Huntington National Bank 2011 Annual Report Download - page 192

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
2011 2010 2011 2010
(dollar amounts in thousands)
Projected benefit obligation at beginning of
measurement year ......................... $577,770 $504,859 $34,241 $33,173
Changes due to:
Service cost ............................... 21,650 20,205 ——
Interest cost ............................... 30,073 28,869 1,618 1,731
Benefits paid .............................. (12,285) (11,367) (4,895) (5,103)
Settlements ............................... (10,408) (20,582) ——
Effect of plan combinations .................. —896 ——
Medicare subsidies ......................... ——670 753
Actuarial assumptions and gains and losses ...... 49,539 54,890 1,217 3,687
Total changes ............................... 78,569 72,911 (1,390) 1,068
Projected benefit obligation at end of
measurement year ......................... $656,339 $577,770 $32,851 $34,241
Benefits paid are net of retiree contributions collected by Huntington. The actual contributions received in
2011 by Huntington for the retiree medical program were $2.9 million.
The following table reconciles the beginning and ending balances of the fair value of Plan assets at the
December 31, 2011 and 2010 measurement dates with the amounts recognized in the Consolidated Balance
Sheets:
Pension Benefits
2011 2010
(dollar amounts in thousands)
Fair value of plan assets at beginning of measurement year ........... $478,479 $454,114
Changes due to:
Actual return on plan assets ..................................... (6,593) 55,583
Employer contributions ......................................... 90,000 79
Settlements .................................................. (10,631) (20,911)
Plan combinations ............................................. —981
Benefits paid ................................................. (12,285) (11,367)
Total changes .................................................. 60,491 24,365
Fair value of plan assets at end of measurement year ................. $538,970 $478,479
Huntington’s accumulated benefit obligation under the Plan was $651.3 million and $575.9 million at
December 31, 2011 and 2010. As of December 31, 2011, the accumulated benefit obligation exceeded the fair
value of Huntington’s plan assets by $112.4 million.
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