Navistar International Corp., Lisle, Ill., plans to contribute $134 million to its defined benefit plans in fiscal year 2018, the company disclosed in its most recent 10-K filing with the Securities and Exchange Commission.
The company also disclosed it plans to contribute between $140 million and $190 million annually to the plans from 2019 through 2021. Its fiscal year started Nov. 1. Navistar contributed $112 million to the plans in fiscal year 2017 and $100 million in fiscal year 2016. The company sponsors plans in the U.S. and Canada and did not break out to which plans it intends to contribute.
As of Oct. 31, Navistar's defined benefit plan assets totaled $2.363 billion, while projected benefit obligations totaled $3.79 billion, for a funding ratio of 62.2%, according to the 10-K filing from Dec. 19. The discount rate was 3.5%, the same as the prior year.
As of the same date, the plan's actual asset allocation was 21.7% long-duration credit fixed income, 13.9% international equity, 13.5% U.S. equity, 10% global equity, 9.1% each Canadian fixed income and high-yield fixed income, 9% hedge funds of funds, 6.1% global real estate, 3.7% cash and cash equivalents, 1.8% private equity, 0.9% long-duration government fixed income, 0.8% Canadian equity and 0.4% global infrastructure.
Navistar spokeswoman Lyndi McMillan could not be immediately reached to provide further information.