Regions Bank 2008 Annual Report Download - page 144
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The accumulated benefit obligation for all defined-benefit pension plans was $1.4 billion and $1.3 billion as
of December 31, 2008 and September 30, 2007, respectively.
Information for the pension plans with an accumulated benefit obligation in excess of plan assets as of
December 31 was as follows:
2008 2007
(In thousands)
Projected benefit obligation .............................. $1,474,737 $123,992
Accumulated benefit obligation ........................... 1,377,324 113,664
Fair value of plan assets ................................. 1,066,349 —
Net periodic benefit cost included the following components for the years ended December 31:
Pension
Other Postretirement
Benefits
2008 2007 2006 2008 2007 2006
(In thousands)
Service cost ............................. $ 50,603 $ 38,828 $ 16,493 $ 581 $ 881 $ 398
Interest cost ............................. 108,948 76,886 26,023 3,463 2,976 2,131
Expected return on plan assets .............. (148,068) (102,510) (31,539) (242) (253) (246)
Amortization of actuarial loss ............... 123 7,450 13,202 — 48 235
Amortization of prior service cost (credit) ..... 2,851 (266) (348) (839) (417) (416)
Settlement charge ........................ 613 2,300 ————
Curtailment gains ........................ (2,741) (17,389) — (65) — —
Net periodic benefit cost ................... $ 12,329 $ 5,299 $ 23,831 $2,898 $3,235 $2,102
The estimated amounts that will be amortized from accumulated other comprehensive income into net
periodic benefit cost in 2009 are as follows:
Pension
Other
Postretirement
Benefits
(In thousands)
Actuarial loss (gain) .................................... $43,278 $ (74)
Prior service cost (credit) ................................ 2,421 (1,465)
$45,699 $(1,539)
The weighted-average assumptions used to determine benefit obligations at December 31, 2008 and
September 30, 2007 (the applicable measurement dates) follows:
Pension
Other
Postretirement
Benefits
2008 2007 2008 2007
Discount rate ...................................... 6.15% 6.34% 6.20% 6.20%
Rate of annual compensation increase .................. 5.00 4.99 N/A N/A
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