SCHN » Topics » Pension and Other Postretirement Benefit Plans

These excerpts taken from the SCHN 10-K filed Oct 28, 2008.

Pension and Other Postretirement Benefit Plans

The Company sponsors a defined benefit pension plan for certain of its non-union employees. Pension benefits are based on formulas that reflect the employees’ expected service periods based on the terms of the plan and the impact of the Company’s investment and funding decisions.

Effective August 31, 2007, the Company adopted SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans – an amendment of FASB Statements No. 87, 88, 106 and 132(R),” (“SFAS 158”), which requires that the Company’s consolidated balance sheets reflect the funded status of the pension and postretirement plans. SFAS 158 requires an employer to recognize the funded status of its defined benefit pension and postretirement benefit plans as a net asset or liability in its statement of financial position, with an offsetting amount in accumulated other comprehensive income, and to recognize changes in that funded status in the year in which changes occur through comprehensive income. Following the adoption of SFAS 158, additional minimum pension liabilities and related intangible assets are no longer recognized. See Note 12 – Employee Benefits.

Pension and Other Postretirement Benefit Plans

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify">The Company sponsors a defined benefit pension plan for certain of its non-union employees. Pension benefits are based on formulas that reflect the
employees’ expected service periods based on the terms of the plan and the impact of the Company’s investment and funding decisions.

SIZE="2">Effective August 31, 2007, the Company adopted SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans – an amendment of FASB Statements No. 87, 88, 106 and 132(R),”
(“SFAS 158”), which requires that the Company’s consolidated balance sheets reflect the funded status of the pension and postretirement plans. SFAS 158 requires an employer to recognize the funded status of its defined benefit pension
and postretirement benefit plans as a net asset or liability in its statement of financial position, with an offsetting amount in accumulated other comprehensive income, and to recognize changes in that funded status in the year in which changes
occur through comprehensive income. Following the adoption of SFAS 158, additional minimum pension liabilities and related intangible assets are no longer recognized. See Note 12 – Employee Benefits.

STYLE="margin-top:4px;margin-bottom:0px" ALIGN="justify">Use of Estimates

The
preparation of the Company’s consolidated financial statements in accordance with generally accepted accounting principles in the U.S. of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Examples include valuation
of assets received in acquisitions; revenue recognition; the allowance for doubtful accounts; estimates of contingencies; intangible asset valuation; inventory valuation; pension plan assumptions; and the assessment of the valuation of deferred
income taxes and income tax contingencies. Actual results may differ from estimated amounts.

This excerpt taken from the SCHN 10-K filed Oct 29, 2007.
Pension and Other Postretirement Benefit Plans
 
The Company sponsors a defined benefit pension plan for certain of its non-union employees. Pension benefits are based on formulas that reflect the employees’ expected service periods based on the terms of the plan and the impact of the Company’s investment and funding decisions.
 
The Company adopted SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans – an amendment of FASB Statements No. 87,88, 106 and 132(R),” (“SFAS 158”), effective August 31, 2007. SFAS 158 requires an employer to recognize the funded status of its defined benefit pension and postretirement benefit plans as a net asset or liability in its statement of financial position, with an offsetting amount in accumulated other comprehensive income, and to recognize changes in that funded status in the year in which changes occur through comprehensive income. Following the adoption of SFAS 158, additional minimum pension liabilities and related intangible assets are no longer recognized. See Note 12 – Employee Benefits.
 

"Pension and Other Postretirement Benefit Plans" elsewhere:

AK Steel Holding (AKS)
Curtiss-Wright (CW)
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