Sunbeam 2009 Annual Report Download - page 69

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Funded Status
The following provides a reconciliation of the benefit obligation, plan assets and the funded status of the pension and postretirement
plans as of December 31, 2009 and 2008:
Postretirement
Pension Benefits Benefits
2009 2008 2009 2008
(In millions) Domestic Foreign Total Domestic Foreign Total
Change in benefit obligation:
Benefit obligation at beginning of year $ 308.1 $ 32.2 $ 340.3 $ 307.6 $ 37.4 $ 345.0 $ 8.4 $ 18.7
Service cost 0.2 0.9 1.1 0.2 1.0 1.2 0.1 0.2
Interest cost 18.4 1.8 20.2 18.3 1.9 20.2 0.5 1.1
Curtailments and settlements (1.2) (0.2) (1.4) (0.7) (1.6) (2.3) — —
Amendments — — — — — — — (8.8)
Actuarial loss (gain) 12.7 0.4 13.1 5.7 (1.3) 4.4 — (2.6)
Participant contributions — — — — 0.1 0.1 0.5 0.7
Benefits paid (21.8) (1.8) (23.6) (26.9) (2.3) (29.2) (1.3) (1.3)
Adjustment to initially apply the measurement
date provisions of Guidance for benefit
obligations (see Note 2) — — — 3.9 0.4 4.3 — 0.3
Foreign currency translation and other — 1.8 1.8 — (3.4) (3.4) — 0.1
Benefit obligation at end of year (1) 316.4 35.1 351.5 308.1 32.2 340.3 8.2 8.4
Change in plan assets:
Fair value of plan assets
at beginning of year $ 186.4 $ 17.2 $ 203.6 $ 259.7 $ 22.8 $ 282.5 $ — $ —
Actual return on plan assets 33.4 1.7 35.1 (61.9) (1.1) (63.0) — —
Company contributions 7.5 1.7 9.2 16.2 2.1 18.3 0.8 0.6
Settlements (1.2) (0.2) (1.4) (0.7) (1.0) (1.7) — —
Participant contributions — — — — 0.1 0.1 0.5 0.7
Benefits paid (21.8) (1.8) (23.6) (26.9) (2.3) (29.2) (1.3) (1.3)
Foreign currency translation and other — 1.6 1.6 — (3.4) (3.4) — —
Fair value of plan assets at end of year 204.3 20.2 224.5 186.4 17.2 203.6 — —
Net (liability) recognized in the
consolidated balance sheet $(112.1) $ (14.9) $(127.0) $ (121.7) $ (15.0) $(136.7) $ (8.2) $ (8.4)
Assumptions
Weighted average assumption used to calculate
benefit obligation:
Discount rate 5.79% 5.20% 5.73% 6.19% 5.57% 6.13% 5.85% 6.25%
Rate of compensation increase — 3.32% 3.32% — 2.95% 2.95% — 3.00%
Healthcare cost trend rate:
Current:
Pre-Age 65 — — — — — — 7.00% 7.25%
Post-Age 65 — — — — — — 7.40% 7.75%
Ultimate — — — — — — 4.50% 4.50%
(1) The accumulated benefit obligation for all defined benefit pension plans was $349.4 and $338.5 at December 31, 2009 and 2008, respectively.
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2009
(Dollars in millions, except per share data and unless otherwise indicated)
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