So, with IBM having lowered there pension plan return for '03 to a paltry 8.5%
Would anyone care to comment on the threefold increase in Receivables for IBM in Q3?
Call me a cynic.
Guess it all just means IBM will have to come up with some of the usual end of the quarter non recurring asset sales which are included as normal operating revenues/earnings. Wonder what asset sales occured on Dec 30 or 31 that aren't being disclosed. For a company whose press machines run 24x7 it's amazing how they fail to mention some of the more important stuff.
Lastly can'y help but notice at what time the press release occured. Guess they want to make sure everybody gets copied.
IBM Makes Year-End Contribution to U.S. Pension Fund
TUESDAY, DECEMBER 31, 2002 9:37 PM
- BusinessWire
IBM Contributes $3.95 Billion to Pension
Wed Jan 1,10:03 AM ET
ARMONK, N.Y. (Reuters) - International Business Machines Corp. (NYSE:IBM - news) said on Tuesday that it had contributed $3.95 billion in cash and stock to its U.S. pension plan, which declined in value after the stock market bubble popped in 2001
IBM said that it contributed $2.09 billion in cash, or 52.9 percent of the total amount. It also contributed 24.03 million shares, worth $1.86 billion.
The computer services, hardware and software company said on Dec. 4 that the fund had a shortfall of $3 billion and that it planned to fully fund it in 2002 with contributes of IBM stock, which the fund could later sell if it chose, and cash.
IBM said the gap in the fund had shrunk from a $4.5 billion shortfall it had first identified in October due to subsequent stock market gains.
IBM Chief Financial Officer John Joyce has said that the company isn't required by regulators to fill the shortfall in the plan, but that it was in the best interest of shareholders and employees for IBM to do so.
Yeah right John, as I recall a few years back IBM pensioners were alienated big time by the usual IBM tactics trying to screw them over. Nowadays the pensioners follow very closely what's going on with the pension plan, just looking for a reason to rip of your testicles and step on them.
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