Fifth Third Bank 2014 Annual Report Download - page 141
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
139 Fifth Third Bancorp
The following tables summarize the defined benefit retirement plans as of and for the years ended December 31:
Plans with an Overfunded Status(a)
($ in millions) 2014 2013
Fair value of plan assets at January 1 $ - 185
A
ctual return on assets - 30
Contributions - 5
Settlement - (13)
Benefits paid - (7)
Fair value of plan assets at December 31 $ - 200
Projected benefit obligation at January 1 $ - 224
Service cost - -
Interest cost - 10
Settlement - (13)
A
ctuarial gain - (20)
Benefits paid - (7)
Projected benefit obligation at December 31 $ - 194
Overfunded projected benefit obligation at December 31 $ - 6
(a) The Bancorp’s defined benefit plan had an Overfunded status at December 31, 2013. The plan was Underfunded at December 31, 2014 and is reflected in the Underfunded Status table.
Plans with an Underfunded Status
($ in millions) 2014 2013
Fair value of plan assets at January 1 $ 200 -
A
ctual return on assets 12 -
Contributions 3 4
Settlement (11) -
Benefits paid (9) (4)
Fair value of plan assets at December 31 $ 195 -
Projected benefit obligation at January 1 $221 32
Service cost - -
Interest cost 10 1
Settlement (11) -
A
ctuarial loss (gain) 36 (2)
Benefits paid (9) (4)
Projected benefit obligation at December 31 $247 27
Unfunded projected benefit obligation at December 31 $(52) (27)
The estimated net actuarial loss for the defined benefit pension
plans that will be amortized from AOCI into net periodic benefit
cost during 2015 is $10 million. The estimated net prior service cost
for the defined benefit pension plan that will be amortized from
AOCI into net periodic benefit cost during 2015 is immaterial to the
Consolidated Financial Statements.
The following table summarizes net periodic benefit cost and other changes in plan assets and benefit obligations recognized in OCI for the years
ended December 31:
($ in millions) 2014 2013 2012
Components of net periodic benefit cost:
Service cost $ - - -
Interest cost 10 10 10
Expected return on assets (14) (13) (13)
A
mortization of net actuarial loss 711 14
A
mortization of net prior service cost - - -
Settlement 55 6
Net periodic benefit cost $ 8 13 17
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss (gain) $37 (38) 7
Net prior service cost - - -
A
mortization of net actuarial loss (7) (11) (14)
A
mortization of prior service cost - - -
Settlement (5) (5) (6)
Total recognized in other comprehensive income 25 (54) (13)
Total recognized in net periodic benefit cost and
other comprehensive income $33 (41) 4