South Carolina continues to cling to its foothold — barely — on the Fortune 500, now in its 60th year.
Once again the state’s sole representative on the recently released 2015 list based on revenue is Fort Mill-based paper manufacturer Domtar Corp., which actually is owned by a Canadian business and is registered in Delaware. It came in at No. 470, with $5.56 billion in sales last year.
Just missing the top 500 was another global paper company, Sonoco. The Hartsville-based business was ranked No. 516. Also, South Carolina Electric & Gas parent utility SCANA Corp. of Cayce, which dropped out of the Fortune 500 a few years ago, wasn’t far behind in the 523rd spot.
Topping the list once again was retailing giant Wal-Mart, which is a major employer in the Lowcountry and other areas of South Carolina. Boeing, which supports a payroll of more than 7,000 workers making 787 Dreamliner jets and commercial aircraft parts in North Charleston, was No. 27.
South Carolina has had a representative among the nation’s top 500 revenue generators for all but four years since Fortune magazine began publishing the list in 1955.
Ahh, the summer. Vacations, hot weather, thunderstorms and lightning strikes.
The summer months produce more lightning than any other time of year, threatening business equipment and electrical appliances, disrupting power supplies and sparking wildfires.
While the number of lightning strikes declined over the past five years, the cost per claim has increased as more homes and businesses add more electronic equipment and devices, according to the Insurance Information Institute.
South Carolina reported the ninth-most claims with State Farm in the nation last year when the insurer paid out $2.7 million in 1,060 claims across the Palmetto State.
Nationally, the firm wrote checks for nearly $149 million in damage from lightning strikes.
Neighboring Georgians filed the most State Farm lightning claims in the nation with 3,709, costing the insurance company more than $16.3 million in 2014. Florida reported the most lightning strikes. Nationally last year, insurers paid $739 million in lightning claims to 99,871 policyholders.
Here are some safety tips on lightning:
If outside and a thunderstorm approaches, seek shelter inside a fully enclosed building. If a building is not available, take shelter in a car with a metal top and keep doors and windows closed.
Avoid lakes, beaches or open water; fishing from a boat or dock; and riding on golf carts, farm equipment, motorcycles or bicycles. Never seek shelter under a tree.
If caught outdoors, try to minimize your risk by going to a place of lower elevation.
Stay off landline/wired telephones and use a cellphone if necessary. Do not stand near open windows, doorways or metal piping. Stay away from the TV, plumbing, sinks, tubs, radiators and stoves. Avoid contact with small electrical appliances such as radios, toasters and hairdryers.
Jim McNerney won’t be in charge of day-to-day operations at Chicago-based Boeing Co. after Tuesday, but he should do pretty well in retirement.
Bloomberg News reports that the 65-year-old McNerney, who was Boeing’s CEO for the past 10 years, will get at least $3.9 million each year in pension benefits after his retirement is official in 2016. He’ll receive those benefits for the next 15 years.
Dennis Muilenburg, Boeing’s chief operating officer, will take over McNerney’s role as of July 1, the company announced last week. McNerney will stay on as chairman of the board and retire in February.
McNerney will be able to collect about $900,000 a year from two Boeing-sponsored pension plans, according a filing with the Securities and Exchange Commission.
He’ll also get $3 million a year from a separate retirement benefit Boeing gave him to offset forfeited pension payments from his two most recent employers, 3M Co. and General Electric Co.
McNerney’s pension benefits were valued at $46.6 million at the end of 2014, according to filings with the Securities and Exchange Commission. As chairman, McNerney will receive a $1.5 million salary and is eligible for an annual cash incentive award targeted at $2.25 million, Boeing reported
McNerney was awarded $24.9 million in compensation last year, according to the Bloomberg Pay Index, a daily ranking of the highest-paid U.S. executives.
McNerney will continue to accrue pension benefits through December. He also had about $22 million in outstanding Boeing stock awards, according to data compiled by Bloomberg.
McNerney presided over development of the 787 Dreamliner wide-body commercial plane, which is made at Boeing’s campus in North Charleston and in Everett, Wash.
Do you have a new “Made in the South” product?
Garden and Gun magazine is seeking submissions for Southern-made goods in the following categories: style, crafts, home, drink, food and outdoors.