JP Morgan Chase 2008 Annual Report Download - page 165

JPMorgan Chase & Co./ 2008 Annual Report 163
The following table presents the changes in benefit obligations and plan assets and funded status amounts reported on the Consolidated Balance
Sheets for the Firm’s U.S. and non-U.S. defined benefit pension and OPEB plans.
Defined benefit pension plans
As of or for the year ended December 31, U.S. Non-U.S. OPEB plans(d)
(in millions) 2008 2007 2008 2007 2008 2007
Change in benefit obligation
Benefit obligation, beginning of year $ (7,556) $ (8,098) $ (2,743) $ (2,917) $ (1,204) $ (1,443)
Benefits earned during the year (278) (270) (29) (36) (5) (7)
Interest cost on benefit obligations (488) (468) (142) (144) (74) (74)
Plan amendments ———2——
Business combinations ————(1)(e) —
Liabilities of newly material plans ———(5) ——
Employee contributions NA NA (3) (3) (61) (57)
Net gain (loss) (147) 494 214 327 99 231
Benefits paid 673 789 105 90 154 165
Expected Medicare Part D subsidy receipts NA NA NA NA (10) (11)
Curtailments ———4(6) (6)
Settlements ———24 ——
Special termination benefits ——(3) (1) —(1)
Foreign exchange impact and other —(3) 594 (84) 13 (1)
Benefit obligation, end of year $ (7,796) $ (7,556) $ (2,007) $ (2,743) $ (1,095) $ (1,204)
Change in plan assets
Fair value of plan assets, beginning of year $ 9,960 $ 9,955 $ 2,933 $ 2,813 $ 1,406 $ 1,351
Actual return on plan assets (2,377) 753 (298) 57 (246) 87
Firm contributions 38 37 88 92 33
Employee contributions ——33——
Assets of newly material plans ———3——
Benefits paid (673) (789) (105) (90) (37) (35)
Settlements ———(24) ——
Foreign exchange impact and other —4(613) 79 ——
Fair value of plan assets, end of year $ 6,948(c) $ 9,960(c) $ 2,008 $ 2,933 $ 1,126 $ 1,406
Funded (unfunded) status(a)(b) $ (848) $ 2,404 $1 $ 190 $31 $ 202
Accumulated benefit obligation, end of year $ (7,413) $ (7,184) $ (1,977) $ (2,708) NA NA
(a) Represents overfunded plans with an aggregate balance of $122 million and $3.3 billion at December 31, 2008 and 2007, respectively, and underfunded plans with an aggregate
balance of $938 million and $491 million at December 31, 2008 and 2007, respectively.
(b) The table above does not include any amounts attributable to the Washington Mutual Pension and OPEB plans. The disposition of those plans has not been determined.
(c) At December 31, 2008 and 2007, approximately $313 million and $299 million, respectively, of U.S. plan assets included participation rights under participating annuity contracts.
(d) Includes an unfunded accumulated postretirement benefit obligation of $32 million and $49 million at December 31, 2008 and 2007, respectively, for the U.K. plan.
(e) Represents change resulting from the Bear Stearns merger.
The following table presents pretax pension and OPEB amounts recorded in AOCI.
Defined benefit pension plans
As of the year ended December 31, U.S. Non-U.S. OPEB plans
(in millions) 2008 2007 2008 2007 2008 2007
Net loss $ (3,493) $ (250) $ (492) $ (434) $ (349) $ (98)
Prior service cost (credit) (26) (31) 2240 58
Accumulated other comprehensive income
(loss), pretax, end of year $ (3,519) $ (281) $ (490) $ (432) $ (309) $ (40)