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The following is a roll-forward of assets in Level 3 of the fair value hierarchy (in thousands): 

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Of the $21.4 million in plan assets classified as Level 3, $12.1 million was invested in real estate, while $8.2 million was invested in collective investment funds. 

The fair values by asset category in each plan, along with their hierarchy levels, were as follows as of December 31, 2011 (in thousands): 

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The following is a roll-forward of assets in Level 3 of the fair value hierarchy (in thousands): 

<img src='content_image/223339.jpg'>

Of the $16.9 million reported as level 3 assets above, $8.2 million was comprised of real estate funds, while the remainder was invested in common collective funds. 

Generally, investments are valued based on information provided by fund managers to our trustee as reviewed by management and its investment advisers. Mutual funds and equities are valued based on available exchange data. Commingled equity funds consist of publicly-traded investments. Fair value for real estate and private equity partnerships is primarily based on valuation methodologies that include third-party appraisals, comparable transactions, and discounted cash flow valuation models. 

Future benefit payments, which reflect expected future service as appropriate, are estimates of what will be paid in the following years (in thousands): 

<img src='content_image/223340.jpg'>

We expect to contribute approximately $1.0 million to our funded pension plans and $0.3 million related to our unfunded supplemental executive retirement plan during 2013. 

The following table describes plans for which accumulated benefit obligations (“ABO”) were in excess of plan assets, and for which plan assets exceeded ABO (in thousands). 

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