Pitney Bowes 2013 Annual Report Download - page 95

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share amounts)
84
• Securities Lending Fund: Investment represents a commingled fund through our custodian's securities lending program. The U.S.
pension plan lends securities that are held within the plan to other banks and/or brokers, and receives collateral, typically cash. This
collateral is invested in a short-term fixed income securities commingled fund. The commingled fund is not listed or traded on an
exchange and is classified as Level 2. This amount invested in the fund is offset by a corresponding liability reflected in the U.S.
pension plan's net assets available for benefits.
Level 3 Gains and Losses
The following table summarizes the changes in the fair value of Level 3 assets for the years ended December 31, 2013 and 2012:
Mortgage-backed
securities Private equity Real estate Total
Balance at December 31, 2011 $ 3,702 $ 88,870 $ 57,918 $ 150,490
Realized (losses) gains (3)(13) 1,780 1,764
Unrealized (losses) gains (20) 742 5,711 6,433
Net purchases, sales and settlements (488) 2,206 (2,241) (523)
Balance at December 31, 2012 3,191 91,805 63,168 158,164
Realized (losses) gains —(1,591) 1,939 348
Unrealized gains 205 2,190 5,182 7,577
Net purchases, sales and settlements (762)(4,934)(2,372) (8,068)
Balance at December 31, 2013 $ 2,634 $ 87,470 $ 67,917 $ 158,021
There are no shares of our common stock included in the plan assets of our pension plans.
During 2014, we anticipate making total contributions of $18 million to our U.S. pension plans and $22 million to our foreign pension
plans. We will reassess our funding alternatives as the year progresses.