (1,965 | ) | | $ | (7,548 | ) | | $ | (7,008 | ) | | $ | (6,388 | ) | | $ | (5,889 | ) | | | | | | | | | | | | | | Amounts Recognized on the Balance Sheet | | |
| | |
| | |
| | |
| | |
| | |
| Prepaid assets | | $ | 377 |
| | $ | 443 |
| | $ | 696 |
| | $ | 219 |
| | $ | — |
| | $ | — |
| Other liabilities | | (1,854 | ) | | (2,408 | ) | | (8,244 | ) | | (7,227 | ) | | (6,388 | ) | | (5,889 | ) | Total | | $ | (1,477 | ) | | $ | (1,965 | ) | | $ | (7,548 | ) | | $ | (7,008 | ) | | $ | (6,388 | ) | | $ | (5,889 | ) | Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax) | | |
| | |
| | |
| | |
| | |
| | |
| Unamortized prior service costs/(credits) | | $ | 609 |
| | $ | 764 |
| | $ | 347 |
| | $ | 417 |
| | $ | (710 | ) | | $ | (959 | ) | Unamortized net (gains)/losses | | 5,810 |
| | 6,179 |
| | 11,254 |
| | 9,902 |
| | 2,278 |
| | 1,701 |
| Total | | $ | 6,419 |
| | $ | 6,943 |
| | $ | 11,601 |
| | $ | 10,319 |
| | $ | 1,568 |
| | $ | 742 |
| | | | | | | | | | | | | | Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31 | | |
| | |
| | |
| | |
| | |
| | |
| Accumulated benefit obligation | | $ | 1,906 |
| | $ | 25,828 |
| | $ | 11,018 |
| | $ | 15,393 |
| | |
| | |
| Fair value of plan assets | | 150 |
| | 23,498 |
| | 4,109 |
| | 9,518 |
| | |
| | |
| | | | | | | | | | | | | | Accumulated Benefit Obligation at December 31 | | $ | 44,919 |
| | $ | 42,078 |
| | $ | 30,098 |
| | $ | 28,312 |
| | |
| | |
| | | | | | | | | | | | | | Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31 | | | | | | | | | | | | | Projected benefit obligation | | $ | 2,004 |
| | $ | 25,906 |
| | $ | 12,874 |
| | $ | 23,653 |
| | | | | Fair value of plan assets | | 150 |
| | 23,498 |
| | 4,630 |
| | 16,426 |
| | | | | | | | | | | | | | | | | | Projected Benefit Obligation at December 31 | | $ | 46,321 |
| | $ | 43,182 |
| | $ | 33,223 |
| | $ | 30,851 |
| | | | |
|
| Schedule of Expected Benefit Payments [Table Text Block] |
The following table presents estimated future gross benefit payments (in millions): | | | | | | | | | | | | | | | | Gross Benefit Payments | | | Pension | | | | | U.S. Plans | | Non-U.S. Plans | | Worldwide OPEB | 2015 | | $ | 3,070 |
| | $ | 1,340 |
| | $ | 390 |
| 2016 | | 3,030 |
| | 1,290 |
| | 390 |
| 2017 | | 2,990 |
| | 1,310 |
| | 380 |
| 2018 | | 2,960 |
| | 1,330 |
| | 380 |
| 2019 | | 2,940 |
| | 1,360 |
| | 380 |
| 2020 - 2024 | | 14,440 |
| | 7,220 |
| | 1,830 |
|
|
| Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] |
The amounts in Accumulated other comprehensive income/(loss) that are expected to be recognized as components of net expense/(income) during 2015 are as follows (in millions): | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | | | | | U.S. Plans | | Non-U.S. Plans | | Worldwide OPEB | | Total | Prior service cost/(credit) | | $ | 155 |
| | $ | 49 |
| | $ | (209 | ) | | $ | (5 | ) | (Gains)/Losses | | 397 |
| | 835 |
| | 145 |
| | 1,377 |
|
|
| Schedule of Allocation of Plan Assets [Table Text Block] |
The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $360 million and $112 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2014 | | U.S. Plans | | Non-U.S. Plans | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | Asset Category | | | | | | | | | | | | | | | | Equity | | | | | | | | | | | | | | | | U.S. companies | $ | 2,678 |
| | $ | 2 |
| | $ | — |
| | $ | 2,680 |
| | $ | 2,119 |
| | $ | 149 |
| | $ | — |
| | $ | 2,268 |
| International companies | 1,510 |
| | 28 |
| | — |
| | 1,538 |
| | 1,910 |
| | 196 |
| | — |
| | 2,106 |
| Total equity | 4,188 |
| | 30 |
| | — |
| | 4,218 |
| | 4,029 |
| | 345 |
| | — |
| | 4,374 |
| Fixed Income | |
| | |
| | |
| | |
| | | | | | | | | U.S. government | 4,506 |
| | — |
| | — |
| | 4,506 |
| | 92 |
| | — |
| | — |
| | 92 |
| U.S. government-sponsored enterprises (b) | — |
| | 4,047 |
| | — |
| | 4,047 |
| | — |
| | 24 |
| | — |
| | 24 |
| Non-U.S. government | — |
| | 1,842 |
| | — |
| | 1,842 |
| | — |
| | 10,727 |
| | — |
| | 10,727 |
| Corporate bonds (c) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Investment grade | — |
| | 18,052 |
| | — |
| | 18,052 |
| | — |
| | 1,741 |
| | — |
| | 1,741 |
| High yield | — |
| | 3,258 |
| | — |
| | 3,258 |
| | — |
| | 472 |
| | — |
| | 472 |
| Other credit | — |
| | 181 |
| | 14 |
| | 195 |
| | — |
| | 81 |
| | — |
| | 81 |
| Mortgage/other asset-backed | — |
| | 1,290 |
| | 34 |
| | 1,324 |
| | — |
| | 230 |
| | — |
| | 230 |
| Commingled funds | — |
| | 200 |
| | — |
| | 200 |
| | — |
| | 616 |
| | — |
| | 616 |
| Derivative financial instruments (a) | 13 |
| | (206 | ) | | — |
| | (193 | ) | | 1 |
| | (5 | ) | | — |
| | (4 | ) | Total fixed income | 4,519 |
| | 28,664 |
| | 48 |
| | 33,231 |
| | 93 |
| | 13,886 |
| | — |
| | 13,979 |
| Alternatives | |
| | |
| | |
| | |
| | | | | | | | | Hedge funds (d) | 36 |
| | 48 |
| | 2,475 |
| | 2,559 |
| | 40 |
| | 48 |
| | 1,749 |
| | 1,837 |
| Private equity (e) | 4 |
| | (2 | ) | | 2,782 |
| | 2,784 |
| | — |
| | — |
| | 538 |
| | 538 |
| Real estate (f) | — |
| | 2 |
| | 821 |
| | 823 |
| | — |
| | 1 |
| | 678 |
| | 679 |
| Total alternatives | 40 |
| | 48 |
| | 6,078 |
| | 6,166 |
| | 40 |
| | 49 |
| | 2,965 |
| | 3,054 |
| Cash and cash equivalents (g) | — |
| | 1,374 |
| | — |
| | 1,374 |
| | — |
| | 656 |
| | — |
| | 656 |
| Other (h) | (167 | ) | | 22 |
| | — |
| | (145 | ) | | (1,121 | ) | | 8 |
| | 4,725 |
| | 3,612 |
| Total assets at fair value | $ | 8,580 |
| | $ | 30,138 |
| | $ | 6,126 |
| | $ | 44,844 |
| | $ | 3,041 |
| | $ | 14,944 |
| | $ | 7,690 |
| | $ | 25,675 |
|
_______ | | (a) | Net derivative position. |
| | (b) | Debt securities primarily issued by U.S. government-sponsored enterprises (“GSEs”). |
| | (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 grade; “Other credit” refers to non-rated bonds. |
| | (d) | For U.S. Plans, funds investing in diverse hedge fund strategies with the following composition of underlying hedge fund investments at December 31, 2014: global macro (28%), event-driven (26%), equity long/short (26%), multi-strategy (14%), and relative value (7%). For non‑U.S. Plans, funds investing in diversified portfolio of underlying hedge funds. At December 31, 2014, the composition of underlying hedge fund investments (within the United Kingdom and Canada pension plans) was: equity long/short (39%), event-driven (33%), global macro (13%), multi‑strategy (10%), and relative value (5%). |
| | (e) | For U.S. Plans, diversified investments in private equity funds with the following strategies: buyout (62%), venture capital (27%), mezzanine/distressed (6%), and other (5%). Allocations are estimated based on latest available data for managers reflecting June 30, 2014 holdings. For non‑U.S. Plans, investments in private investment funds (funds of funds) pursuing strategies broadly classified as venture capital and buyouts. |
| | (f) | For U.S. Plans, investment in private property funds broadly classified as core (42%), value-added and opportunistic (58%). For non-U.S. Plans, investment in private property funds broadly classified as core (39%), value-added and opportunistic (61%). Also includes investment in real assets. |
| | (g) | Primarily short-term investment funds to provide liquidity to plan investment managers and cash held to pay benefits. |
| | (h) | For U.S. Plans, primarily cash related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). For non‑U.S Plans, primarily Ford-Werke, plan assets (insurance contract valued at $3.8 billion) and cash related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). |
NOTE 12. RETIREMENT BENEFITS (Continued)
The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $349 million and $99 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2013 | | U.S. Plans | | Non-U.S.Plans | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | Asset Category | | | | | | | | | | | | | | | | Equity | | | | | | | | | | | | | | | | U.S. companies | $ | 3,724 |
| | $ | 22 |
| | $ | 3 |
| | $ | 3,749 |
| | $ | 2,711 |
| | $ | 229 |
| | $ | — |
| | $ | 2,940 |
| International companies | 2,288 |
| | 76 |
| | 1 |
| | 2,365 |
| | 2,983 |
| | 214 |
| | 2 |
| | 3,199 |
| Total equity | 6,012 |
| | 98 |
| | 4 |
| | 6,114 |
| | 5,694 |
| | 443 |
| | 2 |
| | 6,139 |
| Fixed Income | |
| | |
| | |
| | |
| | | | | | | | |
| U.S. government | 3,610 |
| | — |
| | — |
| | 3,610 |
| | 30 |
| | — |
| | — |
| | 30 |
| U.S. government-sponsored enterprises (b) | — |
| | 4,127 |
| | — |
| | 4,127 |
| | — |
| | 11 |
| | — |
| | 11 |
| Non-U.S. government | — |
| | 2,115 |
| | — |
| | 2,115 |
| | — |
| | 6,880 |
| | 67 |
| | 6,947 |
| Corporate bonds (c) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Investment grade | — |
| | 15,058 |
| | — |
| | 15,058 |
| | — |
| | 1,229 |
| | 55 |
| | 1,284 |
| High yield | — |
| | 1,254 |
| | — |
| | 1,254 |
| | — |
| | 337 |
| | 21 |
| | 358 |
| Other credit | — |
| | 48 |
| | — |
| | 48 |
| | — |
| | 37 |
| | 13 |
| | 50 |
| Mortgage/other asset-backed | — |
| | 1,287 |
| | 33 |
| | 1,320 |
| | — |
| | 238 |
| | 14 |
| | 252 |
| Commingled funds | — |
| | 304 |
| | — |
| | 304 |
| | — |
| | 471 |
| | — |
| | 471 |
| Derivative financial instruments (a) | (23 | ) | | 41 |
| | — |
| | 18 |
| | — |
| | (5 | ) | | — |
| | (5 | ) | Total fixed income | 3,587 |
| | 24,234 |
| | 33 |
| | 27,854 |
| | 30 |
| | 9,198 |
| | 170 |
| | 9,398 |
| Alternatives | |
| | |
| | |
| | |
| | | | | | | | |
| Hedge funds (d) | — |
| | — |
| | 2,778 |
| | 2,778 |
| | — |
| | — |
| | 1,657 |
| | 1,657 |
| Private equity (e) | — |
| | — |
| | 2,626 |
| | 2,626 |
| | — |
| | — |
| | 352 |
| | 352 |
| Real estate (f) | — |
| | — |
| | 610 |
| | 610 |
| | — |
| | — |
| | 601 |
| | 601 |
| Total alternatives | — |
| | — |
| | 6,014 |
| | 6,014 |
| | — |
|
| — |
|
| 2,610 |
|
| 2,610 |
| Cash and cash equivalents (g) | — |
| | 1,477 |
| | — |
| | 1,477 |
| | — |
| | 950 |
| | — |
| | 950 |
| Other (h) | (273 | ) | | 30 |
| | 1 |
| | (242 | ) | | (465 | ) | | 13 |
| | 5,198 |
| | 4,746 |
| Total assets at fair value | $ | 9,326 |
| | $ | 25,839 |
| | $ | 6,052 |
| | $ | 41,217 |
| | $ | 5,259 |
| | $ | 10,604 |
| | $ | 7,980 |
| | $ | 23,843 |
|
_______ | | (a) | Net derivative position. |
| | (b) | Debt securities primarily issued by GSEs. |
| | (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 grade; “Other credit” refers to non-rated bonds. |
| | (d) | For U.S. Plans, funds investing in diverse hedge fund strategies with the following composition of underlying hedge fund investments at December 31, 2013: global macro (32%), event-driven (26%), equity long/short (22%), multi-strategy (11%), and relative value (9%.) For non-U.S. Plans, funds investing in diversified portfolio of underlying hedge funds. At December 31, 2013, the composition of underlying hedge fund investments (within the United Kingdom and Canada pension plans) was: event-driven (35%), equity long/short (35%), multi-strategy (12%), global macro (12%) and relative value (6%). |
| | (e) | For U.S. Plans, diversified investments in private equity funds with the following strategies: buyout (61%), venture capital (26%), mezzanine/distressed (7%), and other (6%). Allocations are estimated based on latest available data for managers reflecting June 30, 2013 holdings. For non-U.S. Plans, investments in private investment funds (funds of funds) pursuing strategies broadly classified as venture capital and buyouts. |
| | (f) | For U.S. Plans, Investment in private property funds broadly classified as core (49%), value-added and opportunistic (51%). For non-U.S. Plans, investment in private property funds broadly classified as core (40%), value-added and opportunistic (60%). Also includes investment in real assets. |
| | (g) | Primarily short-term investment funds to provide liquidity to plan investment managers and cash held to pay benefits. |
| | (h) | For U.S. Plans, primarily cash related to net pending trade purchases/sales and net pending foreign exchange purchases/sales. For non‑U.S Plans, primarily Ford-Werke, plan assets (insurance contract valued at $4.1 billion) and cash related to net pending trade purchases/sales and net pending foreign exchange purchases/sales. |
|
| Schedule of Changes in Fair Value of Plan Assets [Table Text Block] |
The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on a recurring basis for the year ended December 31 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | 2014 | | | Return on plan assets | | | | | | | U.S. Plans: | Fair Value at January 1, 2014 | | Attributable to Assets Held at December 31, 2014 | | Attributable to Assets Sold | | Net Purchases/ (Settlements) | | Transfers Into/ (Out of) Level 3 | | Fair Value at December 31, 2014 | Asset Category | | | | | | | | | | | | Equity | | | | | | | | | | | | U.S. companies | $ | 3 |
| | $ | — |
| | $ | (3 | ) | | $ | — |
| | $ | — |
| | $ | — |
| International companies | 1 |
| | — |
| | (1 | ) | | — |
| | — |
| | — |
| Total equity | 4 |
| | — |
| | (4 | ) | | — |
| | — |
| | — |
| Fixed Income | |
| | |
| | |
| | |
| | |
| | |
| Other credit | — |
| | — |
| | — |
| | — |
| | 14 |
| | 14 |
| Mortgage/other asset-backed | 33 |
| | — |
| | — |
| | 34 |
| | (33 | ) | | 34 |
| Total fixed income | 33 |
| | — |
| | — |
| | 34 |
| | (19 | ) | | 48 |
| Alternatives | |
| | |
| | |
| | |
| | |
| | |
| Hedge funds | 2,778 |
| | 205 |
| | (4 | ) | | (504 | ) | | — |
| | 2,475 |
| Private equity | 2,626 |
| | 403 |
| | — |
| | (247 | ) | | — |
| | 2,782 |
| Real estate | 610 |
| | 85 |
| | — |
| | 126 |
| | — |
| | 821 |
| Total alternatives | 6,014 |
| | 693 |
| | (4 | ) | | (625 | ) | | — |
| | 6,078 |
| Other | 1 |
| | — |
| | — |
| | (1 | ) | | — |
| | — |
| Total Level 3 fair value | $ | 6,052 |
| | $ | 693 |
| | $ | (8 | ) | | $ | (592 | ) | | $ | (19 | ) | | $ | 6,126 |
| | | | | | | | | | | | | Non-U.S. Plans: | | | | | | | | | | | | Asset Category | | | | | | | | | | | | Equity | | | | | | | | | | | | International companies | $ | 2 |
| | $ | — |
| | $ | (1 | ) | | $ | (1 | ) | | $ | — |
| | $ | — |
| Total equity | 2 |
| | — |
|
| (1 | ) |
| (1 | ) |
| — |
|
| — |
| Fixed Income | |
| | |
| | |
| | |
| | |
| |
|
| Non-U.S. government | 67 |
| | — |
| | (2 | ) | | (12 | ) | | (53 | ) | | — |
| Corporate bonds | |
| | |
| | |
| | |
| | | |
|
| Investment grade | 55 |
| | — |
| | 3 |
| | (17 | ) | | (41 | ) | | — |
| High yield | 21 |
| | — |
| | — |
| | (15 | ) | | (6 | ) | | — |
| Other credit | 13 |
| | — |
| | — |
| | (7 | ) | | (6 | ) | | — |
| Mortgage/other asset-backed | 14 |
| | — |
| | — |
| | (4 | ) | | (10 | ) | | — |
| Total fixed income | 170 |
| | — |
|
| 1 |
|
| (55 | ) |
| (116 | ) |
| — |
| Alternatives | |
| | |
| | |
| | |
| | |
| |
|
| Hedge funds | 1,657 |
| | 169 |
| | 5 |
| | (82 | ) | | — |
| | 1,749 |
| Private equity | 352 |
| | 63 |
| | — |
| | 123 |
| | — |
| | 538 |
| Real estate | 601 |
| | 52 |
| | (14 | ) | | 39 |
| | — |
| | 678 |
| Total alternatives | 2,610 |
| | 284 |
|
| (9 | ) |
| 80 |
|
| — |
|
| 2,965 |
| Other (a) | 5,198 |
| | — |
| | (282 | ) | | (191 | ) | | — |
| | 4,725 |
| Total Level 3 fair value | $ | 7,980 |
| | $ | 284 |
|
| $ | (291 | ) |
| $ | (167 | ) |
| $ | (116 | ) |
| $ | 7,690 |
|
_______ | | (a) | Primarily Ford-Werke plan assets (insurance contract valued at $3.8 billion). |
NOTE 12. RETIREMENT BENEFITS (Continued)
The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on a recurring basis for the year ended December 31 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | 2013 | | | Return on plan assets | | | | | | | U.S. Plans: | Fair Value at January 1, 2013 | | Attributable to Assets Held at December 31, 2013 | | Attributable to Assets Sold | | Net Purchases/ (Settlements) | | Transfers Into/ (Out of) Level 3 | | Fair Value at December 31, 2013 | Asset Category | | | | | | | | | | | | Equity | | | | | | | | | | | | U.S. companies | $ | 15 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (12 | ) | | $ | 3 |
| International companies | 3 |
| | — |
| | — |
| | (2 | ) | | — |
| | 1 |
| Total equity | 18 |
| | — |
| | — |
| | (2 | ) | | (12 | ) | | 4 |
| Fixed Income | |
| | |
| | |
| | |
| |
|
| | |
| U.S. government-sponsored enterprises | 3 |
| | — |
| | — |
| | — |
| | (3 | ) | | — |
| Non-U.S. government | 32 |
| | — |
| | (1 | ) | | (28 | ) | | (3 | ) | | — |
| Corporate bonds | |
| | |
| | |
| | |
| |
|
| | |
| Investment grade | 80 |
| | — |
| | (4 | ) | | (33 | ) | | (43 | ) | | — |
| High yield | 14 |
| | — |
| | (1 | ) | | (12 | ) | | (1 | ) | | — |
| Other credit | 50 |
| | — |
| | (7 | ) | | (26 | ) | | (17 | ) | | — |
| Mortgage/other asset-backed | 115 |
| | — |
| | 7 |
| | 7 |
| | (96 | ) | | 33 |
| Total fixed income | 294 |
| | — |
| | (6 | ) | | (92 | ) | | (163 | ) | | 33 |
| Alternatives | |
| | |
| | |
| | |
| | |
| | |
| Hedge funds | 3,121 |
| | 295 |
| | (40 | ) | | (598 | ) | | — |
| | 2,778 |
| Private equity | 2,412 |
| | 345 |
| | — |
| | (131 | ) | | — |
| | 2,626 |
| Real estate | 457 |
| | 45 |
| | — |
| | 108 |
| | — |
| | 610 |
| Total alternatives | 5,990 |
| | 685 |
| | (40 | ) | | (621 | ) | | — |
| | 6,014 |
| Other | 57 |
| | 1 |
| | 2 |
| | (55 | ) | | (4 | ) | | 1 |
| Total Level 3 fair value | $ | 6,359 |
| | $ | 686 |
| | $ | (44 | ) | | $ | (770 | ) | | $ | (179 | ) | | $ | 6,052 |
| | | | | | | | | | | | | Non-U.S. Plans: | | | | | | | | | | | | Asset Category | | | | | | | | | | | | Equity | | | | | | | | | | | | International companies | $ | 1 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 1 |
| | $ | 2 |
| Total equity | 1 |
|
| — |
|
| — |
|
| — |
|
| 1 |
|
| 2 |
| Fixed Income | |
| | |
| | |
| | |
| | |
| |
|
| Non-U.S. government | 41 |
| | (7 | ) | | — |
| | 33 |
| | — |
| | 67 |
| Corporate bonds | |
| | |
| | |
| | |
| | |
| |
|
| Investment grade | 22 |
| | (1 | ) | | (1 | ) | | 32 |
| | 3 |
| | 55 |
| High yield | 1 |
| | — |
| | — |
| | 19 |
| | 1 |
| | 21 |
| Other credit | 6 |
| | — |
| | — |
| | 7 |
| | — |
| | 13 |
| Mortgage/other asset-backed | 28 |
| | — |
| | 2 |
| | 1 |
| | (17 | ) | | 14 |
| Derivative financial instruments | (1 | ) | | — |
| | — |
| | 1 |
| | — |
| | — |
| Total fixed income | 97 |
|
| (8 | ) |
| 1 |
|
| 93 |
|
| (13 | ) |
| 170 |
| Alternatives | |
| | |
| | |
| | |
| | |
| |
|
| Hedge funds | 1,142 |
| | 114 |
| | 10 |
| | 391 |
| | — |
| | 1,657 |
| Private equity | 236 |
| | 34 |
| | — |
| | 82 |
| | — |
| | 352 |
| Real estate | 329 |
| | 42 |
| | — |
| | 230 |
| | — |
| | 601 |
| Total alternatives | 1,707 |
|
| 190 |
|
| 10 |
|
| 703 |
|
| — |
|
| 2,610 |
| Other (a) | 4,670 |
| | 528 |
| | — |
| | — |
| | — |
| | 5,198 |
| Total Level 3 fair value | $ | 6,475 |
|
| $ | 710 |
|
| $ | 11 |
|
| $ | 796 |
|
| $ | (12 | ) |
| $ | 7,980 |
|
_______ | | (a) | Primarily Ford-Werke plan assets (insurance contract valued at $4.1 billion) |
|