MON szuka prawnika. Za negocjowanie kontrakt | Galvanized Round Steel Pipe

The U.S Tax system is one of the most progressive in the world. It is to say that as your income climbs, the marginal tax/top rate tax that one pays increases. Interestingly, the value that top-earners pay is usually high, but not higher than during the 50s. Notably, top earners […]

● Under the 2007 Note Purchase Agreement and 2011 Note Purchase Agreement, OTP may not permit the ratio of its Consolidated Debt to Total Capitalization to be greater than 0.60 to 1.00 or permit its Interest and Dividend Coverage Ratio to be less than 1.50 to 1.00, in each case as provided in the related borrowing agreement, and OTP may not permit its Priority Debt to exceed 20% of its Total Capitalization, as provided in the related agreement. As of December 31, 2018, OTP’s Interest and Dividend Coverage Ratio and Interest Charges Coverage Ratio, calculated under the requirements of the 2007 Note Purchase Agreement and 2011 Note Purchase Agreement, was 3.28 to 1.00.

This table compares China Precision Steel and Ternium’s top-line revenue, earnings per share (EPS) and valuation.

The Current Ratio and Quick Ratio of Ternium S.A. are 2 and 0.9 respectively. Its competitor Mechel PAO’s Current Ratio is 0.1 and its Quick Ratio is 0.1. Ternium S.A. can pay off short and long-term obligations better than Mechel PAO.

The 2013 Note Purchase Agreement states that OTP may prepay all or any part of the Notes (in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment) at 100% of the principal amount prepaid, together with accrued interest and a make-whole amount, provided that if no default or event of default under the 2013 Note Purchase Agreement exists, any optional prepayment made by OTP of (i) all of the Series A Notes then outstanding on or after November 27, 2028 or (ii) all of the Series B Notes then outstanding on or after November 27, 2043, will be made at 100% of the principal prepaid but without any make-whole amount. In addition, the 2013 Note Purchase Agreement states OTP must offer to prepay all of the outstanding Notes at 100% of the principal amount together with unpaid accrued interest in the event of a Change of Control (as defined in the 2013 Note Purchase Agreement) of OTP.

Forget the news and rhetoric referring to a base 3-4 or 4-3. Gregg Williams is a true 4-3 mind who will also use 3-4 principles. I expect the paper designation to remain as a 4-3, despite the recent rumors. But it matters not.

11. Pension Plan and Other Postretirement Benefits Pension Plan The Company’s noncontributory funded pension plan covers substantially all corporate employees and OTP nonunion employees hired prior to September 1, 2006, and all union employees of OTP hired prior to November 1, 2013, excluding Coyote Station employees. Coyote Station employees hired before January 1, 2009 are covered under the plan. The plan provides 100% vesting after five vesting years of service and for retirement compensation at age 65, with reduced compensation in cases of retirement prior to age 62. The Company reserves the right to discontinue the plan, but no change or discontinuance may affect the pensions theretofore vested. The pension plan has a trustee who is responsible for pension payments to retirees and a separate pension fund manager responsible for managing the plan’s assets. An independent actuary assists the Company in performing the necessary actuarial valuations for the plan. The plan assets consist of common stock and bonds of public companies, U.S. government securities, cash and cash equivalents and alternative investments. None of the plan assets are invested in common stock or debt securities of the Company. 103 Table of Contents The following table lists components of net periodic pension benefit cost for the year ended December 31: Weighted average assumptions used to determine net periodic pension cost for the year ended December 31: The following table presents amounts recognized in the consolidated balance sheets as of December 31: Funded status as of December 31: 104 Table of Contents The following tables provide a reconciliation of the changes in the fair value of plan assets and the plan’s benefit obligations over the two-year period ended December 31, 2018: Weighted average assumptions used to determine benefit obligations at December 31: The assumed rate of return on pension fund assets used for the determination of 2019 net periodic pension cost is 7.25%. The assumed long-term rate of return on plan assets is based primarily on asset category studies using historical market return and volatility data with forward looking estimates based on existing financial market conditions and forecasts of capital markets. Modest excess return expectations versus some market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically. The Company reviews its rate of return on plan asset assumptions annually. The assumptions are largely based on the asset category rate-of-return assumptions developed annually with the Company’s pension plan investment advisors, as well as input from actuaries who work with the pension plan and benchmarking to peer companies with similar asset allocation strategies. Market-related value of plan assets—The Company’s expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. The Company bases actuarial determination of pension plan expense or income on a market-related valuation of assets, which reduces year-to-year volatility. This market-related valuation calculation recognizes investment gains or losses over a five-year period from the year in which they occur. Investment gains or losses for this purpose are the difference between the expected return calculated using the market-related value of assets and the actual return based on the fair value of assets. Since the market-related valuation calculation recognizes gains or losses over a five-year period, the future value of the market-related assets will be impacted as previously deferred gains or losses are recognized. 105 Table of Contents The estimated amounts of unrecognized net actuarial losses and prior service costs to be amortized from regulatory assets and accumulated other comprehensive loss into the net periodic pension cost in 2019 are: Cash flows—The Company had no minimum funding requirement as of December 31, 2018 but made discretionary plan contributions of $10 million as of February 2019. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out from plan assets: The following objectives guide the investment strategy of the Company’s pension plan (the Plan): The asset allocation strategy developed by the Company’s Retirement Plans Administration Committee (the Committee) is based on the current needs of the Plan and the objectives listed above. An asset/liability review is conducted annually or as often as necessary to assess the impact of various asset allocations on funded status and other financial variables. The current needs of the Plan, the overall investment objectives above, the investment preferences and risk tolerance of the Committee and the desired degree of diversification suggest the need for an investment allocation including multiple asset classes. The asset allocation in the table below contains guideline percentages, at market value, of the total Plan invested in various asset classes. The Permitted Range is a guide and will at times not reflect the actual asset allocation as this will be dictated by market conditions, the independent actions of the Committee and/or Investment Managers and required cash flows to and from the Plan. The Permitted Range anticipates this fluctuation and provides flexibility for the Investment Managers’ portfolios to vary around the target without the need for immediate rebalancing. The Investment Manager will proactively monitor the asset allocation and will direct the purchases and sales to remain within the stated ranges. The policy of the Plan is to invest assets in accordance with the allocations shown below: 106 Table of Contents The Company’s pension plan asset allocations at December 31, 2018 and 2017, by asset category are as follows: The following table presents the Company’s pension fund assets measured at fair value and included in Level 1 of the fair value hierarchy and assets measured using the NAV practical expedient to fair valuation as of December 31: Fair Value Measurements of Pension Fund Assets ASC 715, Compensation – Retirement Benefits, requires disclosures about pension plan assets identified by the three levels of the fair value hierarchy established by ASC 820-10-35. The following table presents, the Company’s pension fund assets measured at fair value and included in Level 1 of the fair value hierarchy as of December 31: The investments held by the SEI Energy Debt Collective Fund on December 31, 2018 and 2017 consist mainly of below investment grade high yielding bonds and loans of U.S. energy companies which trade at a discount to fair value. Redemptions are allowed semi-annually with a 95-day notice period, subject to fund director consent and certain gate, holdback and suspension restrictions. Subscriptions are allowed monthly with a three-year lock up on subscriptions. The Company invested $10.0 million in the SEI Energy Debt Fund in July 2015. The fund’s assets are valued in accordance with valuations reported by the fund’s sub-advisor or the fund’s underlying investments or other independent third-party sources, although SEI in its discretion may use other valuation methods, subject to compliance with ERISA (as applicable). The fund’s assets are valued as of the close of business on the last business day of each calendar month and are available 30 days after the end of a calendar quarter. On an annual basis, as determined by the investment manager in its sole discretion, an independent valuation agent is retained to provide a valuation of the illiquid assets of the fund and of any other asset of the fund, as determined by the investment manager in its sole discretion. The Company reviews and verifies the reasonableness of the year-end valuations. Executive Survivor and Supplemental Retirement Plan (ESSRP) The ESSRP is an unfunded, nonqualified benefit plan for executive officers and certain key management employees. The ESSRP provides defined benefit payments to these employees on their retirements for life or to their beneficiaries on their deaths for a 15-year postretirement period. Life insurance carried on certain plan participants is payable to the Company on the employee’s death. There are no plan assets in this nonqualified benefit plan due to the nature of the plan. 107 Table of Contents The following table lists components of net periodic pension benefit cost for the year ended December 31: Weighted average assumptions used to determine net periodic pension cost for the year ended December 31: The following table presents amounts recognized in the consolidated balance sheets as of December 31: The following tables provide a reconciliation of the changes in the fair value of plan assets and the plan’s projected benefit obligations over the two-year period ended December 31, 2018 and a statement of the funded status as of December 31 of both years: 108 Table of Contents Weighted average assumptions used to determine benefit obligations at December 31: The estimated amounts of unrecognized net actuarial losses and prior service costs to be amortized from regulatory assets and accumulated other comprehensive loss into the net periodic pension cost for the ESSRP in 2019 are: Cash flows—The ESSRP is unfunded and has no assets; contributions are equal to the benefits paid to plan participants. The following benefit payments, which reflect future service, as appropriate, are expected to be paid: Other Postretirement Benefits The Company provides a portion of health insurance benefits for retired OTP and corporate employees. The retiree health insurance benefits will be available for all corporate employees and OTP nonunion employees hired prior to September 1, 2006, and all union employees of OTP hired prior to November 1, 2010, excluding Coyote Station employees. Coyote Station employees hired before January 1, 2009 are covered under the plan. To be eligible for retiree health insurance benefits the employee must be 55 years of age with a minimum of 10 years of service. There are no plan assets. The following table lists components of net periodic postretirement benefit cost for the year ended December 31: Weighted average assumptions used to determine net periodic postretirement benefit cost for the year ended December 31: 109 Table of Contents The following table presents amounts recognized in the consolidated balance sheets as of December 31: The following tables provide a reconciliation of the changes in the fair value of plan assets and the plan’s projected benefit obligations and accrued postretirement benefit cost over the two-year period ended December 31, 2018: Weighted average assumptions used to determine benefit obligations at December 31: Assumed healthcare cost-trend rates as of December 31: Assumed healthcare cost-trend rates have a significant effect on the amounts reported for healthcare plans. A one-percentage-point change in assumed healthcare cost-trend rates for 2018 would have the following effects: 110 Table of Contents The estimated net amounts of unrecognized prior service cost to be amortized from regulatory assets and accumulated other comprehensive loss into the net periodic postretirement benefit cost in 2019 are: Cash flows—The Company expects to contribute $4.2 million net of expected employee contributions for the payment of retiree medical benefits and Medicare Part D subsidy receipts in 2019. The Company expects to receive a Medicare Part D subsidy from the Federal government of approximately $0.4 million in 2019. The following benefit payments, which reflect expected future service, as appropriate, net of expected Medicare Part D subsidy receipts and participant premium payments, are expected to be paid: 401K Plan The Company sponsors a 401K plan for the benefit of all corporate and subsidiary company employees. Contributions made to these plans by the Company and its subsidiary companies totaled $4,532,000 for 2018, $4,211,000 for 2017 and $3,877,000 for 2016. Employee Stock Ownership Plan The Company has a stock ownership plan for the benefit of all its electric utility employees. Contributions made by the Company were $398,000 for 2018, $612,000 for 2017 and $647,000 for 2016.

“This is an alternative to oil,” he said. “The complex can be up and running two years after the government makes the strategic decision on the direction it wants to take.”

While the government has said it plans to solicit bids for Ajaokuta from new investors, a group of lawmakers, with some union support, is pushing to keep the plant under public ownership. They argue that only paltry offers are likely for a facility that still requires huge investment. Senate Majority Leader Ahmad Lawan proposed legislation to that effect in the upper house on May 8, against the government’s wishes.

Joint Statement of the Trilateral Meeting of the Trade Ministers of the European Union, Japan and the United States

Serving a wide variety of industries, including petro-chemical, specialty chemical, food and beverage, pharmaceutical and utility markets, PLC also provides engineering and design support to many mechanical contractors. Along with its construction deliverables, the PLC team provides on-site construction support and has capabilities to walk the job with the client/contractor in a 3D world before they step foot into the construction site. On this job, PLC was selected due to the accuracy and completeness of its issued deliverables to contractors.

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