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gjcxc

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tT
发表于 2013-3-31 13:07 | 只看该作者

diff between CF and economic pension expense

economic, material, between
If the diff between CF and economic pension expense is material, what shall the analyst do? Totally forget this one.
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Analyze_This

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2#
发表于 2013-3-31 13:07 | 只看该作者
Huh, I vaguely remember reading this too.
I think if it economic pension expense is greater, then look at it like financing (cash flow doesn’t cover the true pension expense).
If cash flow is greater than economic pension expense, then its like an early principal payment on a loan.

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Andreas42

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3#
发表于 2013-3-31 13:07 | 只看该作者
it is not cash flow and economic pension expense.
It is when there is a difference between economic pension expense and the Employer’s contribution, which the analyst should adjust to reflect on the cash flows.
If EPE (Eco. Pension Exp.)  Employer’s Contribution
the difference is basically an extra loan available to the company. So CFO would be reduced by and CFF increased by EPE - EC)*(1-T)
If EPE Difference is a repayment of principal - an overall reduction in the pension obligation.

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ohai

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4#
发表于 2013-3-31 13:08 | 只看该作者
Because deriv108 CFF is being increased by the amount of the loan. You are receiving money in the amount of the after-tax difference between EPE and Employer Contributions.

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Kapie

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5#
发表于 2013-3-31 13:08 | 只看该作者
Actually cpk, since I’ve never seen this in action, how would you do:
2008 Cash Flow Statement Excerpt:
CFO:
Economic Pension Expense=(700)
Employer Contributions=400
Tax Rate: 20%
CFF:
None
You would add (700-400)(.8)=240 to CFF and subtract 240 from CFO? Is that it? No other adjustments?

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dvilayphet

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6#
发表于 2013-3-31 13:08 | 只看该作者
Rellison, if you have QBANK, there are couple of examples there

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