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DEFINED BENEFIT

Phillips 66 fuels up $165 million to global pension plans

Phillips 66, Houston, plans to contribute about $165 million total to its global pension plans and other postretirement benefit plans in 2017, the company announced in its recently filed 10-K.

Of the $165 million, $130 million will go to its U.S. pension and other postretirement plans, and $35 million to the international pension plans.

As of Dec. 31, U.S. defined benefit assets and benefit obligations totaled $2.27 billion and $2.88 billion, respectively, for a funding ratio of 78.82%. International DB assets and benefit obligations totaled $796 million and $1.1 billion, respectively, for a funded status of 72.36%. Discount rates used to calculate benefit obligations for the U.S. and international pension plans were 3.95% and 2.42% as of Dec. 31, down from 4.35% and 3.35% at the end of 2015.

In 2016, Phillips 66 contributed $330 million to its U.S. pension plans and $40 million to its international pension plans.

A spokesman declined to comment.