Huntington National Bank 2011 Annual Report Download - page 196

2009
Pretax
Tax (expense)
Benefit After-tax
(dollar amounts in thousands)
Balance, beginning of year ......................... $(251,655) $ 88,080 $(163,575)
Net actuarial (loss) gain:
Amounts arising during the year .................... (6,155) 2,154 (4,001)
Amortization included in net periodic benefit costs ..... 14,153 (4,954) 9,199
Prior service cost:
Amounts arising during the year .................... 69,986 (24,494) 45,492
Amortization included in net periodic benefit costs ..... (283) 99 (184)
Transition obligation:
Amortization included in net periodic benefit costs ..... 925 (324) 601
Balance, end of year ............................... $(173,029) $ 60,561 $(112,468)
Huntington has a defined contribution plan that is available to eligible employees. In the 2009 first quarter,
the Plan was amended to eliminate employer matching contributions effective on or after March 15, 2009. Prior
to March 15, 2009, Huntington matched participant contributions, up to the first 3% of base pay contributed to
the Plan. Half of the employee contribution was matched on the 4th and 5th percent of base pay contributed to
the Plan. Effective May 1, 2010, Huntington reinstated the employer matching contribution to the defined
contribution Plan.
The following table shows the costs of providing the defined contribution plan as of December 31:
December 31,
2011 2010 2009
(dollar amounts in millions)
Defined contribution plan .................................................... $15.0 $8.8 $3.1
The following table shows the number of shares, market value, and dividends received on shares of
Huntington stock held by the defined contribution plan as of December 31:
December 31,
2011 2010
(dollar amounts in millions, except share amounts)
Shares in Huntington common stock ..................................... 15,051,291 14,945,498
Market value of Huntington common stock ................................ $ 82.6 $ 102.7
Dividends received on shares of Huntington stock ........................... 1.1 0.6
19. FAIR VALUES OF ASSETS AND LIABILITIES
Huntington follows the fair value accounting guidance under ASC 820 and ASC 825.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability
(an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction
between market participants on the measurement date. A three-level valuation hierarchy was established for
disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the
valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or
liabilities in active markets.
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