Rayovac 2005 Annual Report Download - page 106

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The following tables provide additional information on the Company’s pension and other postretirement
benefi t plans:
Pension and Deferred
Compensation Benefits Other Benefits
2005 2004 2005 2004
Change in benefit obligation
Benefit obligation, beginning of year $ 81,446 $ 77,623 $ 3,102 $ 3,042
Liabilities assumed with acquisitions 5,868 – – –
Service cost 2,319 1,733 293 269
Interest cost 4,695 3,973 186 175
Other events 832 190 – –
Actuarial loss (gain) 14,390 (1,096) (155) (128)
Gain on curtailment (92) (110) – –
Participant contributions 113 – – –
Benefits paid (3,237) (4,154) (186) (256)
Foreign currency exchange rate changes (2,394) 3,287 – –
Benefit obligation, end of year $103,940 $ 81,446 $ 3,240 $ 3,102
Change in plan assets
Fair value of plan assets, beginning of year $ 36,598 $ 32,105 $ – $ –
Assets acquired with acquisitions 4,650 – – –
Actual return on plan assets 2,510 3,204 – –
Employer contributions 1,816 2,646 201 256
Employee contributions 184 255 – –
Benefits paid (1,766) (2,769) (201) (256)
Assets transferred out (96) – – –
Plan expenses paid (110) (59) – –
Foreign currency exchange rate changes (793) 1,216 – –
Fair value of plan assets, end of year $ 42,993 $ 36,598 $ – $ –
Funded status $ (60,947) $(44,848) $(3,240) $(3,102)
Unrecognized net transition obligation 34 78 190 218
Unrecognized prior service cost 3,158 1,991 – –
Unrecognized net actuarial loss (gain) 21,020 14,136 (400) (261)
Adjustment for minimum liability (24,215) (16,209) – –
Accrued benefit cost $ (60,950) $(44,852) $(3,450) $(3,145)
Weighted average assumptions:
Discount rate 4.00%-6.25% 5.25%-6.25% 6.25% 6.25%
Expected return on plan assets 4.0%-9.5% 4.0%-8.5% N/A N/A
Rate of compensation increase 0%-4.5% 0%-4.5% N/A N/A
At September 30, 2005, the Company’s total pension and deferred compensation benefi t obligation of
$103,940 consisted of $41,651 associated with U.S. plans and $62,289 associated with international plans.
The fair value of the Company’s assets of $42,993 consisted of $21,195 associated with U.S. plans and
$21,798 associated with international plans. The weighted average discount rate used for our domestic plans
was approximately 5.9% and approximately 4.5% for our international plans. The weighted average expected
return on plan assets used for our domestic plans was approximately 8.7% and approximately 6.1% for our
international plans.
At September 30, 2004, the Company’s total pension and deferred compensation benefi t obligation of
$81,446 consisted of $28,771 associated with U.S. plans and $52,675 associated with international plans.
The fair value of the Company’s assets of $36,598 consisted of $16,075 associated with U.S. plans and
$20,523 associated with international plans. The weighted average discount rate used for our domestic plans
was approximately 6.3% and approximately 5.5% for our international plans. The weighted average expected
return on plan assets used for our domestic plans was approximately 8.5% and approximately 5.6% for our
international plans.
2005 Form 10-K Annual Report
Spectrum Brands, Inc.
SPECTRUM BRANDS, INC.86