Capital One 2007 Annual Report Download - page 110
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88
The Companys policy is to amortize prior service amounts on a straight-line basis over the average remaining years of service to full
eligibility for benefits of active plan participants.
Full disclosure of certain prior period information is omitted due to immateriality. Net periodic postretirement benefit expense was
$8.5 million and $6.7 million for 2005 and 2004, respectively. The liability recognized on the consolidated balance sheet for the
legacy other postretirement benefit plan at December 31, 2005 was $42.0 million.
The following table sets forth, on an aggregated basis, changes in the benefit obligations and plan assets, how the funded status is
recognized in the balance sheet, and the components of net periodic benefit cost.
Pension Benefits
Postretirement
Benefits
2007 2006 2007 2006
Change in benefit obligation:
Benefit obligation at beginning of year $ 220,741 $ 7,597 $ 84,210
$ 47,989
Service cost 15,014
1,087 8,823
6,942
Interest cost 12,034
1,347 4,678
2,708
Plan participant contributions
532
Benefits paid (20,028) (3,450) (4,218) (1,430)
Benefit obligation assumed through acquisition
214,478
33,248
Net actuarial gain (16,285) (318) (10,714) (5,247)
Amendments 363
(22,074)
Curtailments (8,808) (1,454)
Special termination benefits 4,895
Benefit obligation at end of year $ 207,926 $ 220,741 $ 59,783
$ 84,210
Change in plan assets:
Fair value of plan assets at beginning of year $ 303,726 $ 5,528 $ 7,682
$
Actual return on plan assets 23,757
2,344 674
46
Employer contributions 880
129 3,686
149
Plan participant contributions
532
Plan assets acquired through acquisition
299,175
7,636
Benefits paid (20,028) (3,450) (4,218) (149)
Fair value of plan assets at end of year $ 308,335 $ 303,726 $ 8,356
$ 7,682
Funded status at end of year $ 100,409 $ 82,985 $ (51,427) $ (76,528)
Balance Sheet Presentation:
Other assets $ 111,013 $ 96,191 $
$
Other liabilities (10,604) (13,206) (51,427) (76,528)
Net amount recognized at end of year $ 100,409 $ 82,985 $ (51,427) $ (76,528)
Accumulated benefit obligation at end of year $ 207,926 $ 213,061 n/a
n/a
Components of net periodic benefit cost:
Service cost $ 15,014
$ 1,087 $ 8,373
$ 6,942
Interest cost 12,034
1,347 4,678
2,708
Expected return on plan assets (21,688) (2,223) (574) (46)
Amortization of transition obligation, prior service credit, and net actuarial
loss 188
175 (4,308) (3,711)
Curtailment gain (8,483) (1,454)
Special termination benefits 4,895
Net periodic benefit cost $ 1,960
$ 386 $ 6,715
$ 5,893
Changes recognized in other comprehensive income, pretax:
Transition obligation $
$ 276
Prior service (cost) credit (363) 21,798
Net actuarial gain 18,354
10,814
Reclassification adjustments for amounts recognized in net periodic benefit
cost 511
(4,308)
Total recognized in other comprehensive income $ 18,502
$ 28,580