Officials at Baker Hughes Inc., Houston, this month elected to contribute an additional $65 million in cash to the company's pension plans, according to an 8-K filing. Company officials now expect 2004 pension contributions to total about $110 million, up from an estimated $45 million to $50 million forecast in second- and third-quarter reports. Baker Hughes' U.S. pension plans had total assets of $237.9 million as of Dec. 31, 2003, and the company's non-U.S. plans had assets of $135.2 million, according to the company's annual report.
Gary R. Flaharty, Baker Hughes spokesman, said the additional contribution will go to the non-U.S. plans, which were underfunded by $134 million as of Dec. 31. The U.S. plans were overfunded by $62.3 million, according to the annual report.