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WMT

Walmart

$119.86 /

+0.42 (+0.35%)

08:08
10/18/19
10/18
08:08
10/18/19
08:08

Walmart sees about $2.2B pre-tax charge to earnings on Asda pension buy-out

Walmart's Asda Group Limited subsidiary in the United Kingdom, and the Trustee of the Asda Group Pension Scheme, have announced an agreement for a bulk annuity insurance "buy-in" for the Asda Pension Scheme. The buy-in has been secured in anticipation of a full "buy-out" of the Asda Pension Scheme, Walmart stated in a regulatory filing. The agreement secures the benefits of members and is separate to the Asda Pension Plan, a defined contribution scheme, which provides ongoing pension arrangements to the majority of Asda's colleagues, the companies stated. The Scheme's GBP3.8B buy-in has been secured in anticipation of a full "buy-out" of the Scheme and will be enabled by a one-off final pension contribution from Asda of approximately $1.0B. Following buy-in, members of the Scheme will be provided with individual annuity policies issued by Rothesay Life, who will then be responsible for paying members' benefits in full. These individual policies will replace the bulk annuity policy and bring about a full scheme buy-out, expected to be completed in late 2020 or early 2021. At the time of the completion of the buy-out Walmart will recognize a pre-tax charge to earnings of approximately $2.2B, of which $1.2B relates to non-cash items. The transaction will remove all future Scheme liabilities from the Asda and Walmart balance sheets, "simplifying the business at a cost which is significantly below the expected future cost of funding internally. The Parties have made the decision to take this step now having agreed jointly that market conditions are favourable and because pension liabilities can be more effectively managed by a large insurer, such as Rothesay Life, given their scale and expertise in this area," Asda stated.

  • 13

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  • 14

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WMT Walmart
$119.86 /

+0.42 (+0.35%)

10/14/19 Morgan Stanley
PhonePe spin could create clearer path to value for Walmart, says Morgan Stanley
10/11/19 Morgan Stanley
Walmart U.S. CEO transition should be smooth, says Morgan Stanley
09/30/19 Wells Fargo
National Vision price target lowered to $30 from $37 at Wells Fargo
09/23/19 Baird
Walmart price target raised to $130 from $120 at Baird

TODAY'S FREE FLY STORIES

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Syndicate
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Hot Stocks
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On The Fly
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General news
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General news
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Conference/Events
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Conference/Events
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Conference/Events
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On The Fly
The Intersection: Crypto and Wall Street This Week » 10:22
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Conference/Events
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Downgrade
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Technical Analysis
NASDAQ market internals summary » 10:17
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$NSD

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Hot Stocks
Biofrontera AG (ADS) trading resumes  10:16
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Technical Analysis
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+ (+0.00%)

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Downgrade
Baidu downgraded to Neutral from Buy at BOCOM » 10:12
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Hot Stocks
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