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Question on Pension Settlement

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jtomm   Thursday, 03/17/16 11:34:40 AM
Re: Knowledge is King post# 22
Post # of 49 
Question on Pension Settlement

Will there be ongoing payments for the pension settlement?

I thought the answer was no, it seemed like a one-time settlement. But the latest 10-K and pr says ESCC will pay $10.5m over 12 years.

In Q3 2015 press release, the company said, "Operating expenses, except for a $3,620 charge for the settlement of the pension liabilities, were lower for the periods presented primarily due to decreased pension expense in the period. The charge for the settlement of the pension liabilities is not a recurring expense item."

But in both the latest press release and 10-K, it says, "the Company issued to the PBGC shares of its common stock held in treasury valued at $71 thousand and agreed to pay the PBGC a series of cash installments over twelve years totaling $10.5 million"

Can anyone clarify this?

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