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62 Jarden Corporation Annual Report 2012
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2012 (Dollars in millions, except per share data and unless otherwise indicated)
Funded Status
The following table provides a reconciliation of the benefit obligation, plan assets and the funded status of the pension and
postretirement plans as of December 31, 2012 and 2011:
Pension Benefits
Postretirement
Benefits
2012 2011 2012 2011
(In millions) Domestic Foreign Total Domestic Foreign Total
Change in benefit obligation:
Benefit obligation at beginning of year $ 334.3 $ 60.9 $ 395.2 $ 313.1 $ 58.3 $ 371.4 $ 7.8 $ 15.3
Acquisitions — — — — — — — —
Service cost 0.2 1.9 2.1 0.2 1.9 2.1 0.1 0.3
Interest cost 14.5 2.6 17.1 15.9 2.8 18.7 0.3 0.7
Curtailments and settlements — (0.7) (0.7) (1.7) (0.2) (1.9) — —
Amendments — 0.3 0.3 — — — — (8.1)
Actuarial loss (gain) 21.1 8.6 29.7 27.8 2.7 30.5 (0.3) —
Participant contributions — — — — — — 0.3 0.4
Benefits paid (21.7) (2.9) (24.6) (21.0) (3.1) (24.1) (0.6) (0.8)
Foreign currency translation and other — 0.9 0.9 — (1.5) (1.5) — —
Benefit obligation at end of year (a) 348.4 71.6 420.0 334.3 60.9 395.2 7.6 7.8
Change in plan assets:
Fair value of plan assets at beginning of year $ 234.6 $ 30.2 $ 264.8 $ 221.6 $ 29.3 $ 250.9 $ — $ —
Acquisitions — — — — — — — —
Actual return on plan assets 27.7 1.5 29.2 9.5 1.3 10.8 — —
Company contributions 15.9 4.3 20.2 26.2 3.8 30.0 0.3 0.4
Settlements — (0.7) (0.7) (1.7) (0.2) (1.9) — —
Participant contributions — — — — — — 0.3 0.4
Benefits paid (21.7) (2.9) (24.6) (21.0) (3.1) (24.1) (0.6) (0.8)
Foreign currency translation and other — 1.1 1.1 — (0.9) (0.9) — —
Fair value of plan assets at end of year 256.5 33.5 290.0 234.6 30.2 264.8 — —
Net (liability) recognized in the
consolidated balance sheet $ (91.9) $ (38.1) $ (130.0) $ (99.7) $ (30.7) $ (130.4) $ (7.6) $ (7.8)
Assumptions
Weighted average assumption used to calculate benefit obligation:
Discount rate 3.95% 3.34% 3.85% 4.50% 4.30% 4.47% 3.90% 4.40%
Rate of compensation increase — 2.56% 2.56% — 2.51% 2.51% — —
Healthcare cost trend rate:
Current:
Pre-Age 65 — — — — — — 6.75% 7.00%
Post-Age 65 — — — — — — 6.75% 7.00%
Ultimate — — — — — — 4.50% 4.50%
(a) The accumulated benefit obligation for all defined benefit pension plans was $414 and $390 at December 31, 2012 and 2011, respectively.