Lockheed Martin adds $3.6 billion to pension funds in 2012

Lockheed Martin F-35
Lockheed Martin F-35

Lockheed Martin Corp., Bethesda, Md., made $2.5 billion in discretionary contributions to its worldwide defined benefit plans in the fourth quarter of 2012, bringing the year's total contributions to $3.6 billion, according to an annual earnings report released Thursday.

In 2011, Lockheed contributed $2.3 billion to its worldwide DB plans.

The company met its $1.1 billion funding requirement for 2012 by the end of June. “We're committed to funding our pension and have consistently met or exceeded government funding requirements,” spokeswoman Kelli Raulerson wrote in an e-mail. “We have historically made discretionary contributions in excess of required funding amounts, and will continue to evaluate additional discretionary contributions in the future.”

As of Dec. 31, 2011, the most recent figure available, Lockheed had $27 billion in DB assets. Unfunded liabilities as of Dec. 31, 2012, were $15.3 billion, up from $13.5 billion in 2011. The plan was frozen to new employees in 2006.