PNC Bank 2011 Annual Report Download - page 179
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Please find page 179 of the 2011 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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The following summarizes changes in the fair value of the pension plan’s Level 3 assets during 2011 and 2010:
Rollforward of Pension Plan Level 3 Assets
In millions
Interest in
Common
Collective
Funds
Corporate
Debt
Limited
Partnership Other
Preferred
Stock
January 1, 2011 $370 $353 $ 75 $31
Net realized gain on sale of investments (1) (9) (6) 3
Net unrealized gain/(loss) on assets held at end of year (19) (12) 55 (4) $(1)
Purchases 27 29 16 4 3
Sales (184) (10) (7)
Transfers into Level 3 30
Transfers (from) Level 3 (130)
December 31, 2011 $377 $ 77 $130 $27 $ 2
In millions
Interest in
Common
Collective
Funds
Corporate
Debt
Limited
Partnerships Other
January 1, 2010 $ 57 $117 $62 $44
Net realized gain on sale of investments 37 6 4
Net unrealized gain/(loss) on assets held at end of year 99 (48) 3 (15)
Purchases, sales, issuances, and settlements (net) 214 214 4 1
Transfers into (from) Level 3 33 (3)
December 31, 2010 $370 $353 $75 $31
The following table provides information regarding our estimated future cash flows related to our various plans:
Estimated Cash Flows
Postretirement Benefits
In millions
Qualified
Pension
Nonqualified
Pension
Gross PNC
Benefit Payments
Reduction in PNC
Benefit Payments
Due to Medicare
Part D Subsidy
Estimated 2012 employer contributions $30 $36 $2
Estimated future benefit payments
2012 $ 251 $30 $36 $2
2013 263 30 33 2
2014 274 29 34 2
2015 282 27 34 2
2016 288 26 33 2
2017-2021 1,578 108 156 8
The qualified pension plan contributions are deposited into the Trust, and the qualified pension plan benefit payments are paid
from the Trust. Although the plan is underfunded as of December 31, 2011, PNC’s required qualified pension contribution for 2012
is expected to be zero based on the funding calculations under the Pension Protection Act of 2006. For the other plans, total
contributions and the benefit payments are the same and represent expected benefit amounts, which are paid from general assets.
Postretirement benefits are net of participant contributions.
170 The PNC Financial Services Group, Inc. – Form 10-K