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C » Topics » Accounting for Defined Benefit Pensions and Other Postretirement Benefits

This excerpt taken from the C 8-K filed Oct 13, 2009.

Accounting for Defined Benefit Pensions and Other Postretirement Benefits

 

As of December 31, 2006, the Company adopted SFAS No. 158, Employer’s Accounting for Defined Benefit Pensions and Other Postretirement Benefits (SFAS 158). In accordance with this standard, Citigroup recorded the funded status of each of its defined benefit pension and postretirement plans as an asset or liability on its Consolidated Balance Sheet with a corresponding offset, net of taxes, recorded in Accumulated other comprehensive income (loss) within Stockholders’ equity, resulting in an after-tax decrease in equity of $1.647 billion. See Note 9 to the Consolidated Financial Statements.

 

17


 

The following table shows the effects of adopting SFAS 158 at December 31, 2006 on individual line items in the Consolidated Balance Sheet at December 31, 2006:

 

In millions of dollars

 

Before
application
of
SFAS 158

 

Adjustments

 

After
application
of
SFAS 158

 

Other assets

 

 

 

 

 

 

 

Prepaid benefit cost

 

$

2,620

 

$

(534

)

$

2,086

 

Other liabilities

 

 

 

 

 

 

 

Accrued benefit liability

 

$

—

 

$

2,147

 

$

2,147

 

Deferred taxes, net

 

$

3,653

 

$

1,034

 

$

4,687

 

Accumulated other comprehensive income (loss)

 

$

(2,053

)

$

(1,647

)(1)

$

(3,700

)

Total stockholders’ equity

 

$

121,430

 

$

(1,647

)(1)

$

119,783

 

 

(1)          Adjustment to initially apply SFAS 158, net of taxes.

 

These excerpts taken from the C 10-K filed Feb 27, 2009.

Accounting for Defined Benefit Pensions and Other Postretirement Benefits

As of December 31, 2006, the Company adopted SFAS No. 158, Employer’s Accounting for Defined Benefit Pensions and Other Postretirement Benefits (SFAS 158). In accordance with this standard, Citigroup recorded the funded status of each of its defined benefit pension and postretirement plans as an asset or liability on its Consolidated Balance Sheet with a corresponding offset, net of taxes, recorded in Accumulated other comprehensive income (loss) within Stockholders’ equity, resulting in an after-tax decrease in equity of $1.647 billion. See Note 9 on page 143.

The following table shows the effects of adopting SFAS 158 at December 31, 2006 on individual line items in the Consolidated Balance Sheet at December 31, 2006:

 

In millions of dollars  

Before

application

of
SFAS 158

      Adjustments    

After
application
of

SFAS 158

  

Other assets

       

Prepaid benefit cost

   $ 2,620      $ (534 )   $ 2,086  

Other liabilities

       

Accrued benefit liability

   $ —      $ 2,147     $ 2,147  

Deferred taxes, net

   $ 3,653      $ 1,034     $ 4,687  

Accumulated other comprehensive income (loss)

   $ (2,053 )    $ (1,647 ) (1)   $ (3,700 )

Total stockholders’ equity

   $ 121,430      $ (1,647 ) (1)   $ 119,783  

 

(1) Adjustment to initially apply SFAS 158, net of taxes.

 

130

Table of Contents

 

Accounting for Defined Benefit Pensions and Other Postretirement Benefits

As of December 31, 2006, the Company adopted SFAS No. 158, Employer’s Accounting for Defined Benefit Pensions and Other Postretirement Benefits (SFAS 158). In accordance with this standard, Citigroup recorded the funded status of each of its defined benefit pension and postretirement plans as an asset or liability on its Consolidated Balance Sheet with a corresponding offset, net of taxes, recorded in Accumulated other comprehensive income (loss) within Stockholders’ equity, resulting in an after-tax decrease in equity of $1.647 billion. See Note 9 on page 143.

The following table shows the effects of adopting SFAS 158 at December 31, 2006 on individual line items in the Consolidated Balance Sheet at December 31, 2006:

 

In millions of dollars  

Before

application

of
SFAS 158

      Adjustments    

After
application
of

SFAS 158

  

Other assets

       

Prepaid benefit cost

   $ 2,620      $ (534 )   $ 2,086  

Other liabilities

       

Accrued benefit liability

   $ —      $ 2,147     $ 2,147  

Deferred taxes, net

   $ 3,653      $ 1,034     $ 4,687  

Accumulated other comprehensive income (loss)

   $ (2,053 )    $ (1,647 ) (1)   $ (3,700 )

Total stockholders’ equity

   $ 121,430      $ (1,647 ) (1)   $ 119,783  

 

(1) Adjustment to initially apply SFAS 158, net of taxes.

 

130

Table of Contents

 

This excerpt taken from the C 8-K filed Jan 23, 2009.

Accounting for Defined Benefit Pensions and Other Postretirement Benefits

 

As of December 31, 2006, the Company adopted SFAS No. 158, “Employer’s Accounting for Defined Benefit Pensions and Other Postretirement Benefits” (SFAS 158). In accordance with this standard, Citigroup recorded the funded status of each of its defined benefit pension and postretirement plans as an asset or liability on its Consolidated Balance Sheet with a corresponding offset, net of taxes, recorded in Accumulated other comprehensive income (loss) within Stockholders’ Equity, resulting in an after-tax decrease in equity of $1.647 billion. See Note 9 on page 33.

 

The following table shows the effects of adopting SFAS 158 at December 31, 2006 on individual line items in the Consolidated Balance Sheet at December 31, 2006:

 

In millions of dollars

 

Before
Application
of
SFAS 158

 

Adjustments

 

After
application
of
SFAS 158

 

Other assets

 

 

 

 

 

 

 

Prepaid benefit cost

 

$

2,620

 

$

(534

)

$

2,086

 

Other liabilities

 

 

 

 

 

 

 

Accrued benefit liability

 

$

—

 

$

2,147

 

$

2,147

 

Deferred taxes, net

 

$

3,653

 

$

1,034

 

$

4,687

 

Accumulated other comprehensive income (loss)

 

$

(2,053

)

$

(1,647

)(1)

$

(3,700

)

Total stockholders’ equity

 

$

121,430

 

$

(1,647

)(1)

$

119,783

 

 

(1)          Adjustment to initially apply SFAS 158, net of taxes.

 

This excerpt taken from the C 8-K filed Aug 14, 2008.

Accounting for Defined Benefit Pensions and Other Postretirement Benefits

 

As of December 31, 2006, the Company adopted SFAS No. 158, “Employer’s Accounting for Defined Benefit Pensions and Other Postretirement Benefits” (SFAS 158). In accordance with this standard, Citigroup recorded the funded status of each of its defined benefit pension and postretirement plans as an asset or liability on its Consolidated Balance Sheet with a corresponding offset, net of taxes, recorded in Accumulated other comprehensive income (loss) within Stockholders’ Equity, resulting in an after-tax decrease in equity of $1.647 billion. See Note 9 on page 31.

 

The following table shows the effects of adopting SFAS 158 at December 31, 2006 on individual line items in the Consolidated Balance Sheet at December 31, 2006:

 

In millions of dollars

 

Before
Application
of
SFAS 158

 

Adjustments

 

After
application
of
SFAS 158

 

Other assets

 

 

 

 

 

 

 

Prepaid benefit cost

 

$

2,620

 

$

(534

)

$

2,086

 

Other liabilities

 

 

 

 

 

 

 

Accrued benefit liability

 

$

—

 

$

2,147

 

$

2,147

 

Deferred taxes, net

 

$

3,653

 

$

1,034

 

$

4,687

 

Accumulated other comprehensive income (loss)

 

$

(2,053

)

$

(1,647

)(1)

$

(3,700

)

Total stockholders’ equity

 

$

121,430

 

 

$

(1,647

)(1)

$

119,783

 

 

(1)          Adjustment to initially apply SFAS 158, net of taxes.

 

This excerpt taken from the C 10-K filed Feb 22, 2008.

Accounting for Defined Benefit Pensions and Other Postretirement Benefits

As of December 31, 2006, the Company adopted SFAS No. 158, “Employer’s Accounting for Defined Benefit Pensions and Other Postretirement Benefits” (SFAS 158). In accordance with this standard, Citigroup recorded the funded status of each of its defined benefit pension and postretirement plans as an asset or liability on its Consolidated Balance Sheet with a corresponding offset, net of taxes, recorded in Accumulated other comprehensive income (loss) within Stockholders’ Equity, resulting in an after-tax decrease in equity of $1.647 billion. See Note 9 on page 132.

The following table shows the effects of adopting SFAS 158 at December 31, 2006 on individual line items in the Consolidated Balance Sheet at December 31, 2006:

 

In millions of dollars   Before
application of
SFAS 158		      Adjustments    

After
application
of

SFAS 158

  

Other assets

       

Prepaid benefit cost

   $ 2,620      $ (534 )   $ 2,086  

Other liabilities

       

Accrued benefit liability

   $ —      $ 2,147     $ 2,147  

Deferred taxes, net

   $ 3,653      $ 1,034     $ 4,687  

Accumulated other comprehensive income (loss)

   $ (2,053 )    $ (1,647 )(1)   $ (3,700 )

Total stockholders’ equity

   $ 121,430      $ (1,647 )(1)   $ 119,783  

 

(1) Adjustment to initially apply SFAS 158, net of taxes.

EXCERPTS ON THIS PAGE:

8-K
Oct 13, 2009
10-K (2 sections)
Feb 27, 2009
8-K
Jan 23, 2009
8-K
Aug 14, 2008
10-K
Feb 22, 2008

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