National Grid 2008 Annual Report Download - page 324

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12657
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: 118
Description: EXH 2(B).6.1
0/2722.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/722/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12657
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: 118 Description: EXH 2(B).6.1
0/2722.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/722/2*
The estimated net actuarial loss and prior service cost for the defined benefit pension plans that will be amortized from AOCI
and regulatory assets into net periodic benefit cost during fiscal year 2008 are $58 million and $4 million, respectively.
The following pension benefit payments, which reflect expected future services, as appropriate, are expected to be paid:
Additional Minimum Liability (AML)
The Company recognized AML, as prescribed under SFAS No. 87, “Employers’ Accounting for Pensions,” prior to recordin
g
the
entries to reco
g
nize the funded status of the pension plans under SFAS No. 158. The Company reco
g
nized an AML of
$92 million which was subsequently eliminated under SFAS No. 158. At March 31, 2006, the Company recorded an AML of
approximately $127 million. While the offset to this entry would normally be a char
g
e to other comprehensive income, certain
Company
F-33
2007 2006
(In thousands
)
Amounts reco
g
nized on the balance sheet consist of:
Intangible asset $ — $ 36,885
Pre
p
aid benefit cost — 360,183
Regulatory assets 214,788 79,923
Current pension liability (9,047) —
Non-current
p
ension liabilit
y
(
393,371
)
(
410,275
)
Accumulated other comprehensive income, before taxes 415,250 10,543
Net amount recognized $ 227,620 $ 77,259
2007
(I
n
thousands)
Amounts reco
g
nized in re
g
ulator
y
assets and AOCI consist of:
Net actuarial loss $ 586,105
Prior service cost 43,933
Net amount reco
g
nized $ 630,038
Pension
Benefits
(I
n
thousands
)
2008 $ 203,047
2009 $ 202,615
2010 $ 205,645
2011 $ 208,947
2012 $ 214,086
2013-2017 $ 1,052,184