FairPoint Communications 2011 Annual Report Download - page 107
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Table of Contents
A reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable (Level 3)
inputs for the year ended December 31, 2010, the 24 days ended January 24, 2011 and the 341 days ended December 31, 2011 is as follows (in thousands):
$14,202 $ 33,553 $2,263 $ 50,018
Actual gain (loss) on plan assets held (171) — 68 (103)
Actual gain (loss) on plan assets sold during the period — — — —
Purchases and sales — — — —
Transfers in and/or out of Level 3 7,900 (33,553) (2,331) (27,984)
$21,931 $ — $ — $21,931
Actual gain (loss) on plan assets held 176 — — 176
Actual gain (loss) on plan assets sold during the period — — — —
Purchases and sales — — — —
Transfers in and/or out of Level 3 — — — —
22,107 — — 22,107
Actual gain (loss) on plan assets held 253 — — 253
Actual gain (loss) on plan assets sold during the period — — — —
Purchases and sales — — — —
Transfers in and/or out of Level 3 — — — —
$ 22,360 — — 22,360
Cash and cash equivalents include short-term investment funds, primarily in diversified portfolios of investment grade money market instruments and
are valued using quoted market prices, and thus classified within Level 1 of the fair value hierarchy.
Equity securities include direct holdings of equity securities and units held of mutual funds that invest in equity securities of domestic and international
corporations in a variety of industry sectors. The direct holdings and units held in publicly traded mutual funds are valued using quoted market prices and
are classified within Level 1 of the fair value hierarchy. Fair values for units held in mutual funds that invest in equity securities that are not publicly traded
are based on observable prices and are classified within Level 2 of the fair value hierarchy.
Fixed income securities are investments in mutual funds that invest in corporate bonds and other debt instruments. Units held in publicly traded mutual
funds that invest in fixed income securities are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Fair values of
mutual funds that invest in fixed income securities that are not publicly traded are based on observable prices and are classified within Level 2 of the fair
value hierarchy.
Hedge funds seek to maximize absolute returns using a broad range of strategies to enhance returns and provide diversification. The fair values of hedge
funds are estimated using net asset value per share of the investments. The Company has the ability to redeem these investments at NAV on a limited basis,
and thus has classified hedge funds within Level 3 of the fair value hierarchy.
The plan assets for the postretirement healthcare plans are invested in short-term investment funds, primarily in diversified portfolios of investment
grade money market instruments and are valued using quoted market prices, and thus classified within Level 1 of the fair value hierarchy.
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