Baxter International Inc., Deerfield, Ill., contributed about $400 million to its U.S. pension plans, according to a news release today. The money came from proceeds of a $2 billion repatriation of foreign earnings under the American Jobs Creation Act of 2004. Baxter International already contributed $100 million to the plans this year, and the U.S. plans are now more than 90% funded, according to the release.
Baxter International had about $1.7 billion in total pension assets as of the Sept. 30, 2004, measurement date, according to the company's annual report, filed March 16 with the SEC. The company's plans were underfunded by about $1.1 billion at the same date.
Baxter International spokesman Tom Kline could not comment by press time.