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Exxon Mobil charges up $1.1 billion contribution to global pension plans

Exxon Mobil Corp., Irving, Texas, plans to contribute $1.1 billion total to its global pension plans in 2017, the company announced in its recently filed 10-K.

Of the $1.1 billion, $560 million will be contributed to Exxon Mobil's U.S. plans and $540 million to its non-U.S. plans. The company contributed $2.07 billion and $492 million, respectively, to its U.S. and non-U.S. pension plans in 2016.

The energy company's U.S. pension assets and benefit obligations totaled $12.79 billion and $19.96 billion, respectively, for a funded status of 64.1% as of Dec. 31, up from 56.1% the year before. As of the same date, non-U.S. pension asset and benefit obligations totaled $19.04 billion and $25.2 billion, respectively, for a funded status of 75.6%, up from 73.3% at the end of 2015.

As of Dec. 31, the asset allocation for the U.S. pension plans was 38.95% corporate debt, 20.62% government debt, 18.36% U.S. equities, 16.63% non-U.S. equities, 4.33% private equity, 0.03% asset-backed securities and the remainder in cash. The asset allocation for the non-U.S. pension plans was 36.55% government debt, 22.07% corporate debt, 19.85% non-U.S. equities, 17.58% U.S. equities, 2.83% private equity, 0.56% asset-backed securities, and the remainder in cash.

The discount rate used to calculate benefit obligations for the U.S. plans was 4.25% as of Dec. 31, unchanged from the end of 2015, and 3% for the non-U.S. plans, down from 3.6% in 2015.