National Grid 2008 Annual Report Download - page 323

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27336
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 117
Description: EXH 2(B).6.1
0/2721.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/721/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27336
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 117 Description: EXH 2(B).6.1
0/2721.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/721/2*
The following table provides the changes in the pension plans’ accumulated benefit obli
g
ation, funded status and the amounts
recognized in the balance sheet at March 31:
F-32
2007 2006
(In thousands
)
Amortization of unreco
g
nized loss 58,341 64,067
Net
p
eriodic benefit costs before settlements and curtailments 107,135 118,227
Settlement and curtailment loss 25,555 —
Net periodic benefit cost $ 132,690 $ 118,227
2007 2006
(In thousands)
Accumulated benefit obli
g
ation $
(
2,603,473
)
$
(
2,470,161
)
Reconciliation of benefit obligation:
Benefit obli
g
ation at be
g
innin
g
of
p
eriod $
(
2,748,465
)
$
(
2,808,396
)
Service cost (55,351) (55,412)
Interest cost
(
163,067
)
(
155,779
)
Actuarial gain (loss) (87,045) 66,137
Benefits
p
aid 156,703 204,985
Settlements 165,928 —
Acquisition of Rhode Island gas pension obligation* (165,906) —
Benefit obli
g
ation at end of
p
eriod
(
2,897,203
)
(
2,748,465
)
Fair value of
p
lan assets at be
g
innin
g
of
p
eriod 2,147,611 1,960,624
Actual return on plan assets 220,848 257,056
Com
p
an
y
contributions 295,354 134,916
Benefits paid (156,703) (204,985)
Settlements (165,928) —
Ac
q
uisition of Rhode Island
g
as
p
ension assets* 153,603
—
Fair value of plan assets at end of period 2,494,785 2,147,611
Funded status (402,418) (600,854)
Unrecognized actuarial loss — 629,266
Unreco
g
nized
p
rior service cost — 48,847
Net amount
(
accrued
)
p
re
p
aid cost $
(
402,418
)
$ 77,259
Note:
* On Au
g
ust 24, 2006, the Company acquired the Rhode Island
g
as distribution assets of New En
g
land Gas Company from
Southern Union Company. In connection with this acquisition, four small pension plans mer
g
ed with the existin
g
pension
plan, resultin
g
in an increase in the assets and benefit obli
g
ation of the plan in the amounts of $154 million and
$166 million, res
p
ectivel
y
.