Quarterly report pursuant to Section 13 or 15(d)

BENEFIT PLANS (Tables)

v3.3.0.814
BENEFIT PLANS (Tables)
9 Months Ended
Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Net Benefit Costs
The following table shows the components of net periodic benefit expense of the Plan and the Post-Retirement Benefit Plan:
 
Pension Benefits
 
Post Retirement Benefits
 
Three Months Ended September 30,
 
Three Months Ended September 30,
(dollar amounts in thousands)
2015
 
2014
 
2015
 
2014
Service cost (1)
$
457

 
$
435

 
$

 
$

Interest cost
7,984

 
8,099

 
142

 
258

Expected return on plan assets
(11,044
)
 
(11,446
)
 

 

Amortization of prior service cost

 

 
(492
)
 
(338
)
Amortization of gain (loss)
1,984

 
1,442

 
(116
)
 
(144
)
Settlements
2,825

 
2,500

 
(2)
(3,090
)
 

Benefit expense
$
2,206

 
$
1,030

 
$
(3,556
)
 
$
(224
)
(1)
Since no participants will be earning benefits after December 31, 2013, the 2014 and 2015 service cost represents only administrative expenses.
(2)
During the 2015 third quarter, Huntington transferred the retiree life insurance obligation in a non-participating contract to an insurance carrier.
 
Pension Benefits
 
Post Retirement Benefits
 
Nine Months Ended September 30,
 
Nine Months Ended September 30,
(dollar amounts in thousands)
2015
 
2014
 
2015
 
2014
Service cost (1)
$
1,372

 
$
1,305

 
$

 
$

Interest cost
23,953

 
24,299

 
425

 
776

Expected return on plan assets
(33,131
)
 
(34,338
)
 

 

Amortization of prior service cost

 

 
(1,476
)
 
(1,016
)
Amortization of gain (loss)
5,950

 
4,326

 
(348
)
 
(432
)
Settlements
8,475

 
7,500

 
(2)
(3,090
)
 

Benefit expense
$
6,619

 
$
3,092

 
$
(4,489
)
 
$
(672
)
(1)
Since no participants will be earning benefits after December 31, 2013, the 2014 and 2015 service cost represents only administrative expenses.
Schedule of Allocation of Plan Assets
Bank, as trustee, held all Plan assets at September 30, 2015 and December 31, 2014. The Plan assets consisted of the following investments:
 
Fair Value
(dollar amounts in thousands)
September 30, 2015
 
December 31, 2014
Cash equivalents:
 
 
 
 
 
 
 
Huntington funds—money market
$
8,937

 
1
%
 
$
16,136

 
2
%
Fixed income:
 
 
 
 
 
 
 
Corporate obligations
205,806

 
34

 
218,077

 
33

U.S. government obligations
61,987

 
11

 
62,627

 
10

Mutual funds—fixed income
34,123

 
6

 
34,761

 
5

U.S. government agencies
7,203

 
1

 
7,445

 
1

Equities:
 
 
 
 
 
 
 
Mutual funds—equities
134,939

 
23

 
147,191

 
23

Other common stock
114,594

 
19

 
118,970

 
18

Huntington funds
20,243

 
3

 
37,920

 
6

Exchange traded funds
6,306

 
1

 
6,840

 
1

Limited partnerships
5,431

 
1

 
3,046

 
1

Fair value of plan assets
$
599,569

 
100
%
 
$
653,013

 
100
%
Inv
Schedule of Costs of Retirement Plans
following table shows the costs of providing the SERP, SRIP, and defined contribution plans:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(dollar amounts in thousands)
2015
 
2014
 
2015
 
2014
SERP & SRIP
$
578

 
$
504

 
$
1,735

 
$
1,467

Defined contribution plan
8,224

 
8,325

 
23,747

 
23,239

Benefit cost
$
8,802

 
$
8,829

 
$
25,482

 
$
24,706