Energizer 2001 Annual Report Download - page 43

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
(Dollars in millions except per share data)
A summary of nonqualiÑed ENR stock options outstanding is as follows (shares in millions):
2001 2000
Weighted-Average Weighted-Average
Shares Exercise Price Shares Exercise Price
Outstanding on October 1, ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7.37 $17.41 Ì $ Ì
Granted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.38 20.30 7.37 17.41
ExercisedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (0.01) 17.00 Ì Ì
Cancelled ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (0.03) 20.00 Ì Ì
Outstanding on September 30, ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7.71 17.54 7.37 17.41
Exercisable on September 30, ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.62 $17.43 Ì $ Ì
The weighted-average remaining contractual life for both the shares outstanding and exercisable at
September 30, 2001 was 8.7 years.
(10) Pension Plans and Other Postretirement BeneÑts
Energizer has several deÑned beneÑt pension plans covering substantially all of its employees in the
United States and certain employees in other countries. The plans provide retirement beneÑts based on years
of service and earnings.
Energizer also sponsors or participates in a number of other non-U.S. pension arrangements, including
various retirement and termination beneÑt plans, some of which are required by local law or coordinated with
government-sponsored plans, which are not signiÑcant in the aggregate and therefore are not included in the
information presented below.
Energizer currently provides other postretirement beneÑts, consisting of health care and life insurance
beneÑts for certain groups of retired employees. Retiree contributions for health care beneÑts are adjusted
periodically, as total costs of the program change. In prior years, Energizer has increased its contributions for
health care beneÑts to partially mitigate the impact of increased medical costs to eligible retirees, although
there is no requirement in Energizer's retiree health plan to do so. The beneÑt obligation as of the beginning of
2001 and prior is computed assuming such increases continue in the future. In 2001, the plan was amended
such that there will not be an increase in the Energizer's contribution rate beyond the level of subsidy to be
provided for calendar 2002. The impact of this amendment was a reduction of the projected beneÑt obligation
of $39.4.
Prior to the spin-oÅ, Energizer employees participated in Ralston's deÑned beneÑt plans. In addition,
certain groups of retirees and management employees were eligible for certain postretirement beneÑts
provided by Ralston.
40