Company: MWA
Filing Date: 2025-11-19
Form Type: 10-K
Source: 0001350593-25-000066
Chunk: 43

Company: Mueller Water Products, Inc.
Filing Date: 2025-11-19
Form: 10-K
Item: Item 8
Chunk 43
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 We were in compliance with all required covenants as of September 30, 2025.  There are no financial maintenance covenants associated with the Indenture. We may redeem some or all of the 4.0% Senior Notes at any time after June 15, 2024, at specified redemption prices.  Upon a Change of Control (as defined in the Indenture), we could be required to offer to purchase the 4.0% Senior Notes at a price equal to 101% of the outstanding principal amount if there is a Ratings Decline (as defined in the Indenture).

Note 8.    Retirement Plans 

Defined Benefit Plans.  We have a defined benefit plan (“Pension Plan”) that we fund in accordance with its requirements and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws.  The Pension Plan provides benefits based on years of service and compensation or at stated amounts for each year of service with an annual measurement date of September 30.A summary of key assumptions for the valuations of the Pension Plan is as follows:September 30, 202520242023Weighted average used to determine benefit obligations:Discount rate5.47 %5.07 %6.29 %Weighted average used to determine net periodic cost:Discount rate 5.07 %6.29 %5.79 %Expected return on plan assets5.75 %5.75 %5.75 %The discount rate for determining the present value of pension obligations was selected using a “bond settlement” approach, which constructs a hypothetical bond portfolio that could be purchased such that the coupon payments and maturity values could be used to satisfy the projected benefit payments.  The discount rate is the equivalent rate that results in the present value of the projected benefit payments equaling the market value of this bond portfolio.  The bond portfolio includes only high-quality corporate bonds (AA graded or higher) that are either non-callable or callable within one year of maturity.  We rely on the Pension Plan’s actuaries to assist in the development of the discount rate model.The expected return on plan assets is determined with the assistance of the Pension Plan’s actuaries and investment consultants.  Expected return on plan assets was developed using forward-looking returns over a time horizon of approximately 20 years for major asset classes along with projected risk and historical correlations.

F- 24

Table of ContentsIndex to Financial Statements

Amounts recognized for the