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## Note 12 – Retirement Benefit Plans (continued) 

The table below sets forth a summary of changes in the fair value of the level 3 assets for the year ended December 31, 2011 and 2010: 

<img src='content_image/151534.jpg'>

Cash and cash equivalents are valued at redemption value. Government and agency securities are valued at the closing price reported in the active market on which the individual securities are traded. Certain corporate bonds are valued at the closing price reported in the active market in which the bond is traded. Equity securities (both common and preferred stock) are valued at the closing price reported in the active market in which the individual security is traded. Common collective funds and asset-backed securities are valued based on quoted prices for similar assets in active markets. When such prices are unavailable, the Trustee determines a valuation from the market maker dealing in the particular security. The value of limited partnerships is based upon the general partner’s own assumptions about the assumptions a market participant would use in pricing the assets and liabilities of the partnership. 

On February 12, 2009, the Company was informed of alleged irregularities in the operation of one of its equity-related investments in its defined benefit pension plans. A court appointed a Receiver to take control of the investment firm and investigate this matter. In December 2009, the Company reduced the value of this investment to its expected net realizable value of approximately $19 million (the original investment was $50 million), reflecting the Receiver’s preliminary findings. The Company included this investment in Level 3 at December 31, 2010 and 2009 since the fair value was an estimate of what the Company expected to receive from the Receiver and not reflective of observable market prices. On July 26, 2010, the Company received a payment of $20 million from one of its insurance carriers and the funds were transferred to its defined benefit pension plans. On December 21, 2010 and April 21, 2011 the Company’s defined benefit pension plans received two payments from the Receiver totaling $25.8 million. 

## cash FlOws: 

## Employer contributions to Defined benefit Plans 

<img src='content_image/151541.jpg'>

Future benefit payments are expected to be as follows: 

## benefit Payments 

<img src='content_image/151542.jpg'>

