PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 21, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Pension Plan Valuation Methodologies
A description of the valuation methodologies used for assets measured at fair value at both December 31, 2023 and 2022 follows:
Table 94: Pension Plan Valuation Methodologies
| Asset | Valuation Methodology |
|---|---|
| Money market funds | • Valued at the NAV of the shares held by the pension plan at year end. |
| U.S. government and agency securitiesCorporate debtCommon stock | • Valued at the closing price reported on the active market on which the individual securities are traded.• If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models or quoted prices of securities with similar characteristics. Such securities are generally classified within Level 2 of the valuation hierarchy but may be a Level 3 depending on the level of liquidity and activity in the market for the security. |
| Mutual funds | • Valued based on third-party pricing of the fund that is not actively traded. |
| Other investments Derivative financial instruments Group annuity contracts Preferred stock | • Derivative financial instruments - recorded at estimated fair value as determined by third-party appraisals and pricing models.• Group annuity contracts - measured at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer.• Preferred stock - valued at the closing price reported on an active market on which the securities are traded. |
| Investments measured at NAV Collective trust fund investments Limited partnerships | • Collective trust fund investments - valued based upon the units of such collective trust fund held by the Plan at year end multiplied by the respective unit value. The unit value of the collective trust fund is based upon significant observable inputs, although it is not based upon quoted prices in an active market. The underlying investments of the collective trust funds consist primarily of equity securities, debt obligations, short-term investments, and other marketable securities. Due to the nature of these securities, there are no unfunded commitments or redemption restrictions.• Limited partnerships - valued by investment managers based on recent financial information used to estimate fair value. The unit value of limited partnerships is based upon significant observable inputs, although it is not based upon quoted marked prices in an active market. |
These methods may result in fair value calculations that may not be indicative of net realizable values or future fair values. Furthermore, while the pension plan believes its valuation methods are appropriate and 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.