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34
Energizer Holdings, Inc. 2007 Annual Report
The following tables present the benefit obligation, plan assets and funded status of the plans:
Pension Postretirement
September 30, 2007 2006 2007 2006
Change in Projected Benefit Obligation
Benefit obligation at beginning of year $790.9 $754.5 $ 51.6 $ 61.5
Service cost 29.9 26.3 0.4 0.3
Interest cost 41.3 38.4 2.9 3.3
Plan participants’ contributions 1.2 1.2 ––
Actuarial (gain)/loss (28.8) 5.8 (17.6) (12.1)
Benefits paid (42.3) (36.8) (2.5) (1.6)
Plan amendments –(10.1) ––
Foreign currency exchange rate changes 23.2 11.6 0.7 0.2
Projected benefit obligation at end of year $815.4 $790.9 $ 35.5 $ 51.6
Change in Plan Assets
Fair value of plan assets at beginning of year $704.8 $667.4 $2.4 $2.2
Actual return on plan assets 100.0 50.1 0.1 0.4
Company contributions 18.2 16.2 2.0 1.4
Plan participants’ contributions 1.2 1.2 4.1 6.0
Benefits paid (42.3) (36.8) (6.6) (7.6)
Foreign currency exchange rate changes 13.3 6.7 ––
Fair value of plan assets at end of year $795.2 $704.8 $2.0 $2.4
Funded status at end of year $ (20.2) $ (86.1) $(33.5) $(49.2)
Unrecognized net transition obligation n/a 1.3 n/a –
Unrecognized prior service benefit n/a (9.2) n/a (28.1)
Unrecognized net loss/(gain) n/a 116.1 n/a (9.0)
Prepaid (accrued) benefit cost n/a 22.1 n/a (86.3)
The following table presents the amounts recognized in the Consolidated Balance Sheet and Consolidated Statement of Shareholders Equity.
Pension Postretirement
September 30, 2007 2006 2007 2006
Amounts Recognized in the Consolidated Balance Sheet
Non current assets 125.2 88.1 ––
Intangible asset n/a 4.4 ––
Current liabilities (6.2) –(0.9) –
Non current liabilities (139.2) (116.8) (32.6) (86.3)
Net amount recognized $ (20.2) $ (24.3) $(33.5) $(86.3)
Amounts Recognized in Accumulated Other Comprehensive Income
Net loss/(gain) 38.2 –(26.4) –
Prior service benefit (7.4) –(25.9) –
Transition obligation 1.8 –––
Minimum pension –46.4 ––
Net amount recognized, pre-tax $ 32.6 $ 46.4 $(52.3) $ –
Notes to Consolidated Financial Statements
(Dollars in millions, except per share and percentage data)