MetLife 2008 Annual Report Download - page 202

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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....................... $1,938 $— $ (992) $ 946
Otherassets:Intangibleasset ............................... $ 12 (12) — $ —
Otherliabilities:Accruedpensionbenefitcost ..................... $ (497) (14) (66) $ (577)
Other liabilities: Accrued other postretirement benefit plan cost . . . . . . . . . . $ (794) — (95) $ (889)
Subtotal ............................................. (26) (1,153)
Netliabilityofsubsidiaryheld-for-sale .......................... — (18)
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 of the Subsidiaries’ defined benefit pension and other postretirement benefit plans.
Obligations, Funded Status and Net Periodic Benefit Costs
2008 2007 2008 2007
Pension
Benefits
Other
Postretirement
Benefits
December 31,
(In millions)
Change in benefit obligation:
Benefitobligationatbeginningofyear................................. $5,722 $5,909 $1,599 $2,061
Servicecost................................................ 164 162 21 27
Interestcost................................................ 379 351 103 103
Planparticipants’contributions.................................... — — 31 31
Netactuarial(gains)losses ...................................... 129 (387) 16 (463)
Changeinbenefits............................................ (1) 39 1 —
Prescriptiondrugsubsidy ....................................... — — 10 13
Benefitspaid ............................................... (352) (352) (149) (173)
Benefitobligationatendofyear..................................... 6,041 5,722 1,632 1,599
Change in plan assets:
Fairvalueofplanassetsatbeginningofyear ............................ 6,520 6,278 1,183 1,172
Actualreturnonplanassets...................................... (952) 546 (150) 58
Employercontribution.......................................... 343 48 2 1
Benefitspaid ............................................... (352) (352) (24) (48)
Fairvalueofplanassetsatendofyear............................... 5,559 6,520 1,011 1,183
Fundedstatusatendofyear ..................................... $ (482) $ 798 $ (621) $ (416)
Amounts recognized in the consolidated balance sheet consist of:
Otherassets................................................ $ 227 $1,396 $ — $ —
Otherliabilities .............................................. (709) (598) (621) (416)
Netamountrecognized......................................... $ (482) $ 798 $ (621) $ (416)
Accumulated other comprehensive (income) loss:
Netactuarial(gains)losses ...................................... $2,184 $ 623 $ 147 $ (112)
Priorservicecost(credit)........................................ 45 64 (157) (193)
2,229 687 (10) (305)
Deferredincometaxandminorityinterest ............................. (780) (251) 4 109
$1,449 $ 436 $ (6) $ (196)
F-79MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)