Hey Roger, the $560 million was a deposit into the pension funds. Management now claims the pension funds are fully funded.
The $560 million is not an expense. There are a number of components of pension plan expense. One component is actually a credit or a reduction to expense. That's the projected earnings on assets held in the plan. Thus, the deposit will reduce the other components of pension expense such as servie cost.
Unfortunately, the reduction to pension plan expense will never approach the after tax earnings of Panhandle. To be fair, CMS did recognize more than $560 million in cash from the sale of Panhandle. That said, the sale of Panhandle was a huge mistake. One that shareholders will pay for for years to come.