Chevron Corp. expects to contribute $950 million to its worldwide defined benefit pension plans this year, while Xerox Corp. plans to contribute $500 million to its DB plans, according to SEC filings.
San Ramon, Calif.-based Chevron will contribute $650 million to its U.S. pension plans and $300 million to its international plans, according to a 10-K filing Thursday.
In 2010, Chevron contributed $1.2 billion to its U.S. plans and $258 million to its international pension plans.
Chevron’s U.S. pension assets increased 17.5% in 2010 to $8.6 billion while its international pension assets increased 8.3% to $3.5 billion. The U.S. plans’ funded status increased to 83.5% at year-end 2010 vs. 75.6% a year earlier. The discount rate fell to 4.8% from 5.3% in the same period. The funded status of its international plans increased to 69.1% vs. 68.6% a year earlier, while the discount rate dropped to 6.5% from 6.8% during that same period.
As of Dec. 31, the asset allocation of Chevron’s U.S. plans was 65.2% equities; 25.6% fixed income; 6.9% real estate; and 2.3% cash and other. Asset allocation for its international pension plan assets was 50.4% equities; 36.2% fixed income; 9.3% cash and other; and 4.1% real estate, according to the filing.
Separately, Norwalk, Conn.-based Xerox’s planned 2011 contribution follows the $237 million it contributed to its pension plans in 2010, according to its 10-K filing released Wednesday.
Xerox’s pension assets increased 5% in 2010 to $7.9 billion as of Dec. 31. The funded status of its pension plans decreased to 81.6% at year-end 2010 vs. 82.2% a year earlier. The discount rate fell to 5.2% from 5.7% in the same period.
As of Dec. 31, the asset allocation of Xerox’s plans was 39.8% equities; 36.6% fixed income; 11% cash and other; 5.7% real estate; 3.9% private equity; and 3% derivatives.