Windstream 2014 Annual Report Download - page 185
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
____
F-69
7. Employee Benefit Plans and Postretirement Benefits, Continued:
The following is a reconciliation of the beginning and ending balances of pension plan assets that are measured at fair value using
significant unobservable input:
(Millions)
Domestic
equities
Hedge fund
of funds
Real estate
and private
equity funds
Guaranteed
annuity
contract Total
Balance at December 31, 2012 $ 0.1 $ — $ 44.4 $ 2.3 $ 46.8
Gains on plan assets still held at year-end — 2.7 4.3 0.2 7.2
Purchases and sales, net — 57.5 4.1 (0.6) 61.0
Transfers in and/or out of level 3 — — — — —
Balance at December 31, 2013 0.1 60.2 52.8 1.9 115.0
Gains related to plan assets sold during the year — — 0.9 — 0.9
Gains on plan assets still held at year-end — 1.7 5.7 0.1 7.5
Purchases and sales, net — — 78.8 (0.6) 78.2
Transfers in and/or out of level 3 — — — — —
Balance at December 31, 2014 $ 0.1 $ 61.9 $ 138.2 $ 1.4 $ 201.6
Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period. There were no transfers in
or out of levels 1, 2, or 3 for the years ended December 31, 2014 and 2013.
There have been no significant changes in the methodology used to value investments from prior year. The valuation methods
used may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.
Furthermore, although the valuation methods are consistent with other market participants, the use of different methodologies or
assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the
reporting date.
Estimated Future Employer Contributions and Benefit Payments – Estimated future employer contributions, benefit payments,
including executive retirement agreements, are as follows as of December 31, 2014:
(Millions)
Pension
Benefits
Postretirement
Benefits
Expected employer contributions in 2015 $ 0.8 $ 2.3
Expected benefit payments:
2015 $ 78.4 $ 2.3
2016 79.3 2.2
2017 81.4 2.1
2018 81.4 1.9
2019 83.1 1.8
2020-2024 420.5 6.7
The 2015 expected employer contribution for pension benefits consists of $0.8 million necessary to fund the expected benefit
payments related to the unfunded supplemental executive retirement pension plans to avoid certain benefit restrictions. We intend
to fund this contribution using cash.