Bank of America 2015 Annual Report Download - page 221
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Bank of America 2015 219
The Level 3 Fair Value Measurements table presents a reconciliation of all plan investment assets measured at fair value using
significant unobservable inputs (Level 3) during 2015, 2014 and 2013.
Level 3 Fair Value Measurements
2015
(Dollars in millions)
Balance
January 1
Actual Return on
Plan Assets Still
Held at the
Reporting Date
Purchases,
Sales and
Settlements
Transfers
out of Level 3
Balance
December 31
Fixed income
U.S. government and agency securities $ 11 $ —$ —$ —$ 11
Real estate
Private real estate 127 14 3 —144
Real estate commingled/mutual funds 632 37 62 —731
Limited partnerships 65 (1) (15) —49
Other investments 127 (5) (20) —102
Total $ 962 $ 45 $ 30 $ —$ 1,037
2014
Fixed income
U.S. government and agency securities $ 12 $ —$ (1) $ —$ 11
Non-U.S. debt securities 6 — (2) (4) —
Real estate
Private real estate 119 5 3 — 127
Real estate commingled/mutual funds 462 20 150 — 632
Limited partnerships 145 5 (85) — 65
Other investments 135 1 (9) — 127
Total $ 879 $ 31 $ 56 $ (4) $ 962
2013
Fixed income
U.S. government and agency securities $ 13 $ —$ (1) $ —$ 12
Non-U.S. debt securities 10 (2) (2) — 6
Real estate
Private real estate 110 4 5 — 119
Real estate commingled/mutual funds 324 15 123 — 462
Limited partnerships 231 8 (66) (28) 145
Other investments 129 (6) 12 — 135
Total $ 817 $ 19 $ 71 $ (28) $ 879
Projected Benefit Payments
Benefit payments projected to be made from the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans,
and Postretirement Health and Life Plans are presented in the table below.
Projected Benefit Payments
Postretirement Health and Life Plans
(Dollars in millions)
Qualified
Pension Plan (1)
Non-U.S.
Pension Plans (2)
Nonqualified
and Other
Pension Plans (2) Net Payments (3)
Medicare
Subsidy
2016 $ 915 $ 56 $ 246 $ 121 $ 13
2017 900 59 238 115 13
2018 902 62 240 111 13
2019 894 68 237 105 12
2020 903 71 236 101 12
2021 - 2025 4,409 463 1,110 450 52
(1) Benefit payments expected to be made from the plan’s assets.
(2) Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets.
(3) Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets.