Whirlpool Corp., Benton Harbor, Mich., expects a pension expense of $63 million in 2003 and will make a $20 million cash contribution to its U.S. pension fund this year, according to the company’s fourth-quarter earnings report. Whirlpool recorded a $151 million after-tax, non-cash charge to equity in the fourth quarter because plan assets dropped due to declining markets. Whirlpool also lowered its discount rate assumptions for its pension plans to 6.75% from 7.5%, and lowered its long-term return assumption to 8.75% from 10%.
Whirlpool had $1.56 billion in U.S. pension assets as of Dec. 31, 2001, according to the firm’s most recent annual report.
