Sunbeam 2003 Annual Report Download - page 55

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Jarden Corporation
Notes to Consolidated Financial Statements (continued)
The components of net periodic pension and postretirement benefit expense for the years ended
December 31, 2003, 2002 and 2001 are as follows:
Pension Benefits Postretirement Benefits
2003 2002 2001 2003 2002 2001
(in thousands)
Components of net periodic benefit cost:
Service cost ............................... $ 304 $ 334 $ 273 $ 75 $ 72 $ 62
Interest cost ............................... 1,419 973 907 194 119 112
Investment (gain) loss on plan assets .......... (1,959) 937 1,793 — — —
Net amortization and deferral ................ 1,066 (1,798) (2,942) 2 (7) (15)
Net periodic benefit cost .................... $ 830 $ 446 $ 31 $ 271 $ 184 $ 159
The following table is a reconciliation of the projected benefit obligation and the fair value of the
deferred benefit pension plan assets and the status of the Company’s unfunded postretirement benefit
obligation as of December 31:
Pension Benefits
Postretirement
Benefits
2003 2002 2003 2002
(in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year .................. $14,168 $13,217 $ 1,766 $ 1,775
Service cost ......................................... 304 334 75 72
Interest cost ......................................... 1,419 973 194 119
Amendments ........................................ 442 — — —
Actuarial loss (gain) .................................. 1,233 88 1,461 (124)
Acquisition ......................................... 5,177 —
Benefits paid ........................................ (871) (444) (196) (76)
Benefit obligation at end of year ....................... 21,872 14,168 3,300 1,766
Change in plan assets:
Fair value of plan assets at beginning of year ............. 9,704 11,082 — —
Company contributions ............................... 307 143 — —
Actual return on plan assets ........................... 1,959 (937) — —
Acquisition ......................................... 4,268 — — —
Benefits paid ........................................ (955) (584) — —
Fair value of plan assets at end of year ................... 15,283 9,704 — —
Funded status ....................................... (6,589) (4,464) (3,300) (1,766)
Unrecognized prior service cost (benefit) ................ 1,096 768 27 30
Unrecognized net loss (gain) .......................... 3,390 3,026 (240) (242)
Additional minimum liability .......................... (3,990) (3,481) — —
Accrued benefit cost ................................. $(6,093) $(4,151) $(3,513) $(1,978)
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