BB&T 2008 Annual Report Download - page 120

Download and view the complete annual report

Please find page 120 of the 2008 BB&T 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 152

  • 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
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Qualified
Pension Plan Nonqualified
Pension Plans
Years Ended
December 31, Years Ended
December 31,
2008 2007 2008 2007
(Dollars in millions)
Change in Projected Benefit Obligation
Projected benefit obligation, January 1, $1,120 $1,117 $ 132 $ 127
Service cost 65 69 4 5
Interest cost 72 66 9 8
Actuarial (gain) loss 45 (92) — (3)
Benefits paid (42) (40) (5) (5)
Projected benefit obligation, December 31, $1,260 $1,120 $ 140 $ 132
Qualified
Pension Plan Nonqualified
Pension Plans
Years Ended
December 31, Years Ended
December 31,
2008 2007 2008 2007
(Dollars in millions)
Change in Plan Assets
Fair value of plan assets, January 1, $1,736 $1,448 $ — $ —
Actual return on plan assets (406) 79 — —
Employer contributions 83 249 5 5
Benefits paid (42) (40) (5) (5)
Fair value of plan assets, December 31, 1,371 1,736 — —
Funded status at end of year $ 111 $ 616 $(140) $(132)
Qualified
Pension Plan Nonqualified
Pension Plans
Years Ended
December 31, Years Ended
December 31,
2008 2007 2008 2007
(Dollars in millions)
Pre-Tax Amounts Recognized in Accumulated
Other Comprehensive Income (Loss)
Prior service credit (cost) $ 5 $ 9 $ — $ —
Net actuarial (loss) gain (732) (142) (24) (26)
Net amount recognized $ (727) $ (133) $ (24) $ (26)
The expected amortization of unrecognized prior service credit and unrecognized net actuarial losses for the
qualified plan and nonqualified plans that are expected to be amortized from accumulated other comprehensive
income (loss) into net periodic pension cost during 2009 are reflected in the following table:
Qualified
Pension Plan Nonqualified
Pension Plans
(Dollars in millions)
Expected Amortization for 2009
Prior service cost (credit) $ (3) $—
Net actuarial loss (gain) 60 1
Net amount to be amortized in 2009 $57 $ 1
120