Huntington National Bank 2012 Annual Report Download - page 171
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163
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:
Pension Post-Retirement
Benefits Benefits
(dollar amounts in thousands) 2012 2011 2012 2011
Projected benefit obligation at beginning of measurement year $ 656,339 $ 577,770 $ 32,851 $ 34,241
Changes due to:
Service cost 24,869 21,650 --- ---
Interest cost 29,215 30,073 1,350 1,618
Benefits paid (13,719) (12,285) (3,850) (4,895)
Settlements (10,444) (10,408) --- ---
Medicare subsidies --- --- 740 670
Actuarial assumptions and gains and losses 97,518 49,539 (3,304) 1,217
Total changes 127,439 78,569 (5,064) (1,390)
Projected benefit obligation at end of measurement year $ 783,778 $ 656,339 $ 27,787 $ 32,851
Benefits paid are net of retiree contributions collected by Huntington. The actual contributions received in 2012 by
Huntington for the retiree medical program were $2.8 million.
The following table reconciles the beginning and ending balances of the fair value of Plan assets at the December 31, 2012
and 2011 measurement dates:
Pension
Benefits
(dollar amounts in thousands) 2012 2011
Fair value of plan assets at beginning of measurement year $ 538,970 $ 478,479
Changes due to:
Actual return on plan assets 43,810 (6,593)
Employer contributions 75,000 90,000
Settlements (10,444) (10,631)
Benefits paid (13,719) (12,285)
Total changes 94,647 60,491
Fair value of plan assets at end of measurement year $ 633,617 $ 538,970
Huntington’s accumulated benefit obligation under the Plan was $775.2 million and $651.3 million at December 31, 2012
and 2011. As of December 31, 2012, the accumulated benefit obligation exceeded the fair value of Huntington’s plan assets by $141.6
million and the projected benefit obligation exceeded the fair value of Huntington’s plan assets by $150.2 million.