Regions Bank 2008 Annual Report Download - page 143
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The following table sets forth the plans’ change in benefit obligation, plan assets and the funded status of
the pension and other postretirement benefits plans, using a September 30 measurement date in 2007 and a
December 31 measurement date in 2008, and amounts recognized in the consolidated balance sheets at
December 31:
Pension
Other Postretirement
Benefits
2008 2007 2008 2007
(In thousands)
Change in benefit obligation
Projected benefit obligation, beginning of period ....... $1,413,803 $ 467,002 $ 49,772 $ 37,159
AmSouth acquisition ............................. — 956,467 — 18,948
Service cost ..................................... 50,603 38,828 581 881
Interest cost ..................................... 108,948 76,886 3,463 2,976
Actuarial losses (gains) ............................ 31,115 (16,502) (3,299) (4,678)
Benefit payments ................................ (80,324) (60,349) (5,132) (5,514)
Settlement payment .............................. — (25,000) — —
Curtailments .................................... (59,974) (28,136) (352) —
Plan amendments ................................ 10,094 4,607 (9,280) —
Special termination benefits ........................ 472 — — —
Projected benefit obligation, end of period ............ $1,474,737 $1,413,803 $ 35,753 $ 49,772
Change in plan assets
Fair value of plan assets, beginning of period .......... $1,423,585 $ 404,885 $ 4,158 $ 4,040
AmSouth acquisition ............................. — 902,482 — 4,141
Actual return on plan assets ........................ (380,221) 175,602 315 324
Company contributions ............................ 105,873 27,929 4,676 1,167
Benefit payments ................................ (80,324) (60,349) (5,132) (5,514)
Settlement payment .............................. — (25,000) — —
Administrative expenses ........................... (2,564) (1,964) — —
Fair value of plan assets, end of period ............... $1,066,349 $1,423,585 $ 4,017 $ 4,158
Funded status and prepaid (accrued) benefit cost at
measurement date .............................. $ (408,388) $ 9,782 $(31,736) $(45,614)
Curtailment gains ................................ — 8,596 — —
Company contributions from October 1 to
December 31 .................................. — 890 — —
(Accrued) Prepaid benefit cost at December 31 ......... $ (408,388) $ 19,268 $(31,736) $(45,614)
Amounts recognized in the
Consolidated Balance Sheets:
Other assets ..................................... $ — $ 160,034 $ — $ —
Other liabilities .................................. (408,388) (140,766) (31,736) (45,614)
$ (408,388) $ 19,268 $(31,736) $(45,614)
Amounts recognized in
Accumulated Other Comprehensive Income (Loss):
Net actuarial loss (gain) ........................... $ 500,250 $ (15,675) $ (4,466) $ (741)
Prior service cost (credit) .......................... 8,554 4,607 (9,202) (826)
$ 508,804 $ (11,068) $(13,668) $ (1,567)
The curtailment gains during 2008 and 2007 resulted from merger-related employment terminations. The
settlement payment during 2007 relates to the settlement of a liability under the Regions SERP for a certain
executive officer.
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