BENEFIT PLANS (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Compensation and Retirement Disclosure [Abstract] |
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| Schedule of Net Benefit Costs |
The following table shows the components of net periodic benefit expense for all plans:
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Pension Benefits |
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Post Retirement Benefits |
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Three Months Ended September 30, |
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Three Months Ended September 30, |
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(dollar amounts in thousands) |
2016 |
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2015 |
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2016 |
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2015 |
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Service cost (1) |
$ |
1,425 |
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$ |
457 |
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$ |
16 |
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$ |
— |
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Interest cost |
7,978 |
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|
7,984 |
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|
79 |
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|
142 |
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Expected return on plan assets |
(12,086 |
) |
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(11,044 |
) |
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— |
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— |
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Amortization of prior service cost |
— |
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— |
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(492 |
) |
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(492 |
) |
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Amortization of (gain) loss |
1,865 |
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1,984 |
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(72 |
) |
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(116 |
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Settlements |
3,400 |
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|
2,825 |
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— |
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(3,090 |
) |
(2) |
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Benefit expense |
$ |
2,582 |
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(3) |
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$ |
2,206 |
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$ |
(469 |
) |
(3) |
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$ |
(3,556 |
) |
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Pension Benefits |
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Post Retirement Benefits |
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Nine Months Ended September 30, |
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Nine Months Ended September 30, |
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(dollar amounts in thousands) |
2016 |
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2015 |
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2016 |
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2015 |
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Service cost (1) |
$ |
3,475 |
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$ |
1,372 |
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$ |
16 |
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$ |
— |
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Interest cost |
21,474 |
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23,953 |
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|
188 |
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|
425 |
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Expected return on plan assets |
(32,533 |
) |
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(33,131 |
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— |
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— |
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Amortization of prior service credit |
— |
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— |
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(1,476 |
) |
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(1,476 |
) |
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Amortization of (gain) loss |
5,594 |
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5,950 |
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(216 |
) |
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(348 |
) |
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Settlements |
10,200 |
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8,475 |
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— |
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(3,090 |
) |
(2) |
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Benefit expense |
$ |
8,210 |
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(3) |
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$ |
6,619 |
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$ |
(1,488 |
) |
(3) |
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$ |
(4,489 |
) |
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(1) |
Since no participants will be earning benefits after December 31, 2013, the 2015 and 2016 service cost represents only administrative expenses.
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(2) |
During the 2015 third quarter, Huntington transferred the retiree life insurance obligation in a non-participating contract to an insurance carrier. |
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(3) |
Includes expense associated with FirstMerit plans. |
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| Schedule of Allocation of Plan Assets |
Fair value of plan assets consisted of the following investments at September 30, 2016 and December 31, 2015:
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Fair Value |
(dollar amounts in thousands) |
September 30, 2016 (1) |
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December 31, 2015 |
Cash equivalents: |
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Federated-money market |
$ |
161,327 |
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|
15 |
% |
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$ |
15,590 |
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3 |
% |
Fixed income: |
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Corporate obligations |
226,857 |
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22 |
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205,081 |
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34 |
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U.S. government obligations |
99,956 |
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9 |
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64,456 |
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11 |
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Mutual funds-fixed income |
135,092 |
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13 |
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32,874 |
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6 |
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U.S. government agencies |
10,844 |
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1 |
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6,979 |
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1 |
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Equities: |
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Mutual funds-equities |
198,120 |
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19 |
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136,026 |
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23 |
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Preferred stock |
5,195 |
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1 |
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— |
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— |
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Common stock |
181,909 |
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17 |
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120,046 |
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20 |
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Exchange traded funds |
18,729 |
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2 |
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6,530 |
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1 |
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Limited partnerships |
11,297 |
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1 |
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6,635 |
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1 |
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Fair value of plan assets |
$ |
1,049,326 |
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100 |
% |
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$ |
594,217 |
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100 |
% |
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(1) |
Includes assets associated with the FirstMerit Pension Plan totaling $279 million.
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| Schedule of Costs of Retirement Plans |
The following table shows the costs of providing the SERP, SRIP, and defined contribution plans:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
(dollar amounts in thousands) |
2016 |
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2015 |
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2016 |
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2015 |
SERP & SRIP |
$ |
567 |
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$ |
578 |
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$ |
1,879 |
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$ |
1,735 |
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Defined contribution plan |
9,470 |
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|
8,224 |
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|
25,738 |
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|
23,747 |
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Benefit cost |
$ |
10,037 |
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$ |
8,802 |
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$ |
27,617 |
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$ |
25,482 |
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