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Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2010 (Dollars in millions, except per share data and unless otherwise indicated)
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, 2010 and 2009:
Pension Benefits
Postretirement
Benefits
2010 2009 2010 2009
(In millions) Domestic Foreign Total Domestic Foreign Total
Change in benefit obligation:
Benefit obligation at beginning of year $ 316.4 $ 35.1 $ 351.5 $ 308.1 $ 32.2 $ 340.3 $ 8.2 $ 8.4
Acquisitions — 21.9 21.9 — — — 6.2 —
Service cost 0.2 1.6 1.8 0.2 0.9 1.1 0.3 0.1
Interest cost 17.6 2.5 20.1 18.4 1.8 20.2 0.7 0.5
Curtailments and settlements (15.9) (0.4) (16.3) (1.2) (0.2) (1.4) — —
Amendments — 0.3 0.3 — — — — —
Actuarial loss (gain) 18.0 0.7 18.7 12.7 0.4 13.1 0.6 —
Participant contributions — — — — — — 0.5 0.5
Benefits paid (23.2) (3.0) (26.2) (21.8) (1.8) (23.6) (1.2) (1.3)
Foreign currency translation and other — (0.4) (0.4) — 1.8 1.8 — —
Benefit obligation at end of year (1) 313.1 58.3 371.4 316.4 35.1 351.5 15.3 8.2
Change in plan assets:
Fair value of plan assets at beginning of year $ 204.3 $ 20.2 $ 224.5 $ 186.4 $ 17.2 $ 203.6 $ — $ —
Acquisitions — 7.6 7.6 — — — — —
Actual return on plan assets 16.4 1.8 18.2 33.4 1.7 35.1 — —
Company contributions 40.0 3.3 43.3 7.5 1.7 9.2 0.7 0.8
Settlements (15.9) (0.2) (16.1) (1.2) (0.2) (1.4) — —
Participant contributions — — — — — — 0.5 0.5
Benefits paid (23.2) (3.0) (26.2) (21.8) (1.8) (23.6) (1.2) (1.3)
Foreign currency translation and other — (0.4) (0.4) — 1.6 1.6 — —
Fair value of plan assets at end of year 221.6 29.3 250.9 204.3 20.2 224.5 — —
Net (liability) recognized in the consolidated
balance sheet $ (91.5) $ (29.0) $ (120.5) $ (112.1) $ (14.9) $ (127.0) $ (15.3) $ (8.2)
Assumptions
Weighted average assumption used to calculate benefit obligation:
Discount rate 5.25% 4.78% 5.18% 5.79% 5.20% 5.73% 5.50% 5.85%
Rate of compensation increase —% 2.98% 2.98% —% 3.32% 3.32% —% —%
Healthcare cost trend rate:
Current:
Pre-Age 65 — — — — — — 7.50% 7.00%
Post-Age 65 — — — — — — 7.50% 7.40%
Ultimate — — — — — — 4.50% 4.50%
(1) The accumulated benefit obligation for all defined benefit pension plans was $367 and $349 at December 31, 2010 and 2009, respectively.
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