Several companies announced contributions to their pension plans.
Dow Chemical Co., Midland, Mich., increased its 2005 pension contribution estimate to $700 million from its first-quarter estimate of $300 million, according to the company's second-quarter report filed Tuesday with the SEC. The filing did not say why company officials increased the estimate. Lisa Wenban, a Dow Chemical spokeswoman, said Janet VanAlsten, benefits manager, was unavailable by press time for comment.
Dow Chemical contributed $436 million to the plans in the first half of 2005, according to the quarterly report. While the filing didn't provide a breakdown for the second-quarter contribution, the first-quarter report said Dow Chemical contributed $104 million to the plans in the first three months of 2005.
Dow Chemical's pension plans had total assets of about $12.2 billion and were underfunded by roughly $2.8 billion as of Dec. 31, according to the company's annual report.
Sempra Energy, San Diego, contributed $7 million to its $2.3 billion pension plan for the six months ended June 30, according to an SEC filing today.
Rowan Cos. Inc., Houston, contributed $5 million to its $217.3 million pension plan in the second quarter of 2005, according to the company's second-quarter earnings report, issued today. The company contributed $61 million in the first quarter. Company officials expect to contribute up to another $3 million this year, and another $75 million between 2006 and 2010, based on current assumptions, according to the firm's annual report, issued earlier this year.