MetLife 2007 Annual Report Download - page 157

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The following table summarizes the adjustments to the December 31, 2006 consolidated balance sheet as a result of recognizing the
funded status of the defined benefit plans:
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) $ — $ —
Otherliabilities:Accruedpensionbenefitcost ..................... $ (505) $(14) $ (79) $ (598)
Other liabilities: Accrued other postretirement benefit cost . . . . . . . . . . . . . $ (802) $ — $ (99) $ (901)
Accumulated other comprehensive income, before income tax:
Definedbenefitplans.................................... $ (66) $(26) $(1,171) $(1,263)
Minorityinterest......................................... $— $ 8
Deferredincometax...................................... $ 8 $ 419
Accumulated other comprehensive income, net of income tax:
Definedbenefitplans.................................... $ (41) $(18) $ (744) $ (803)
A December 31 measurement date is used for all of the Subsidiaries’ defined benefit pension and other postretirement benefit plans.
Obligations, Funded Status and Net Periodic Benefit Costs
2007 2006 2007 2006
Pension
Benefits
Other
Postretirement
Benefits
December 31,
(In millions)
Change in benefit obligation:
Benefitobligationatbeginningofyear................................. $5,959 $5,766 $2,073 $2,176
Servicecost................................................ 166 163 27 35
Interestcost................................................ 354 335 104 117
Planparticipants’contributions.................................... — — 31 29
Divestitures ................................................ — (4) — —
Netactuarial(gains)losses ...................................... (390) 27 (464) 1
Changeinbenefits............................................ 39 (6) — (143)
Prescriptiondrugsubsidy ....................................... — — 13 10
Benefitspaid................................................ (353) (322) (174) (152)
Benefitobligationatendofyear..................................... 5,775 5,959 1,610 2,073
Change in plan assets:
Fairvalueofplanassetsatbeginningofyear ............................ 6,305 5,518 1,172 1,093
Actualreturnonplanassets...................................... 548 725 58 104
Divestitures ................................................ — (4) — —
Employercontribution.......................................... 50 388 1 2
Benefitspaid................................................ (353) (322) (48) (27)
Fairvalueofplanassetsatendofyear............................... 6,550 6,305 1,183 1,172
Fundedstatusatendofyear ..................................... $ 775 $ 346 $ (427) $ (901)
Amounts recognized in the consolidated balance sheet consist of:
Otherassets................................................ $1,393 $ 944 $ — $ —
Otherliabilities .............................................. (618) (598) (427) (901)
Netamountrecognized......................................... $ 775 $ 346 $ (427) $ (901)
Accumulated other comprehensive (income) loss:
Netactuarial(gains)losses ...................................... $ 623 $1,123 $ (112) $ 328
Priorservicecost(credit)........................................ 64 41 (193) (230)
Netassetattransition.......................................... — — — 1
687 1,164 (305) 99
Deferredincometaxandminorityinterest ............................. (251) (423) 109 (37)
$ 436 $ 741 $ (196) $ 62
F-61MetLife, Inc.
MetLife, Inc.
Notes to Consolidated Financial Statements — (Continued)