MetLife 2006 Annual Report Download - page 54

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accumulated other comprehensive income, which is included as a component of total consolidated stockholders’ equity. The following
table summarizes the adjustments to the December 31, 2006 consolidated balance sheet in order to effect the adoption of SFAS 158.
Balance Sheet Caption
Pre
SFAS 158
Adjustments
Additional
Minimum
Pension
Liability
Adjustment
Adoption of
SFAS 158
Adjustment
Post
SFAS 158
Adjustments
December 31, 2006
(In millions)
Otherassets:Prepaidpensionbenefitcost .................... $1,937 $— $ (993) $ 944
Otherassets:Intangibleasset............................. $ 12 $(12) $ — $ —
Other liabilities: Accrued pension benefit cost . . . . . . . . . . . . . . . . . . . $ (505) $(14) $ (79) $ (598)
Other liabilities: Accrued other postretirement benefit cost . . . . . . . . . . . $ (802) $ — $ (99) $ (901)
Accumulated other comprehensive income (loss), before income tax:
Definedbenefitplans ................................. $ (66) $(26) $(1,171) $(1,263)
Minorityinterest ...................................... $— $ 8
Deferredincometax ................................... $ 8 $ 419
Accumulated other comprehensive income (loss), net of income tax:
Definedbenefitplans ................................. $ (41) $(18) $ (744) $ (803)
A December 31 measurement date is used for all the Company’s defined benefit pension and other postretirement benefit plans.
The benefit obligations and funded status of the Subsidiaries’ defined benefit pension and other postretirement benefit plans, as
determined in accordance with the applicable provisions described above, were as follows:
2006 2005 2006 2005
Pension Benefits
Other
Postretirement
Benefits
December 31, 2006
(In millions)
Benefitobligationatendofyear.......................................... $5,959 $5,766 $2,073 $2,176
Fairvalueofplanassetsatendofyear ..................................... 6,305 5,518 1,172 1,093
Fundedstatusatendofyear............................................ $ 346 (248) $ (901) (1,083)
Unrecognizednetactuarial(gains)losses .................................. 1,528 377
Unrecognizedpriorservicecost(credit).................................... 54 (122)
Unrecognizednetassetattransition...................................... — 1
Netprepaid(accrued)benefitcostrecognized................................. $1,334 $ (827)
Components of net amount recognized:
Qualifiedplanprepaidbenefitcost....................................... $1,696 $ —
Non-qualifiedplanaccruedbenefitcost ................................... (362) (827)
Netprepaid(accrued)benefitcostrecognized.............................. 1,334 (827)
Intangibleasset................................................... 12 —
Additionalminimumpensionliability ...................................... (78) —
Netamountrecognized............................................. $1,268 $ (827)
Amounts recognized in the consolidated balance sheet consist of:
Otherassets..................................................... $ 944 $1,708 $ — $ —
Otherliabilities.................................................... (598) (440) (901) (827)
Netamountrecognized............................................. $ 346 $1,268 $ (901) $ (827)
Accumulated other comprehensive (income) loss:
Netactuarial(gains)losses............................................ $1,123 $ — $ 328 $ —
Priorservicecost(credit)............................................. 41 — (230) —
Netassetattransition............................................... — — 1 —
Additionalminimumpensionliability ...................................... — 66 — —
1,164 66 99 —
Deferredincometaxandminorityinterest.................................... (423) (25) (37) —
$ 741 $ 41 $ 62 $ —
51MetLife, Inc.