Energizer 2002 Annual Report Download - page 38

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ENR 2002 Annual Report Page 36
The following tables present the benefit obligation and funded status of the plans:
PENSION POSTRETIREMENT
SEPTEMBER 30, 2002 2001 2002 2001
Change in Benefit Obligation:
Benefit obligation at beginning of year $ 405.4 $ 351.6 $ 54.4 $ 83.7
Service cost 16.6 16.6 0.1 0.2
Interest cost 26.5 24.5 3.6 6.1
Plan participants’ contributions 0.6 0.5 ––
Actuarial (gain)/loss 20.1 20.3 (5.7) 5.8
Benefits paid (32.7) (18.4) (2.7) (1.8)
Foreign currency exchange rate changes 5.1 2.0 –(0.2)
Special termination benefits –8.3 – –
Amendments –– –(39.4)
Benefit obligation at end of year $ 441.6 $ 405.4 $ 49.7 $ 54.4
Change in Plan Assets:
Fair value of plan assets at beginning of year $ 495.4 $ 557.7 $ 2.3 $1.9
Actual return on plan assets (7.9) (49.0) – 0.4
Company contributions 2.5 2.6 2.7 1.8
Plan participants’ contributions 0.6 0.5 2.7 2.0
Benefits paid (32.7) (18.4) (5.5) (3.8)
Foreign currency exchange rate changes 5.1 2.0 0.1 –
Fair value of plan assets at end of year $ 463.0 $ 495.4 $ 2.3 $2.3
Funded Status:
Funded status of the plan $ 21.4 $ 90.0 $ (47.4) $ (52.1)
Unrecognized net loss/(gain) 87.1 6.7 (2.6) 3.1
Unrecognized prior service cost 0.2 0.2 (40.3) (42.7)
Unrecognized net transition asset 1.4 1.3 ––
Prepaid/(accrued) benefit cost $ 110.1 $ 98.2 $ (90.3) $ (91.7)
Amounts Recognized in the Consolidated Balance Sheet:
Prepaid benefit cost $ 119.8 $ 106.2 $ – $–
Accrued benefit liability (12.6) (10.0) (90.3) (91.7)
Intangible asset 0.2 0.2 ––
Accumulated other comprehensive income 2.7 1.8 ––
Net amount recognized $ 110.1 $ 98.2 $ (90.3) $ (91.7)
Energizer Holdings, Inc.
Notes to Consolidated Financial Statements Continued
(Dollars in millions, except per share data)
The accumulated benefit obligation and fair value of plan assets for the
pension plans with accumulated benefit obligations in excess of plan
assets were $61.3 and $41.3, respectively, as of September 30, 2002 and
$11.0 and zero, respectively, as of September 30, 2001.
Pension assets consist primarily of listed common stocks and bonds. The
U.S. plan held 1.7 million shares of ENR stock in both 2002 and 2001. The
market value of such stock was $52.6 and $28.8, at September 30, 2002
and 2001, respectively.