Northrop Grumman Corp., Los Angeles, expects to contribute $1.1 billion this year to its $19 billion pension plans, including a voluntary pre-funding of $800 million, according to an SEC filing today. The firm previously estimated it would contribute $441 million to the plans this year but did not mention the pre-funding. It contributed $415 million in 2005. As of Sept. 30, the company had made $316 million in contributions for 2006, according to the 10-Q filing. Company spokesman Tom Henson was not able to comment at press time.
Separately, AK Steel Corp., Middletown, Ohio, will contribute $75 million to its $2.5 billion pension plan this quarter, according to a news release. The contribution will bring total contributions to about $360 million between 2004 and 2006, according to the release. "We are proud that we have remained committed to funding our pension legacy obligation ... while many of our competitors have reduced or eliminated their pension plans," James L. Wainscott, chairman, president and CEO, said in the release. The plan was underfunded by about $1.2 billion at the end of 2005, according to the company's annual report in March.