Medtronic PLC, Minneapolis, expects to make $302 million in pension contributions in the current fiscal year, which ends April 28, 2018, according to the company's 10-K filing Wednesday with the Securities and Exchange Commission.
In the previous fiscal year, Medtronic contributed $183 million to its U.S. pension plan and $76 million to its international plan, according to the 10-K.
The company had $2.48 billion in U.S. pension assets as of April 28, up 16% for the 12 months, and $1.24 billion in international pension assets, an 11% increase over the end of the previous fiscal year.
The U.S. pension plan had a funding ratio of 77% as of April 28, up from 70% in fiscal 2016, and the international plan had a 71% funding ratio as of the same date, down from 73%.
The company maintained the U.S. plan's rate-of-return assumption at 8.2% in fiscal year 2017, but it increased its expected rate of return for its international plan to 4.45%, from 4.35%.