SunTrust 2007 Annual Report Download - page 127

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SUNTRUST BANKS, INC.
Notes to Consolidated Financial Statements (Continued)
Equity securities do not include SunTrust common stock for the Other Postretirement Benefit Plans.
Funded Status
The funded status of the plans, as of December 31, was as follows:
Retirement Benefits
Supplemental Retirement
Benefits
Other Postretirement
Benefits
(Dollars in thousands) 2007 2006 2007 2006 2007 2006
Fair value of plan assets $2,287,322 $2,216,179 $- $- $162,881 $162,973
Benefit obligations (1,726,566) (1,812,130) (114,587) (122,837) (200,723) (209,617)
Funded status $560,756 $404,049 ($114,587) ($122,837) ($37,842) ($46,644)
At December 31, 2007, total outstanding unrecognized net loss to be recognized in future years for all retirement and
postretirement benefits was $468.2 million, compared to $570.4 million as of December 31, 2006. The key sources of the
cumulative net losses are attributable to (1) lower discount rates for the past several years, (2) compensation increases have
exceeded expectations, and (3) investment losses in 2000 through 2002 have not been fully offset by recent investment gains.
As discussed previously, SunTrust reviews its assumptions annually to ensure they represent best estimates for the future and
will, therefore, minimize future gains and losses.
SunTrust adopted the balance sheet recognition provisions of SFAS No. 158 on December 31, 2006. The adoption of SFAS
No. 158 reduced SunTrust’s stockholders’ equity at December 31, 2006 by $385.0 million. SFAS No. 158 did not affect the
results of operations. As of December 31, amounts recognized in accumulated other comprehensive income are as follows:
Retirement Benefits
Supplemental Retirement
Benefits
Other Postretirement
Benefits
(Dollars in thousands; pre-tax) 2007 2006 2007 2006 2007 2006
Net actuarial loss $377,844 $449,561 $22,847 $30,041 $67,558 $90,821
Prior service (credit)/cost (86,822) 2,317 8,172 14,862 (3,496) -
Transition obligation -----13,929
Total Accumulated Other Comprehensive
Income $291,022 $451,878 $31,019 $44,903 $64,062 $104,750
Pension plans with a projected benefit obligation, in excess of plan assets at December 31 were as follows:
Supplemental Retirement
Benefits
(Dollars in thousands) 2007 2006
Projected benefit obligation $114,587 $122,837
Accumulated benefit obligation 107,161 108,619
115