MetLife 2007 Annual Report Download - page 158

Download and view the complete annual report

Please find page 158 of the 2007 MetLife annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 184

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184

The aggregate projected benefit obligation and aggregate fair value of plan assets for the pension plans were as follows:
2007 2006 2007 2006 2007 2006
Qualified Plans Non-Qualified
Plans Total
December 31,
(In millions)
Aggregate fair value of plan assets (principally Company contracts) . . $6,550 $6,305 $ — $ — $6,550 $6,305
Aggregate projected benefit obligation . . . . . . . . . . . . . . . . . . . . . 5,174 5,381 601 578 5,775 5,959
Over (under) funded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,376 $ 924 $(601) $(578) $ 775 $ 346
The accumulated benefit obligation for all defined benefit pension plans was $5,348 million and $5,505 million at December 31, 2007
and 2006, respectively.
Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:
2007 2006
December 31,
(In millions)
Projectedbenefitobligation........................................................ $616 $594
Accumulatedbenefitobligation ..................................................... $533 $501
Fairvalueofplanassets.......................................................... $ — $ —
Information for pension and other postretirement plans with a projected benefit obligation in excess of plan assets is as follows:
2007 2006 2007 2006
Pension
Benefits
Other
Postretirement
Benefits
December 31,
(In millions)
Projectedbenefitobligation .......................................... $646 $623 $1,610 $2,073
Fairvalueofplanassets ............................................ $ 28 $ 25 $1,183 $1,172
The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other compre-
hensiveincomewereasfollows:
2007 2006 2005 2007 2006 2005
Pension
Benefits
Other
Postretirement
Benefits
Years Ended December 31,
(In millions)
Net Periodic Benefit Cost
Servicecost......................................... $166 $163 $142 $ 27 $ 35 $ 37
Interestcost......................................... 354 335 318 104 117 121
Expectedreturnonplanassets ............................ (507) (454) (446) (86) (79) (79)
Amortizationofnetactuarial(gains)losses ..................... 68 125 116 — 23 15
Amortizationofpriorservicecost(credit) ...................... 17 11 16 (36) (36) (17)
Netperiodicbenefitcost ............................... 98 $180 $146 9 $ 60 $ 77
Other Changes in Plan Assets and Benefit Obligations Recognized
in Other Comprehensive Income
Netactuarial(gains)losses ............................... (432) (440)
Priorservicecost(credit)................................. 40 —
Amortizationofnetactuarial(gains)losses ..................... (68) —
Amortizationofpriorservicecost(credit) ...................... (17) 36
Totalrecognizedinothercomprehensiveincome................ (477) (404)
Total recognized in net periodic benefit cost and other comprehensive
income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(379) $(395)
Included within other comprehensive income are other changes in plan assets and benefit obligations associated with pension benefits
of ($477) million and other postretirement benefits of ($404) million for an aggregate reduction in other comprehensive income of
($881) million before income tax and $563 million, net of income tax and minority interest.
The estimated net actuarial losses and prior service cost for the pension plans that will be amortized from accumulated other
comprehensive income into net periodic benefit cost over the next year are both $14 million.
The estimated net actuarial gains and prior service credit for the defined benefit other postretirement plans that will be amortized from
accumulated other comprehensive income into net periodic benefit cost over the next year are less than $1 million and $37 million,
respectively.
F-62 MetLife, Inc.
MetLife, Inc.
Notes to Consolidated Financial Statements — (Continued)