Friday, August 13, 2010

JCPenney Tops Up Pension Plan

JCPenney (JCP) reported some interested pension plan contributions. On the income statement they show Q2 contributions of $55 million to something called qualified pension plans. In the notes they claim to have made a voluntary contribution of $392 million to the qualified pension plan. The earnings release then goes silent on the financial engineering. Net income for q2 was $14 million. Would have been nice to get more detail and transparency.

Disclosure: No position in any stocks mentioned in this post.