Vectren 2013 Annual Report Download - page 95

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93
The fair values of the Company’s pension and other retirement plan assets at December 31, 2013 and December 31, 2012 by
asset category and by fair value hierarchy are as follows:
As of December 31, 2013
(In millions) Level 1 Level 2 Level 3 Total
Domestic equities & equity funds $ 69.6 $ 85.6 $ — $ 155.2
International equities & equity funds 41.9 — — 41.9
Domestic bonds & bond funds 40.4 55.4 — 95.8
Inflation protected security fund — 12.1 — 12.1
Real estate, commodities & other 6.2 8.6 4.1 18.9
Total plan investments $ 158.1 $ 161.7 $ 4.1 $ 323.9
As of December 31, 2012
(In millions) Level 1 Level 2 Level 3 Total
Domestic equities & equity funds $ 62.8 $ 77.6 $ — $ 140.4
International equities & equity funds 34.3 — — 34.3
Domestic bonds & bond funds 41.7 42.3 — 84.0
Inflation protected security fund — 12.6 — 12.6
Real estate, commodities & other 8.0 12.5 3.9 24.4
Total plan investments $ 146.8 $ 145.0 $ 3.9 $ 295.7
A roll forward of the fair value of the guaranteed annuity contract calculated using Level 3 valuation assumptions follows:
(In millions) 2013 2012
Fair value, beginning of year $ 3.9 $ 3.8
Unrealized gains related to
investments still held at reporting date 0.2 0.2
Purchases, sales and settlements, net — (0.1)
Fair value, end of year $ 4.1 $ 3.9
Funded Status
The funded status of the plans as of December 31, 2013 and 2012 follows:
Pension Benefits Other Benefits
(In millions) 2013 2012 2013 2012
Qualified Plans
Benefit obligation, end of period $ (321.0) $ (360.0) $ (51.4) $ (54.4)
Fair value of plan assets, end of period 323.9 295.7 — —
Funded Status of Qualified Plans, end of period 2.9 (64.3) (51.4) (54.4)
Benefit obligation of SERP Plan, end of period (17.5) (17.3) — —
Total funded status, end of period $ (14.6) $ (81.6) $ (51.4) $ (54.4)
Accrued liabilities $ 1.0 $ 1.0 $ 4.9 $ 4.5
Deferred credits & other liabilities $ 20.1 $ 80.6 $ 46.4 $ 49.9
Other Assets $ 6.5 $ — $ — $ —
Expected Cash Flows
In 2014, the Company anticipates making no contributions to its qualified pension plans. In addition, the Company expects to
make payments totaling approximately $1.0 million directly to SERP participants and approximately $3.7 million directly to those
participating in the postretirement plan.
Estimated retiree pension benefit payments, including the SERP, projected to be required during the years following 2013 are
approximately (in millions) $23.7 in 2014, $23.6 in 2015, $24.6 in 2016, $34.3 in 2017, $25.5 in 2018, and $140.4 in years