PG&E 2011 Annual Report Download - page 103
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NOTE 12: EMPLOYEE BENEFIT PLANS (Continued)
Level 3 Reconciliation
The following table is a reconciliation of changes in the fair value of instruments for pension and other benefit
plans that have been classified as Level 3 for the years ended December 31, 2011 and 2010:
Pension Benefits Other Benefits
Corporate Other Corporate Other
Absolute fixed- fixed- Absolute fixed- fixed- Real
return income income Total return income income assets Total
(in millions)
Balance as of January 1, 2010 . . $340 $531 $190 $1,061 $32 $124 $17 $ — $ 173
Actual return on plan assets:
Relating to assets still held at
the reporting date ....... 44 52 5 101 415—— 19
Relating to assets sold during
the period ............. 5 5 5 15 1(2)—— (1)
Purchases, issuances, sales, and
settlements .............. 105 (39) (80) (14) 10 (8) (7) —(5)
Balance as of December 31,
2010 ................... $494 $549 $120 $1,163 $47 $129 $10 $ — $ 186
Actual return on plan assets:
Relating to assets still held at
the reporting date ....... 5 57 (2) 60 116—— 17
Relating to assets sold during
the period ............. 2 — 1 3—(2) —— (2)
Purchases, issuances, sales, and
settlements
Purchases ............... — 79 2 81 — 34 — 6 40
Settlements .............. (14) (35) (58) (107) (1) (30) (5) —(36)
Transfers out of Level 3 ...... ——(63) (63) —(146) (5) —(151)
Balance as of December 31,
2011 ................... $487 $650 $ — $1,137 $47 $ 1 $— $ 6 $ 54
Cash Flow Information
Employer Contributions
PG&E Corporation and the Utility contributed $230 million to the pension benefit plans and $137 million to the
other benefit plans in 2011. These contributions are consistent with PG&E Corporation’s and the Utility’s funding
policy, which is to contribute amounts that are tax-deductible and consistent with applicable regulatory decisions and
federal minimum funding requirements. None of these pension or other benefits were subject to a minimum funding
requirement requiring a cash contribution in 2011. The Utility’s pension benefits met all the funding requirements
under ERISA. PG&E Corporation and the Utility expect to make total contributions of approximately $286 million
and $109 million to the pension plan and other postretirement benefit plans, respectively, for 2012.
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