Contract Changes
01-31-2019, 09:54 AM
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Contract Changes
Can someone expand on the details of these statements from the 2018 Hawaiian Holdings Reports?
During the three months ended September 30, 2017 the Company terminated the Hawaiian Airlines, Inc. Salaried & IAM Merged Pension Plan (the Merged Plan) and settled a portion of its pilots' other post-retirement medical plan liability (OPEB). In connection with the reduction of these liabilities the Company recorded one-time other non-operating special items of $35.2 million related to the Merged Plan termination and $10.4 million related to the OPEB settlement.
During the three months ended March 31, 2017 the Company accrued $18.7 million related to (1) a one-time payment to reduce the Company's future 401K employer contribution for certain pilot groups, and (2) a one-time true up of the pilot vacation accrual at the new negotiated contract rates.
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During the three months ended September 30, 2017 the Company terminated the Hawaiian Airlines, Inc. Salaried & IAM Merged Pension Plan (the Merged Plan) and settled a portion of its pilots' other post-retirement medical plan liability (OPEB). In connection with the reduction of these liabilities the Company recorded one-time other non-operating special items of $35.2 million related to the Merged Plan termination and $10.4 million related to the OPEB settlement.
During the three months ended March 31, 2017 the Company accrued $18.7 million related to (1) a one-time payment to reduce the Company's future 401K employer contribution for certain pilot groups, and (2) a one-time true up of the pilot vacation accrual at the new negotiated contract rates.
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