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.