US Bank 2010 Annual Report Download - page 103

Download and view the complete annual report

Please find page 103 of the 2010 US Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 145

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145

The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the
funded status and amounts recognized in the consolidated balance sheet at December 31 for the retirement plans:
(Dollars in Millions) 2010 2009 2010 2009
Pension Plans Postretirement Welfare Plan
Change In Projected Benefit Obligation
Benefit obligation at beginning of measurement period . . . . . . . . . . . . . . . . $ 2,496 $ 2,368 $186 $176
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 80 7 6
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 152 11 11
Plan participants’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – 11 10
Plan amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (35) – –
Actuarial loss (gain). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309 49 (11) 6
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (124) (118) (25) (26)
Federal subsidy on benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – 2 3
Benefit obligation at end of measurement period (a) . . . . . . . . . . . . . . . . . . $ 2,929 $ 2,496 $181 $186
Change In Fair Value Of Plan Assets
Fair value at beginning of measurement period. . . . . . . . . . . . . . . . . . . . . . $ 2,089 $ 1,699 $144 $158
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 489 – 1
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 19 1 1
Plan participants’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – 11 10
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (124) (118) (25) (26)
Fair value at end of measurement period . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,305 $ 2,089 $131 $144
Funded (Unfunded) Status .. .............................. $ (624) $ (407) $ (50) $ (42)
Components Of The Consolidated Balance Sheet
Noncurrent benefit asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6 $ 5 $ – $ –
Current benefit liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) (21) – –
Noncurrent benefit liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (606) (391) (50) (42)
Recognized amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (624) $ (407) $ (50) $ (42)
Accumulated Other Comprehensive Income (Loss), Pretax
Net actuarial gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,398) $(1,259) $ 63 $ 62
Net prior service credit (cost) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 47 1 2
Net transition asset (obligation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (1) (2)
Recognized amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,363) $(1,212) $ 63 $ 62
(a) At December 31, 2010 and 2009, the accumulated benefit obligation for all pension plans was $2.7 billion and $2.4 billion, respectively.
The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31:
(Dollars in Millions) 2010 2009
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,895 $2,464
Fair value of plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,265 2,052
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Accumulated benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,698 2,349
Fair value of plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,265 2,052
U.S. BANCORP 101