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Strategies & Market Trends : Value Investing

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To: EddyRiquelme who wrote (48329)	6/16/2012 7:23:47 PM
From: Spekulatius	Read Replies (1) of 78465

Re NAV I don't know what CA/share means. I think cash /share is not relevant unless you count the liabilities as well. LT debt is 3.5B$ and there are significant pension and health care liabilities from underfunded plans. The under-funded status of our pension plans increased by $253 million during 2011 primarily due to a decrease in the discount rate used to determine the present value of the projected benefit obligations. Our actual return on assets during 2011 was approximately 4% for the U.S. Pension plans. The weighted average discount rate used to measure the postretirement benefit obligation ("PBO") was 4.2% at October 31, 2011 compared to 4.8% at October 31, 2010. The under-funded status of our health and life insurance benefits increased by $884 million primarily due to a court ruling ordering the reinstatement of the prescription drug benefits which existed prior to July 1, 2010 for participants who are Medicare eligible, as well as a change in the estimate of the future rate of increase of reimbursements from Medicare for retiree medical benefits. We continue to seek opportunities to control our pension and other postretirement benefits expenses.

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