Rayovac 2015 Annual Report Download - page 142
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SPECTRUM BRANDS HOLDINGS, INC.
SB/RH HOLDINGS, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
The following tables provide additional information on the Company’s pension plans as of September 30,
2015 and 2014:
U.S. Plans Non U.S. Plans
2015 2014 2015 2014
(in millions)
Changes in benefit obligation:
Benefit obligation, beginning of year ................. $70.9 $ 66.9 $ 196.2 $ 189.2
Obligations assumed from acquisitions ................ — — 0.6 —
Transfer of obligation ............................. — — (1.8) —
Service cost ..................................... 0.4 0.2 2.6 3.0
Interest cost ..................................... 2.9 3.0 6.2 7.4
Actuarial (gain) loss ............................... 3.3 4.3 10.6 8.6
Curtailments ..................................... — — (0.9) —
Participant contributions ........................... — — — 0.1
Benefits paid .................................... (3.6) (3.5) (11.8) (6.2)
Foreign currency exchange rate changes ............... — — (17.3) (5.9)
Benefit obligation, end of year ...................... $73.9 $ 70.9 $ 184.4 $ 196.2
Changes in plan assets:
Fair value of plan assets, beginning of year ............. $62.4 $ 58.5 $ 126.5 $ 117.0
Actual return on plan assets ......................... (1.2) 4.8 3.6 7.7
Employer contributions ............................ 0.6 2.6 7.8 10.3
Employee contributions ............................ — — — 0.1
Benefits paid .................................... (3.6) (3.5) (11.8) (6.2)
Foreign currency exchange rate changes ............... — — (9.2) (2.4)
Fair value of plan assets, end of year ...................... $58.2 $ 62.4 $ 116.9 $ 126.5
Funded Status ........................................ $(15.7) $ (8.5) $ (67.5) $ (69.7)
Amounts recognized in statement of financial position
Deferred charges and other ......................... $ — $ — $ — $ 1.7
Other accrued expenses ............................ 0.6 0.6 2.2 2.9
Other long-term liabilities .......................... 15.1 7.9 65.3 68.5
Accumulated other comprehensive income (loss) ........ (20.4) (11.7) (23.4) (20.9)
Weighted average assumptions
Discount rate .................................... 4.25% 4.15% 1.75 - 13.81% 2.00 - 13.50%
Expected return on plan assets ....................... 7.25% 7.50% 3.50 - 5.26% 2.00 - 5.26%
Rate of compensation increase ...................... N/A N/A 2.25 - 5.50% 2.25 - 5.50%
Amounts reclassified from Accumulated Other Comprehensive Loss associated with employee benefit plan
costs and recognized on the Company’s Consolidated Statements of Operations for the years ended
September 30, 2015, 2014 and 2013 were as follows:
2015 2014 2013
(in millions)
Cost of goods sold ........................................ $0.6 $0.6 $ 1.5
Selling expenses ......................................... 0.3 0.3 (0.6)
General and administrative expenses ......................... 0.5 0.5 0.4
Amounts reclassified from accumulated other comprehensive
loss ................................................. $1.4 $1.4 $ 1.3
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