Furniture Brands contributes stock to pension plan
Cuts cash requirement by $20 million
Furniture Today Staff -- Furniture Today, September 3, 2010
ST. LOUIS — Furniture Brands International said Thursday that it has contributed 4.1 million shares of company stock to its pension plan, which will reduce its estimated cash contribution requirement by about $20 million.
The company also said that the stock contribution is eligible for favorable tax treatment and will lead to a cash tax refund of $2 million this year.
Furniture Brands said it had contributed $22.2 million in cash and stock to the pension plan earlier in the year. It had estimated on June 30 that it would have to contribute another $45 million to the plan by Sept. 15, 2011. In the latest announcement, it said that based on the price of FBI stock on Sept. 1, the estimated contribution requirement would be cut by about $20 million.
The company now has about 55 million shares of stock outstanding, 6.4 million of which are held in the pension plan.
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FBI contributes stock to penson plan
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