AMP » Topics » Defined Benefit Plans

This excerpt taken from the AMP 10-K filed Feb 27, 2007.

Defined Benefit Plans

 

Effective for the year ended December 31, 2006, the Company adopted the required provisions of SFAS 158, which resulted in the recognition of the overfunded and underfunded statuses of the Company’s defined benefit plans as assets or liabilities, as appropriate. In addition, other comprehensive income includes gains or losses and prior service costs or credits that arose during the year but were not recognized as components of net periodic benefit cost. The effect of the adoption of these provisions on the Company’s assets, liabilities and shareholders’ equity as of December 31, 2006 was as follows:

 

 

 

Before 
Adoption of
SFAS 158

 

Adjustments

 

After
Adoption of
SFAS 158

 

 

 

(in millions)

 

Other assets(1)

 

$

3,367

 

$

(8

)

$

3,359

 

Total assets

 

104,180

 

(8

)

104,172

 

Other liabilities(2)

 

1,637

 

(5

)

1,632

 

Total liabilities

 

96,252

 

(5

)

96,247

 

Accumulated other comprehensive loss, net of tax

 

(206

)

(3

)

(209

)

Total shareholders’ equity

 

7,928

 

(3

)

7,925

 

 


(1)  The benefit asset and net deferred tax assets are included in other assets.

(2)  The benefit liability is included in other liabilities.

 

Beginning in 2007, the Company will recognize changes in the funded statuses in the year in which the changes occur through other comprehensive income. Effective December 31, 2008, the Company will measure plan assets and benefit obligations as of the date of the balance sheet.

 

"Defined Benefit Plans" elsewhere:

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