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DEFINED BENEFIT

Eaton Corp. plans $215 million in pension contributions for 2017

Eaton Corp., Cleveland, plans to contribute a total of $215 million to its global pension plans in 2017, the company disclosed in its 10-K filing Thursday.

The company said in the filing with the Securities and Exchange Commission that it plans to contribute $125 million to its U.S. plans and $90 million to its non-U.S. plans. Eaton contributed $160 million to its U.S. plans and $102 million to its non-U.S. plans in 2016.

As of Dec. 31, U.S. pension plan assets totaled $2.969 billion, while projected benefit obligations totaled $3.771 billion, for a funding ratio of 78.7%, up from 76.6% the previous year. The discount rate for the plans dropped slightly to 4.12% in 2016 from 4.22% the previous year.

Also as of Dec. 31, non-U.S. plan assets totaled $1.478 billion, while projected benefit obligations totaled $2.314 billion, for a funding ratio of 63.9%, down from 67.7% the previous year. The discount rate for the plans dropped to 2.63% in 2016 from 3.46% the previous year.