Huntington National Bank 2005 Annual Report Download - page 126

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NOTES TOCONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
The following table reconciles the beginning and ending balances of the benefit obligation of the Plan and the post-retirement
benefit plan with the amounts recognized in the consolidated balance sheets at December 31:
Post-Retirement
Pension Benefits Benefits
(in thousands of dollars) 2005 2004 2005 2004
Projected benefit obligation at beginning of measurement year (September 30) $ 336,007 $299,028 $ 55,504 $ 55,490
Changes due to:
Service cost 13,936 11,819 1,377 1,302
Interest cost 19,016 17,482 2,903 3,209
Benefits paid (6,897) (6,900) (3,738) (2,986)
Settlements (9,375) (8,977) ——
Actuarial assumptions and gains and losses 65,404 23,555 (12,430) (1,511)
Total changes 82,084 36,979 (11,888) 14
Projected benefit obligation at end of measurement year (September 30) $ 418,091 $336,007 $ 43,616 $ 55,504
Changes to certain actuarial assumptions, including a lower discount rate, a decrease in the expected retirement age and the use
of an updated mortality table increased the pension benefit obligation at September 30, 2005 by $65.4 million.
The following table reconciles the beginning and ending balances of the fair value of Plan assets with the amounts recognized in
the consolidated balance sheets at the September 30 measurement date:
Pension Benefits
(in thousands of dollars) 2005 2004
Fair value of plan assets at beginning of measurement year (September 30) $ 353,222 $288,569
Changes due to:
Actual return on plan assets 40,798 35,962
Employer contributions 63,600 44,667
Settlements (9,936) (9,076)
Benefits paid (6,897) (6,900)
Total changes 87,565 64,653
Fair value of plan assets at end of measurement year (September 30) $ 440,787 $353,222
Huntington’s accumulated benefit obligation under the Plan was $372 million and $294 million at September 30, 2005 and 2004,
respectively. In both years, the fair value of Huntington’s plan assets exceeded its accumulated benefit obligation.
The following table presents the funded status of the Plan and the post-retirement benefit plan with the amounts recognized in
the consolidated balance sheets at December 31:
Post-Retirement
Pension Benefits Benefits
(in thousands of dollars) 2005 2004 2005 2004
Projected benefit obligation less (greater) than plan assets $ 22,696 $ 17,215 $ (43,616) $(55,504)
Unrecognized net actuarial loss (gain) 153,308 116,744 (11,586) 718
Unrecognized prior service cost 1,788 1,789 3,476 3,856
Unrecognized transition liability, net of amortization 6—7,728 8,831
Prepaid (accrued) benefit costs, at measurement date 177,798 135,748 (43,998) (42,099)
Contribution made after measurement date ——1,018 766
Prepaid (accrued) benefit costs $ 177,798 $135,748 $ (42,980) $(41,333)
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