Goodyear Tire & Rubber Co. plans to contribute $1.35 billion to its pension plans through 2013 to improve the funded status of the plans, Darren R. Wells, executive vice president and CFO of Akron, Ohio-based company, said Thursday.
Mr. Wells said the company expects to contribute an estimated $275 million, $550 million, and $525 million to its worldwide pension plans in 2011, 2012 and 2013, respectively.
He made the statements at a Deutsche Bank conference in Chicago; his materials were posted on the company's website.
According to Goodyear's 2010 annual report dated Dec. 31, Goodyear had $3.7 billion in assets and $5.6 billion in liabilities for its U.S. defined benefit pension plans, resulting in a funded status of 66%. The company's non-U.S. pension plan had assets of $2.1 billion and liabilities of $2.7 billion for a funded status of 77%.
The asset allocation for the company's U.S. plans as of Dec. 31 was 66.1% equities, 31.6% fixed income, 1.7% cash and other, and 0.6% real estate. Allocation for Goodyear's non-U.S. plans was 52.1% fixed income, 31.9% equities, 10.9% cash and other, and 5.1% real estate.