Northrop Grumman Corp., Los Angeles, expects $330 million in pension expenses this year, according to SEC filings. The company reported its pension expense for the fourth quarter was $145 million, up from $22 million a year earlier, and $568 million for all of 2003, compared with $90 million in pension income in 2002.
The company also changed its 2004 long-term rate-of-return assumption to 8.75%, from 9% last year, and its discount rate to 6.25%, compared with 6.5% in 2003.
Northrop Grumman had $15.3 billion in defined benefit assets as of Sept. 30, according to Pensions & Investments' latest plan sponsor survey.
