New York, NY -- (ReleaseWire) -- 04/10/2013 --Corning Inc. (NYSE: GLW) announced recently an accounting change relating to expense recognition for company-sponsored pension plans. The new method, adopted in the first quarter of 2013, will result in simpler, more transparent financial reporting.
The announcement is an accounting change only and does not affect benefits for plan participants, Corning`s funding obligations, or the company`s cash flow.
This improved methodology records most of the actuarial gains and losses in the income statement in the year incurred, rather than amortizing them over time. The difference between actual and expected returns on assets, as well as other actuarial gains and losses that together fall outside a recognition corridor (10% of the greater of plan assets or benefit obligations), will be recognized in the fourth quarter of each year. Actuarial gains or losses result from changes in discount rates and other actuarial assumptions.
Corning Incorporated produces and sells specialty glasses, ceramics, and related materials worldwide.
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Southeastern Asset Management, Inc., the largest outside shareholder of Dell Inc. (NASDAQ: DELL), released an open letter to the Special Committee of the Dell Board of Directors and addressed Dell's preliminary proxy statement.
It stated “As the beneficial owner of 8.4% of Dell Inc.'s outstanding shares, we are writing today to express our views regarding the Company's proxy statement. It is our position that the proxy statement fails to make a case for shareholders to accept the $13.65 per share Michael Dell / Silver Lake buyout offer. In addition, we believe that the Special Committee conducted a process that resulted in an inadequate outcome.”
“The proxy statement does not contain any sound reasoning for why, at this stage in the transformation, the Company needs to be taken private.”
Find out how this release could affect DELL here:
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