LONDON — BP PLC expects to contribute $5.785 billion to its worldwide pension and post-retirement benefit plans over the next five years, including $1.357 billion this year, according to a report included with its quarterly earnings release.
BP contributed $267 million in the first six months of this year to its pension plans outside the United States, said Rachael MacLean, spokeswoman. The company expects to contribute another $493 million to its pension plans worldwide later this year, including about $275 million to its $7.3 billion U.S. pension fund, according to an earlier BP statement.
In 2005, it contributed $1.308 billion to pension and post-retirement plans — $309 million to U.S. pension plans, $204 million to U.S. post-retirement plans, $341 million to U.K. pension plans, and $454 million to other unspecified plans, according to the report. BP's U.K. plan has $23.2 billion in assets.
Among other firms announcing pension fund contributions:
• International Business Machines Inc., Armonk, N.Y., contributed $1.55 billion to its non-U.S. plans for the first six months of this year, according to a 10-Q filing with the Securities and Exchange Commission. The company also expects to contribute an additional $5 million to $45 million to the plans by the end of 2006.
• Raytheon Co., Waltham. Mass., plans to make $640 million in required contributions worldwide to its pension fund in 2006, which includes $200 million in discretionary contributions, according to an SEC filing. Raytheon already contributed $395 million for the six months ended June 25, compared with $340 million for the six months ended June 26, 2005, and $515 million for all of 2005. The U.S. pension fund had $12.5 billion in assets and $16.35 billion in liabilities, according to Steve Brecken, Raytheon spokesman.
• Xerox Corp., Stamford, Conn., contributed $226 million to its $3.8 billion U.S. defined benefit plan in the second quarter, according to the company's 8-K filing with the SEC. Xerox has about $8.1 billion in total pension assets and was underfunded by $1.9 billion as of Dec. 31, according to the filing.
• DaimlerChrysler AG, Stuttgart, Germany, contributed $84 million to its global defined benefit pension plans in the second quarter and a total of $236 million so far this year, according to a filing with the SEC. The company had $20 billion in U.S. defined benefit assets as of Sept. 30, according to Pensions & Investments data.
• AK Steel Corp., Middletown, Ohio, will voluntarily contribute $50 million to its defined benefit pension plan, according to a news release. The cash contribution follows an $84 million contribution made in May and a $150 million contribution made at the beginning of the year. AK Steel's pension plan, with $2.5 billion in assets, was underfunded by about $1.2 billion as of Dec. 31, according to the company's annual report.
• Eaton Corp., Cleveland, plans to contribute $46 million to its $1.9 billion pension plan by the end of this year. The company contributed $100 million to the plan in January, according to a news release. According to its annual report issued earlier this year, Eaton planned to contribute a total of $146 million in 2006. In comparison, it contributed $97 million in 2005. The plan had $2.5 billion in liabilities as of Dec. 31, according to the annual report.