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Newell Rubbermaid Inc. 2007 Annual Report
63
The Company used a September 30 measurement date for the majority of its pension plans in 2007 and 2006. The following provides a reconciliation of
benefit obligations, plan assets and funded status of the Company’s noncontributory defined benefit pension plans, including the SERP, as of December 31,
(in millions, except percentages):
U.S. International
2007 2006 2007 2006
Change in benefit obligation:
Benefit obligation at January 1 $ 855.8 $ 896.4 $ 543.7 $ 482.5
Service cost 3.8 2.8 7.3 7.3
Interest cost 51.2 51.4 27.7 24.5
Contributions
—
—
0.8
—
Amendments 1.6 0.4
—
—
Actuarial loss (gain) 18.8 (38.8) 0.4 (6.0)
Acquisitions and other
—
—
(0.9) (4.4)
Currency translation
—
—
19.8 64.7
Benefits paid (62.6) (56.5) (24.4) (24.9)
Curtailments, settlement costs
—
0.1 (5.6)
—
Benefit obligation at December 31 $ 868.6 $ 855.8 $ 568.8 $ 543.7
Change in plan assets:
Fair value of plan assets at January 1 $ 711.4 $ 693.7 $ 410.7 $ 340.5
Actual return on plan assets 103.3 68.0 28.8 26.9
Acquisitions and other
—
—
—
(1.1)
Contributions 11.6 6.2 29.7 21.1
Currency translation
—
—
10.8 48.3
Benefits paid (62.6) (56.5) (24.4) (24.9)
Settlement charges and other
—
—
(2.3) (0.1)
Fair value of plan assets at December 31 $ 763.7 $ 711.4 $ 453.3 $ 410.7
Funded status at December 31 $(104.9) $(144.4) $(115.5) $(133.0)
Amounts recognized in the Consolidated Balance Sheets:
Prepaid benefit cost (1) $
—
$
—
$ 1.9 $ 5.7
Accrued current benefit cost (2) (6.7) (6.5) (4.2) (3.8)
Accrued noncurrent benefit cost (3) (98.2) (137.9) (113.2) (134.9)
Total $(104.9) $(144.4) $(115.5) $(133.0)
Amounts recognized in Accumulated Other Comprehensive Loss:
Prior service cost $ (14.1) $ (13.7) $
—
$
—
Net loss (215.5) (248.9) (95.6) (100.1)
Accumulated other comprehensive loss, pre-tax $(229.6) $(262.6) $ (95.6) $(100.1)
Accumulated benefit obligation $ 861.9 $ 845.7 $ 556.4 $ 530.9
(1) Recorded in other assets.
(2) Recorded in other accrued liabilities.
(3) Record in other noncurrent liabilities.