Rayovac 2009 Annual Report Download - page 193

Table of Contents
Index to Financial Statements SPECTRUM BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The following tables provide additional information on the Company’s pension and other postretirement benefit plans:
Successor
Company Predecessor Company Successor Company Predecessor Company
Pension and Deferred
Compensation Benefits Other Benefits
2009 2008 2009 2008
Change in benefit obligation
Benefit obligation, beginning of year $ 112,444 $ 118,589 $ 402 $ 458
Service cost 2,279 2,616 6 13
Interest cost 7,130 6,475 26 27
Other events — 66 — —
Actuarial (gain) loss 17,457 (9,874) 51 (75)
Participant contributions 334 320 — —
Benefits paid (6,353) (8,159) (9) (21)
Foreign currency exchange rate changes (539) (659) — —
Benefit obligation, end of year $ 132,752 $ 109,374 $ 476 $ 402
Change in plan assets
Fair value of plan assets, beginning of year $ 70,412 $ 73,422 $ — $ —
Actual return on plan assets 1,564 (3,301) — —
Employer contributions 9,749 7,344 9 21
Employee contributions 3,626 2,081 — —
Benefits paid (6,353) (8,159) (9) (21)
Plan expenses paid (222) (178) — —
Foreign currency exchange rate changes (431) (797) — —
Fair value of plan assets, end of year $ 78,345 $ 70,412 $ — $ —
Funded status before fourth quarter contributions $ (54,407) $ (38,962) $ (476) $ (402)
Fourth quarter contributions — 548 — —
Accrued Benefit Cost $ (54,407) $ (38,414) $ (476) $ (402)
Weighted−average assumptions:
Discount rate 5.0%−11.8% 5.0%−11.8% 5.5% 6.75%
Expected return on plan assets 4.5%−8.0% 4.5%−8.0% N/A N/A
Rate of compensation increase 0%−4.6% 0%−4.6% N/A N/A
The net underfunded status as of September 30, 2009 of $54,407 is recognized in the accompanying Consolidated Statement of Financial Position
within Employee benefit obligations, net of current portion. Included in the Successor Company’s AOCI as of September 30, 2009 are unrecognized net
losses of $220 which have not yet been recognized as components of net periodic pension cost. The net loss in AOCI expected to be recognized during
Fiscal 2010 is $83.
At September 30, 2009, the Successor Company’s total pension and deferred compensation benefit obligation of $132,752 consisted of $44,842
associated with U.S. plans and $87,910 associated with international plans. The fair value of the Successor Company’s assets of $78,345 consisted of
$33,191 associated with U.S. plans and $45,154 associated with international plans. The weighted average discount rate used for the Successor
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