Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Administration June 8, 2003
Northrop Targets $560 Million In 2003 Pension Costs
August 6, 2003 (PLANSPONSOR.com) - Defense
contractor Northrop Grumman Corp. has forecast pension
expenses to total $560 million in 2003.
Reported by Eric Hazard
This comes, courtesy of a recently filed US Securities and Exchange Commission (SEC) quarterly report, as the company also announced it had $140 million in pension costs in the second quarter. Overall, the second quarter’s results represent a significant turnaround from a pension income of $22 million a year earlier, according to a Dow Jones report.
Additionally, the company expects its interest expense in 2003 to run somewhere between $485 million and $490 million, while interest income is expected to be $55 million. Overall, the interest expense for the first half of 2003 – ended June 30 – rose to $263 million, compared with $214 million at the same time last year.
The company also said it expects pension costs in 2004 to be the same as in 2003.