The bill would have allowed borrowing to pay current pension expenses — with repayments stretching over 15 years. (nypost.com)
However, headwinds in pension expense will hamper earnings growth in 2013, as a historically low discount rate at our May 31, 2012, measurement date will increase these costs by approximately $ 150 million. (seekingalpha.com)
(This figure is lower than Arnott's because S&P calculates pension expense using the rates of return assumed by the companies in the index. (hussman.net)