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Johnson Controls charges up $311 million pension contribution for current fiscal year

Johnson Controls Inc., Milwaukee, expects to contribute $311 million to its defined benefit plans in its current fiscal year, ending Sept. 30, 2017, up 127% from the previous fiscal year, according to the company’s 10-K filed with the Securities and Exchange Commission.

The company plans to contribute $249 million to its U.S. plans and $62 million to its non-U.S. plans, Fraser Engerman, director-global media relations, said in an e-mail.

Johnson Controls’ U.S. pension plans had $2.59 billion in assets and $3.2 billion in liabilities, and its non-U.S. pension plans, $1.4 billion in assets and $1.95 billion in liabilities. The valuations are as of Sept. 30.

In its most recent fiscal year ended Sept. 30, Johnson Controls contributed $16 million to its U.S. plans and $121 million to its non-U.S. plans.

In the last fiscal year, the U.S. plans’ investments returned more than their 7.5% long-term assumed rate of return. In fiscal 2015, the U.S. plans returned below the 7.5% assumption, according to the 10-K. The company’s non-U.S. plans’ return exceeded their assumed rate of return of 4.45% in the latest year, while in fiscal 2015, the plans returned about 4.5%, which was then the assumed rate.

The company was not more specific on returns in the 10-K.

The company’s total pension assets were allocated 47% in fixed income, 36% in equities and 17% in alternative investments, including real estate, hedge funds and commodities, according to the 10-K, which didn’t break out the asset allocation between U.S. and non-U.S. plans.