Sunbeam 2007 Annual Report Download - page 108
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Amounts recognized in the Company’s Consolidated Balance Sheets consist of (in millions):
Pension Benefits Postretirement Benefits
2007 2006 2007 2006
Other Assets .................................... $ 0.9 $ — $ — $ —
Accrued benefit cost .............................. (62.0) (66.6) (18.6) (19.6)
Net amount recognized ............................ $61.1 $(66.6) $(18.6) $(19.6)
Summary of under-funded or non-funded pension benefit plans with projected benefit obligation in excess
of plan assets as of December 31, 2007 and 2006 (in millions):
Pension Benefits
2007 2006
Projected benefit obligation ........................................... $337.8 $267.1
Fair value of plan assets .............................................. 274.5 198.6
Summary of pension plans with accumulated benefit obligations in excess of plan assets (in millions):
Pension Benefits
2007 2006
Accumulated benefit obligation ........................................ $335.7 $265.0
Fair value of plan assets .............................................. 274.5 198.3
The return on plan assets reflects the weighted-average of the long-term rates of return for the broad
categories of investments held in the Company’s defined benefit pension plans. The expected long-term rate of
return is adjusted when there are fundamental changes in expected returns on the Company’s defined benefit
pension plan’s investments.
The Company’s investment strategy for its defined benefit pension plans is to maximize the long-term rate
of return on plans assets within an acceptable level of risk in order to minimize the cost of providing pension
benefits. The Company’s target asset allocation for 2007 and 2006 is as follows: equities—55%-65%; bonds—
25%-40% and cash and money funds—0%-20%.
The allocation percentage of plan assets follows:
2007 2006
Asset allocation:
Equity securities and funds .......................................... 56.8% 55.7%
Debt securities and funds ........................................... 31.6 22.5
Other ........................................................... 11.6 21.8
Total ....................................................... 100.0% 100.0%
Domestic Contributions
In 2008, the Company expects to make cash contributions of approximately $30.1 and $1.3 to its domestic
pension and postretirement plans, respectively. These contributions are for both funded and unfunded plans and
are net of participant contributions.
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