part iI / item 8 Additional information pertaining to the changes in the fair value of the Pension Plans’ assets classified as Level 3 for the year ended December 31, 2011 is presented below: The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2011: Asset Category (dollars in thousands) Hedge Funds Balance at January 1, 2011 $ 17,169 Total Realized and Unrealized Gains/Losses (1,498) Purchases, Sales, Settlements Transfers in or out of Level 3 (15,671) Balance at December 31, 2011 $ — ( dollars in thousands) Fair Value* Redemption Frequency Unfunded Commitment Other Redemption Restrictions Redemption Notice Period Archstone Offshore Fund, Ltd(a) $ 28,241 12 Months None None 90 days written Evanston Capital Management(a) $ 24,055 12 Months None None 65 days written Strategic Value Fund(b) $ 15,671 12 Months None None 90 days written U.S. Equity Funds(c) $ 26,322 immediate None None None Non-U.S. Equity Funds(d) $198,655 immediate None None None Non U.S. Fixed Income, Government and Corporate(e) $ 159,611 immediate None None None International Property Funds(f) $ 9,011 immediate None None None International Balanced Funds(g) $ 8,223 immediate None None None U.S. Government and Corporate Fixed Income(h) $ 33,810 immediate None None None U.S. Tactical Allocation Balanced Fund(i) $ 16,455 immediate None None None The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2012: ( dollars in thousands) Fair Value* Redemption Frequency Unfunded Commitment Other Redemption Restrictions Redemption Notice Period Archstone Offshore Fund, Ltd(a) $ 30,605 12 Months None None 90 days written Evanston Capital Management(a) $ 25,587 12 Months None None 65 days written Strategic Value Fund(b) $ 17,238 12 Months None None 90 days written U.S. Equity Funds(c) $ 80,171 immediate None None None Non-U.S. Equity Funds(d) $178,841 immediate None None None Non-U.S. Fixed Income, Government and Corporate(e) $181,073 immediate None None None International Property Funds(f) $ 9,445 immediate None None None International Balanced Funds(g) $ 8,836 immediate None None None U.S. Government and Corporate Fixed Income(h) $ 43,182 immediate None None None U.S. Tactical Allocation Balanced Fund(i) $ 18,997 immediate None None None Estimated future payments (in thousands) Pension Benefits Postretirement Benefits 2013 $ 36,089 $ 1,208 2014 38,174 1,199 2015 39,329 1,204 2016 41,294 1,202 2017 43,085 1,224 2018-2022 243,061 5,494 Total payments $441,032 $11,531 Estimated Future Benefit Payments The following benefit pay- ments, which reflect expected future service, as appropriate, are expected to be paid: Cash Flows The Company expects, based on current actuarial calculations, to contribute cash of approximately $15 million to its defined benefit pension plans and $1 million to its other postretirement benefit plan in 2013. Cash contributions in sub- sequent years will depend on a number of factors including the investment performance of plan assets. * The fair values of the investments have been estimated using the net asset value of the investment (a) These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities. (b) This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation. (c) These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks. (d) These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks. (e) These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks. (f) These funds invest in real property outside the U.S. (g) These funds invest in a pre defined mix of non-U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes. (h) These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index. (i) These funds invest in a blend of equities, fixed income, cash and property in the U.S. and seek to outperform a similarly weighted index. (i) These funds invest in a blend of equities, fixed income, cash and property in the U.S. and seek to outperform a similarly weighted index. (h) These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index. (g) These funds invest in a pre defined mix of non-U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes. * The fair values of the investments have been estimated using the net asset value of the investment (a) These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities. (b) This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation. (c) These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks. (d) These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks. (e) These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks (f) These funds invest in real property outside the U.S. 49