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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (45805)12/4/2011 6:54:20 PM
From: Sergio H  Read Replies (1) of 78729
 
XLS

Clownbuck, there was an adjustment to the amount of retirement obligation spun off to XLS:

<as a result of third-quarter amendments to the U.S. retirement programs, ITT Corporation re-measured its projected benefit obligations and plan assets for certain U.S. and international pension plans. The re-measurement was as of September 30, 2011, and resulted in an increase to ITT's net pension liability of $661 million. The re-measured plans were primarily the salaried retirement plan and excess compensation plan, which will transfer to ITT Exelis upon completion of the spinoff on October 31. This increase in pension liability is not expected to result in a material impact on the future ITT Exelis financial condition. >

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