Lockheed Martin Corp. today announced it plans to contribute $1.4 billion to its defined benefit pension trust in 2010, while 3M said it expects to contribute up to $700 million to its global plans. General Dynamics and Canadian Pacific also announced planned contributions to their pension funds.
Lockheed Martin, Bethesda, Md., made a discretionary cash contribution of $1.5 billion to its pension trust in the fourth quarter of 2009, $500 million above the $1 billion it said it planned to contribute in October 2009.
The company made a discretionary cash contribution of $109 million to the pension trust in 2008.
Lockheed Martin's defined benefit pension plans were valued at a combined $20.8 billion as of Sept. 30.
St. Paul, Minn.-based 3M will contribute between $500 million and $700 million to its global defined benefit plans in 2010, Patrick D. Campbell, senior vice president and CFO, said during the firm's earnings call today.
The company contributed $600 million to the company's U.S. defined benefit plan in the third quarter and $500 million to its global defined benefit plans in the fourth quarter, confirmed 3M spokeswoman Jacqueline Berry.
The funded ratio of the company's U.S. defined benefit plan was 96% and 83% for its non-U.S. plans, both as of Dec. 31, she said.
3M's U.S. defined benefit plan totaled $10.5 billion as of Sept. 30. Non-U.S. plans totaled $3 billion as of Dec. 31, 2008, according to 3M's most recent 10-K filing.
Also, General Dynamics Corp., Falls Church, Va., plans to contribute about $270 million to its pension plans in 2010, according to a transcript from the firm's earnings conference call.
The company contributed $250 million to its pension plans in 2009.
The company had $4.8 billion in defined benefit assets as of Dec. 31, 2008, the most recent data available, according to its 10-K.
Canadian Pacific, Calgary, said it plans to contribute between C$150 million (US$141 million) and C$200 million, according to an earnings statement released by the company. The company made a voluntary payment of C$500 million to its DB pension plans in December.
The company's defined benefit plans were valued at about C$6.1 billion as of January 2009, the latest data available, said spokesman Mike LoVecchio.