Arabic
Chinese (Simplified)
English
French
German
Portuguese
Russian
Spanish
CF Industries offloads $375 million in U.S. pension liabilities
CF Industries Holdings Inc., Deerfield, Ill., purchased a group annuity contract from an insurance company to transfer about $375 million in U.S. pension plan liabilities.
The agricultural chemical company purchased the contract from the undisclosed insurer on July 22 and was funded with plan assets, according to an 8-K filing with the Securities and Exchange Commission Tuesday.
The insurer will take on the benefit-paying responsibility for about 4,000 retirees and beneficiaries, according to the filing.
The company expects to recognize a non-cash pre-tax settlement loss of about $25 million in the third quarter, according to the filing.
As of Dec. 31, the company’s U.S. and Canadian pension plan assets totaled $830 million, while projected benefit obligations totaled $841 million, for a funding ratio of 98.7%, according to its most recent 10-K filing. The filing did not break down the assets by nation.
Company spokesman Chris Close could not be immediately reached for further information.
Read more @Pionline
350 views
