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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
78
Fair Value Measurements of Plan Assets
The following tables show, by level within the fair value hierarchy, the financial assets and liabilities that are accounted for at fair
value on a recurring basis at December 31, 2011 and 2010, respectively, for the U.S. and foreign pension plans. Financial assets and
liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our
assessment of the significance of a particular input to the fair value measurement requires judgment and may affect placement within
the fair value hierarchy levels.
U.S. Pension Plans - Fair Value Measurements at December 31, 2011
Level 1 Level 2 Level 3 Total
Assets:
Investment securities
Money market funds $- $ 22,064 $ - $ 22,064
Equity securities 218,010 262,152 - 480,162
Commingled fixed income securities - 177,349 - 177,349
Debt securities - U.S. and foreign
governments, agencies, and municipalities 60,411 16,745 - 77,156
Corporate debt securities - 467,281 - 467,281
Mortgage-backed securities - 57,922 3,702 61,624
Asset-backed securities - 919 - 919
Private equity - - 88,870 88,870
Real estate - - 57,918 57,918
Derivatives 293 - - 293
Securities lending fund * - 119,528 - 119,528
Total assets $ 278,714 $ 1,123,960 $ 150,490 $ 1,553,164
U.S. Pension Plans - Fair Value Measurements at December 31, 2010
Level 1 Level 2 Level 3 Total
Assets:
Investment securities
Money market funds $- $ 20,571 $ - $ 20,571
Equity securities 431,098 346,126 - 777,224
Debt securities - U.S. and foreign
governments, agencies, and municipalities 104,097 9,878 - 113,975
Corporate debt securities - 172,722 - 172,722
Mortgage-backed securities - 156,516 5,389 161,905
Asset-backed securities - 18,698 - 18,698
Private equity - - 69,495 69,495
Real estate - - 52,553 52,553
Derivatives 21 - - 21
Securities lending fund * - 158,155 - 158,155
Total assets $ 535,216 $ 882,666 $ 127,437 $ 1,545,319
Liabilities:
Investment securities
Derivatives $ 51 $ - $ - $ 51
Total liabilities $ 51 $ - $ - $ 51
* Securities lending fund amount at December 31, 2011 and December 31, 2010 is offset by a corresponding liability recorded in the Pitney Bowes
Pension Plan net assets available for benefits.