Huntington National Bank 2003 Annual Report Download - page 129

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table reconciles the beginning and ending balances of the benefit obligation of the Plan and the post-retirement benefit
plan with the amounts recognized in the consolidated balance sheets at December 31:
Pension Benefits Post-Retirement Benefits
(in thousands of dollars) 2003 2002 2003 2002
Change in Benefit Obligation:
Projected benefit obligation at beginning of measurement year $253,456 $212,935 $53,552 $51,430
Changes due to:
Service cost 9,567 7,973 1,121 1,126
Interest cost 16,647 15,458 3,479 3,603
Benefits paid (6,542) (6,049) (2,967) (3,456)
Settlements (9,684) (12,359) — —
Curtailment — — — (1,472)
Plan amendments — 1,423 — —
Actuarial assumptions and gains and losses 35,584 34,075 305 2,321
Total changes 45,572 40,521 1,938 2,122
Projected Benefit Obligation at End of Measurement Year $299,028 $253,456 $55,490 $53,552
The following table reconciles the beginning and ending balances of the fair value of Plan assets with the amounts recognized in the
consolidated balance sheets at the September 30, 2003, measurement date:
Pension Benefits
(in thousands of dollars) 2003 2002
Change in Plan Assets:
Fair Value of Plan Assets at beginning of measurement year $246,643 $226,959
Changes due to:
Actual return on plan assets 33,594 (16,395)
Employer contributions 25,000 55,000
Settlements (10,126) (12,872)
Benefits paid (6,542) (6,049)
Total changes 41,926 19,684
Fair Value of Plan Assets at End of Measurement Year (September 30) $288,569 $246,643
Huntington’s accumulated benefit obligation was $262 million and $215 million at September 30, 2003 and 2002, respectively. In both
years, the fair value of Huntington’s plan assets exceeded its accumulated benefit obligation.
The following table presents the funded status of the Plan and the post-retirement benefit plan with the amounts recognized in the
consolidated balance sheets at December 31:
Pension Benefits Post-Retirement Benefits
(in thousands of dollars) 2003 2002 2003 2002
Projected benefit obligation greater than plan assets $(10,459) $(6,813) $(55,490) $(53,552)
Unrecognized net actuarial loss 118,952 97,763 2,229 1,924
Unrecognized prior service cost 1,790 1,791 4,439 5,043
Unrecognized transition (asset) liability, net of amortization (1) (256) 9,936 11,040
Prepaid (Accrued) Benefit Costs $110,282 $92,485 $(38,886) $(35,545)
HUNTINGTON BANCSHARES INCORPORATED 127