Employee Benefit Plans (Tables)

12 Months Ended

Sep. 30, 2012

Benefit Obligations and Change in Fair Value of Plan Assets for Pension and Other Postretirement Benefit Plans

The following tables provide additional information on the Company’s pension and other postretirement benefit plans which principally relate to Spectrum Brands:


	Pension and Deferred Compensation Benefits						Other Benefits
	2012			2011			2012			2011
Change in benefit obligation
Benefit obligation, beginning of year	$	228,662		$	234,807		$	542		$	527
Service cost		2,048			2,543			12			11
Interest cost		11,436			11,239			27			27
Actuarial (gain) loss		31,251			(9,022	)		(14	)		(21	)
Participant contributions		182			189			—			—
Benefits paid		(10,890	)		(10,189	)		(1	)		(2	)
Foreign currency exchange rate changes		(1,969	)		(905	)		—			—

Benefit obligation, end of year	$	260,720		$	228,662		$	566		$	542

Change in plan assets
Fair value of plan assets, beginning of year	$	143,668		$	140,072		$	—		$	—
Actual return on plan assets		22,290			(501	)		—			—
Employer contributions		13,612			14,912			1			2
Employee contributions		182			189			—			—
Benefits paid		(10,890	)		(10,189	)		(1	)		(2	)
Plan expenses paid		—			(226	)		—			—
Foreign currency exchange rate changes		(241	)		(589	)		—			—

Fair value of plan assets, end of year	$	168,621		$	143,668		$	—		$	—

Accrued Benefit Cost / Funded Status	$	(92,099	)	$	(84,994	)	$	(566	)	$	(542	)

Range of assumptions:
Discount rate		4.0%-13.5	%		4.0%-13.6	%		4.0	%		5.0	%
Expected return on plan assets		4.0%-7.8	%		3.0%-7.8	%		N/A			N/A
Rate of compensation increase		2.3%-5.5	%		0.0%-5.5	%		N/A			N/A

Net Periodic Pension Cost for Defined Benefit Pension Plans

The weighted average expected return on plan assets used for the Company’s domestic plans was approximately 7.6% and approximately 5.4% for its international plans.


	Pension and Deferred Compensation Benefits									Other Benefits
	Year Ended September 30,									Year Ended September 30,
	2012			2011			2010			2012			2011			2010
Components of net periodic benefit cost:
Service cost	$	2,403		$	2,689		$	2,479		$	12		$	11		$	9
Interest cost		11,436			11,239			8,515			27			27			26
Expected return on assets		(9,112	)		(8,835	)		(6,063	)		—			—			—
Amortization of prior service cost		72			—			535			—			—			—
Amortization of transition obligation		—			—			207			—			—			—
Recognized net actuarial (gain) loss		855			8			613			(54	)		(52	)		(58	)

Net periodic cost (benefit)	$	5,654		$	5,101		$	6,286		$	(15	)	$	(14	)	$	(23	)

Summary of Pension Plan Assets as of Measurement Date

Below is a summary allocation of all pension plan assets as of the measurement date.


	Weighted Average Allocation
	Target			Actual
	2012			2012			2011
Asset Category
Equity securities		0-60	%		50	%		47	%
Fixed income securities		0-40	%		21	%		21	%
Other		0-100	%		29	%		32	%

		100	%		100	%		100	%

Expected Future Pension Benefit Payments

The Company’s expected future pension benefit payments for Fiscal 2013 through its fiscal year 2022 are as follows:


Fiscal Year
2013	$	11,196
2014		10,301
2015		10,604
2016		10,939
2017		11,202
2018 to 2022		62,711

Fair Value of Pension Plan Assets

The following table sets forth the fair value of the Company’s pension plan assets:


		September 30,
	Fair Value Hierarchy ^(a)	2012		2011
U.S. defined benefit plan assets:
Mutual funds — equity	Level 1	$	20,520	$	16,516
Common collective trusts — equity	Level 2		25,781		21,024
Common collective trusts — fixed income	Level 2		19,507		18,402
Other	Level 2		607		667

Total U.S. defined benefit plan assets			66,415		56,609

International defined benefit plan assets:
Common collective trusts — equity	Level 2		38,507		29,532
Common collective trusts — fixed income	Level 2		15,661		11,467
Insurance contracts — general fund	Level 2		40,651		37,987
Other	Level 2		7,387		8,073

Total International defined benefit plan assets			102,206		87,059

Total defined benefit plan assets		$	168,621	$	143,668

(a)

The fair value measurements of the Company’s defined benefit plan assets are based on unadjusted quoted prices for identical assets and liabilities in active markets (Level 1) for mutual funds and observable market price inputs (Level 2) for common collective trusts and other investments. Each collective trust’s valuation is based on its calculation of net asset value per share reflecting the fair value of its underlying investments. Since each of these collective trusts allows redemptions at net asset value per share at the measurement date, its valuation is categorized as a Level 2 fair value measurement. The fair values of insurance contracts and other investments are also based on observable market price inputs (Level 2).