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International Business Machines to Record $2.7 Billion Charge Related to Transfer of Pension Obligation
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International Business Machines to Record $2.7 Billion Charge Related to Transfer of Pension Obligation
Sep 12, 2024 9:21 PM

06:26 AM EDT, 09/12/2024 (MT Newswires) -- International Business Machines ( IBM ) said late Wednesday that it expects to incur a charge of $2.7 billion in Q3 due to the transfer of certain of its pension obligations to Prudential.

The company said it has agreed with Prudential for a $6 billion annuity contract to transfer certain pension obligations.

The deal, which was completed on Wednesday, affects about 32,000 participants, with Prudential taking over payments starting Jan. 1, 2025.

The company said the actual charge would depend on finalizing the actuarial and other assumptions.

It said the charge would not impact the company's Q3 or fiscal 2024 adjusted operating profit or free cash flow.

Price: 209.30, Change: -0.59, Percent Change: -0.28

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