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Newell Rubbermaid Inc. 2009 Annual Report
64
Defined Benefit Pension Plans
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
2009 2008 2009 2008
Change in benefit obligation:
Benefit obligation at beginning of period $ 863.7 $ 868.6 $ 391.6 $ 568.8
Service cost 4.8 4.5 4.9 6.6
Interest cost 52.1 52.2 24.5 29.2
Actuarial (gain) loss 49.3 (2.8) 71.6 (77.2)
Acquisitions — — — 10.0
Currency translation — — 35.0 (117.3)
Benefits paid (1) (59.1) (70.6) (22.5) (26.5)
Measurement date adoption adjustments (2) — 11.8 — 2.0
Curtailments, settlement costs and other — — (5.3) (4.0)
Benefit obligation at end of period $ 910.8 $ 863.7 $ 499.8 $ 391.6
Change in plan assets:
Fair value of plan assets at beginning of period $ 492.4 $ 763.7 $ 362.9 $ 453.3
Actual return on plan assets (1) 60.9 (208.7) 11.2 34.1
Acquisitions — — — 8.9
Contributions 82.7 8.0 21.0 24.6
Currency translation — — 36.5 (124.7)
Benefits paid (1) (59.1) (70.6) (22.5) (26.5)
Settlement charges and other — — 1.5 (6.8)
Fair value of plan assets at end of period $ 576.9 $ 492.4 $ 410.6 $ 362.9
Funded status at end of period $ (333.9) $ (371.3) $ (89.2) $ (28.7)
Amounts recognized in the Consolidated Balance Sheets:
Prepaid benefit cost, included in other assets $ — $ — $ 3.5 $ 45.2
Accrued current benefit cost, included in other accrued liabilities (11.7) (7.0) (4.0) (3.8)
Accrued noncurrent benefit cost, included in other noncurrent liabilities (322.2) (364.3) (88.7) (70.1)
Total $ (333.9) $ (371.3) $ (89.2) $ (28.7)
Amounts recognized in AOCI:
Prior service cost $ (11.5) $ (12.9) $ — $ —
Net loss (522.0) (484.7) (81.2) (3.5)
AOCI, pre-tax $ (533.5) $ (497.6) $ (81.2) $ (3.5)
Accumulated benefit obligation $ 904.2 $ 854.1 $ 489.1 $ 378.9
(1) For plans with September 30 measurement dates prior to January 1, 2008, the 2008 amounts include activity for the 15 month period from October 1, 2007 to December 31, 2008.
(2) Adjustment for service and interest costs for the three months ended December 31, 2007 relating to the adoption of the measurement date provisions of relevant authoritative guidance for plans
historically measured at September 30.
U.S. International
2009 2008 2009 2008
Weighted-average assumptions used to determine benefit obligation:
Discount rate 5.75% 6.25% 5.68% 6.01%
Long-term rate of compensation increase 3.00% 4.00% 4.20% 3.94%