Huntington National Bank 2006 Annual Report Download - page 118

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
recognition of actuarial gains and losses, prior service cost, and any remaining transition amounts from the initial application of
Statements 87 and 106 as a component of accumulated other comprehensive income, net of tax.
The following table illustrates the effect of applying Statement No. 158 for all defined benefit plans on Huntington’s Consolidated
Balance Sheet as of December 31, 2006.
Before After
Adoption of Adoption of
(in thousands of dollars) Statement No. 158 Adjustments Statement No. 158
Accrued income and other assets $ 1,187,932 $(125,081) $ 1,062,851
Total assets 35,454,100 (125,081) 35,329,019
Accrued expenses and other liabilities 591,354 2,680 594,034
Deferred federal income tax liability 488,637 (44,716) 443,921
Total liabilities 32,356,729 (42,036) 32,314,693
Accumulated other comprehensive income 27,979 (83,045) (55,066)
Total shareholders’ equity 3,097,371 (83,045) 3,014,326
The following table presents the amounts recognized in the consolidated balance sheets at December 31, 2006 after the adoption
of Statement No. 158 for all of Huntington defined benefit plans.:
(in thousands of dollars) December 31, 2006
Accrued income and other assets $55,311
Accrued expenses and other liabilities 75,230
Amounts recognized in accumulated other comprehensive income as of December 31, 2006 consist of:
(in thousands of dollars) December 31, 2006
Net actuarial loss $(78,209)
Prior service cost (3,808)
Transition liability (4,311)
Defined benefit pension plans $(86,328)
The following table presents the funded status of the Plan and the post-retirement benefit plan with the amounts recognized in
the consolidated balance sheet as of December 31, 2005 prior to the adoption of Statement No. 158:
Pension Post-Retirement
(in thousands of dollars) Benefits Benefits
Projected benefit obligation less (greater) than plan assets $ 22,696 $ (43,616)
Unrecognized net actuarial loss (gain) 153,308 (11,586)
Unrecognized prior service cost 1,788 3,476
Unrecognized transition liability, net of amortization 6 7,728
Prepaid (accrued) benefit costs, at measurement date 177,798 (43,998)
Contribution made after measurement date — 1,018
Prepaid (accrued) benefit costs $177,798 $ (42,980)
Huntington has a defined contribution plan that is available to eligible employees. Huntington matches participant contributions
dollar for dollar, up to the first 3% of base pay contributed to the plan. The match is 50 cents on the dollar on the 4th and
5th percent of base pay contributed to the plan. The cost of providing this plan was $10.3 million in 2006, $9.6 million in 2005,
and $9.2 million in 2004. The number of shares of Huntington common stock held by this plan was 6,708,731 at December 31,
2006, and 7,322,653 at December 31, 2005. The market value of these shares was $159.3 million and $173.9 million at the same
respective dates. Dividends received by the plan were $20.3 million during 2006 and $13.9 million during 2005.
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