MetLife 2008 Annual Report Download - page 74

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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 ................... $1,938 $ — $ (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.
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:
2008 2007 2008 2007
Pension Benefits
Other
Postretirement
Benefits
December 31,
(In millions)
Benefitobligationatendofyear................................ $6,041 $5,722 $1,632 $1,599
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)
The aggregate projected benefit obligation and aggregate estimatedfairvalueofplanassetsforthepensionplanswereasfollows:
2008 2007 2008 2007 2008 2007
Qualified Plans Non-Qualified
Plans Total
December 31,
(In millions)
Aggregate fair value of plan assets (principally Company
contracts)................................ $5,559 $6,520 $ — $ — $5,559 $6,520
Aggregate projected benefit obligation . . . . . . . . . . . . . . . 5,356 5,139 685 583 6,041 5,722
Over (under) funded . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 203 $1,381 $(685) $(583) $ (482) $ 798
The accumulated benefit obligation for all defined benefit pension plans was $5,620 million and $5,302 million at December 31, 2008
and 2007, respectively.
71MetLife, Inc.