US Bank 2011 Annual Report Download - page 108

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securities whose fair values are determined by the Company
by analyzing the limited partnerships’ audited financial
statements and by averaging the prices obtained from
independent pricing services, respectively. These securities are
classified as Level 3.
The following table summarizes the plan investment assets measured at fair value at December 31:
Pension Plans
Postretirement
Welfare Plan
2011 2010 2011 2010
(Dollars in Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 1
Cash and cash equivalents ........................ $ 16 $ – $ – $ 30 $ – $ – $120 $131
Long-term debt securities .......................... 63 36 7 – – 8 – –
Domestic equity securities ......................... 232 – – 1,174 – – – –
Domestic mid-small cap equity securities ......... 159 – – 515 – – – –
International equity securities ...................... 250 – – 537 – – – –
Real estate equity securities ....................... 103 – – 51 – – – –
Collective investment funds
Domestic equity securities .................... – 509 – – – – – –
Domestic mid-small cap equity securities .... – 53 – – – – – –
Emerging markets equity securities ........... – 51 – – – – – –
International equity securities ................. – 455 – – – – – –
Mutual funds
Money market ................................ – 6 – – 224 – – –
Long-term debt securities .................... – 127 – – – – – –
Emerging markets equity securities ........... – 50 – – – – – –
Other ............................................... – – 6 – – 6 – –
Total (a) .................................. $823 $1,287 $13 $2,307 $224 $14 $120 $131
(a) Total investment assets of the pension plans exclude obligations to return cash collateral to qualified borrowers of $20 million and $240 million at December 31, 2011 and 2010, respectively,
under security lending arrangements.
The following table summarizes the changes in fair value for all plan investment assets measured at fair value using significant
unobservable inputs (Level 3) for the years ended December 31:
2011 2010
(Dollars in Millions)
Debt
Securities Other
Debt
Securities Other
Balance at beginning of period ...................................................... $ 8 $6 $ 7 $6
Unrealized gains (losses) relating to assets still held at end of year ............ – (9) 3 –
Purchases, sales, principal payments, issuances, and settlements ............ (1) 9 (2) –
Balance at end of period ............................................................. $7 $ 6 $8 $6
The following benefit payments are expected to be paid from the retirement plans for the years ended December 31:
(Dollars in Millions)
Pension
Plans
Postretirement
Welfare
Plan (a)
Medicare
Part D
Subsidy
2012 .................................................................................. $146 $17 $2
2013 .................................................................................. 153 18 3
2014 .................................................................................. 160 19 3
2015 .................................................................................. 166 20 3
2016 .................................................................................. 173 20 3
2017—2021 .......................................................................... 988 93 3
(a) Net of retiree contributions and before Medicare Part D subsidy.
106 U.S. BANCORP