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Pension assets consist primarily of listed common stocks and bonds. The U.S. plan held approximately 1.7 million shares of Energizer common stock at September 30, 2000, with a market value of $42.4. 

The following table presents pension and postretirement expense for the period subsequent to the spin-off (six months ended September 30, 2000). 

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The following table presents assumptions, which reflect weighted- averages for the component plans, used in determining the above information. 

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Assumed health care cost trend rates have been used in the valuation of postretirement health insurance benefits. The trend rate is 6.5% in 2000 and thereafter for all retirees. A one percentage point increase in health care cost trend rates in each year would increase the accumulated postretirement benefit obligation as of September 30, 2000 by $4.9 and the net periodic postretirement benefit cost by $.4. A one percentage point decrease in the health care cost trend rates in each year would decrease the accumulated postretirement benefit obligation as of September 30, 2000 by $4.4 and the net periodic postretirement benefit cost for 2000 by $.3. 

Pre-Spin Pension Plans and Other Postretirement Benefits Prior to the spin-off, Energizer participated in Ralston’s noncontributory defined benefit pension plans (Plans), which covered substantially all regular employees in the United States and certain employees in other countries. In fiscal 1999, Ralston amended the qualified U.S. Pension Plan to allow employees to make an irrevocable election effective January 1, 1999 between two pension benefit formulas. Prior to this time, one benefit formula was used. Also effective January 1, 1999, assets of the Plan provide employee benefits in addition to normal retirement benefits. The additional benefit was equal to a 300% match on participants’ after-tax contributions of 1% or 1.75% to the Savings Investment Plan. The cost of the Plans allocated to Energizer was based on Energizer’s percentage of the total liability of the Plans, as shown in the table below. 

Certain other foreign pension arrangements, that included various retirement and termination benefit plans, some of which are required by local law or coordinated with government-sponsored plans, were not material in the aggregate. 

Prior to the spin-off, Ralston provided health care and life insurance benefits for certain groups of retired Energizer employees who met specified age and years of service requirements. The cost of these benefits was allocated to Energizer based on Energizer’s percentage of the total liability related to these benefits. Ralston also sponsored plans whereby certain management employees could defer compensation for cash benefits after retirement. The cost of these postretirement benefits is shown in the table below. 

The following table presents the net expense/(income) allocated to Energizer for the respective plans prior to the spin-off. 

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