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Contributions

Arconic manufactures $350 million contribution for pension plans in 2018

Arconic Inc., Pittsburgh, expects to contribute at least $350 million to its pension plans in 2018, of which $320 million is for its U.S. plans, said its 10-K filed on Monday.

Cash contributions to Arconic's pension plans in 2017 and 2016 were $310 million and $290 million, respectively.

Arconic announced on Jan. 8 it will freeze its U.S. defined benefit plans for all 7,900 of its U.S.-based salaried and non-bargained hourly employees, effective April 1.

The company had $4.86 billion in plan assets as of Dec. 31 and a benefit obligation of $7.36 billion, for a funded liability of 66%, down from 66.4% the same time the year before.

The discount rate was 3.75% as of Dec. 31, down from the discount rate of 4.2% as of Dec. 31, 2016.

Arconic's pension plans' asset allocation as of Dec. 31 was 47% fixed income, 28% equities and 25% other investments.