Wells Fargo 2006 Annual Report Download - page 97
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95
(in millions) December 31, 2006
Pension benefits
Non- Other
Qualified qualified benefits
Net loss $494 $ 76 $144
Net prior service credit (7) (21) (46)
Net transition obligation — — 3
$487 $ 55 $101
The net loss and net prior service credit for the defined
benefit pension plans that will be amortized from accumulated
other comprehensive income into net periodic benefit cost
in 2007 are $44 million and $2 million, respectively. The net
loss and net prior service credit for the other defined benefit
postretirement plans that will be amortized from accumulated
other comprehensive income into net periodic benefit cost in
2007 are $5 million and $4 million, respectively.
(in millions) December 31, 2005
Pension benefits
Non- Other
Qualified qualified benefits
Funded status (1) $ 899 $(277) $(339)
Employer contributions in December —24
Unrecognized net actuarial loss 615 42 131
Unrecognized net transition asset ——3
Unrecognized prior service cost (25)(11)(51)
Accrued benefit income (cost) $1,489 $(244) $(252)
Amounts recognized in the balance sheet consist of:
Prepaid benefit cost $1,489 $— $—
Accrued benefit liability — (245) (252)
Accumulated other comprehensive income — 1 —
Accrued benefit income (cost) $1,489 $(244) $(252)
(1) Fair value of plan assets at year end less projected benefit obligation at year end.
Amounts recognized in accumulated other comprehensive
income (pre tax) for the year ended December 31, 2006,
consist of:
(in millions) December 31,
2006 2005
Pension benefits Pension benefits
Non- Other Non- Other
Qualified qualified benefits Qualified qualified benefits
Change in benefit obligation:
Benefit obligation at beginning of year $4,045 $ 277 $ 709 $3,777 $ 228 $ 751
Service cost 247 16 15 208 21 21
Interest cost 224 16 39 220 14 41
Plan participants’ contributions ——35 ——29
Amendments 18 — (11) 37 — (44)
Actuarial loss (gain) 225 31 26 43 27 (12)
Benefits paid (317) (39) (74) (242) (13) (78)
Foreign exchange impact 1 — — 2 — 1
Benefit obligation at end of year $4,443 $301 $739 $4,045 $277 $709
Change in plan assets:
Fair value of plan assets at beginning of year $4,944 $ — $ 370 $4,457 $ — $ 329
Actual return on plan assets 703 — 37 400 — 34
Employer contribution 20 39 44 327 13 56
Plan participants’ contributions ——35 ——29
Benefits paid (317) (39) (74) (242) (13) (78)
Foreign exchange impact 1 — — 2 — —
Fair value of plan assets at end of year $5,351 $ — $ 412 $4,944 $ — $ 370
Funded status at end of year $ 908 $(301) $(327) $ 899 $(277) $(339)
Amounts recognized in the balance sheet
at end of year:
Assets $ 927 $ — $ —
Liabilities (19) (301) (327)
$ 908 $(301) $(327)
The changes in the projected benefit obligation of pension benefits and the accumulated benefit obligation of other benefits
and the fair value of plan assets during 2006 and 2005, the funded status at December 31, 2006 and 2005, and the amounts
recognized in the balance sheet at December 31, 2006, were:
This table reconciles the funded status of the plans to the amounts included in the balance sheet at December 31, 2005.