Rayovac 2007 Annual Report Download - page 62

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60 SPECTRUM BRANDS | 2007 ANNUAL REPORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Spectrum Brands, Inc.
The following tables provide additional information on the Company’s pension and other postretirement benefi t plans:
Pension and Deferred
Compensation Benefits Other Benefits
2007 2006 2007 2006
Change in benefit obligation
Benefit obligation, beginning of year $ 113,391 $ 116,140 $ 5,298 $ 5,823
Liabilities assumed with acquisitions – – – –
Service cost 3,197 4,686 223 614
Interest cost 6,294 5,215 163 299
Other events – (571) – –
Actuarial loss (gain) (8,975) (11,855) 157 (1,204)
Gain on curtailment 694 – (5,147) –
Participant contributions 119 115 – –
Benefits paid (4,414) (4,410) (236) (234)
Foreign currency exchange rate changes 8,283 4,071 – –
Benefit obligation, end of year $ 118,589 $ 113,391 $ 458 $ 5,298
Change in plan assets
Fair value of plan assets, beginning of year $ 63,133 $ 54,884 $ – $ –
Assets acquired with acquisitions – – – –
Actual return on plan assets 5,864 3,974 – –
Employer contributions 4,882 6,886 236 233
Employee contributions 119 115 – 1
Benefits paid (4,414) (4,410) (236) (234)
Assets transferred out (216) (156) – –
Plan expenses paid (198) (75) – –
Foreign currency exchange rate changes 4,252 1,915 – –
Fair value of plan assets, end of year $ 73,422 $ 63,133 $ – $ –
Funded status before fourth quarter contributions $ (45,167) $ (50,258) $ (458) $ (5,298)
Fourth quarter contributions 4,352 – – –
Funded status after fourth quarter contributions (40,815) (50,258) (458) (5,298)
Unrecognized net transition obligation – – – 161
Unrecognized prior service cost – 2,773 – –
Unrecognized net actuarial loss (gain) – 15,999 – (1,320)
Adjustment for minimum liability – (19,409) – –
Accrued benefit cost $ (40,815) $ (50,895) $ (458) $ (6,457)
Weighted average assumptions:
Discount rate 4.50%-6.25% 4.55%-6.25% 6.25% 6.25%
Expected return on plan assets 4.5%-8.0% 4.0%-8.0% N/A N/A
Rate of compensation increase 0%-4.4% 0%-4.1% N/A N/A