Three corporations revealed their expected 2012 pension contributions in 10-K filings last month.
Chevron Corp. estimates it will contribute about $900 million to its global pension plans in 2012; Consolidated Edison Inc. expects to contribute $759 million to its pension plan this year; and Allstate Corp. plans to contribute $417 million to its defined benefit pension plans.
San Ramon, Calif.-based Chevron contributed $1.47 billion to its global defined benefit pension plans in 2011, $1.15 billion of which went to its U.S. DB plans.
According to its 10-K, filed on Feb. 23, the company's U.S. DB plans had $8.7 billion in assets as of Dec. 31 and a funded status of 71.7%. The international DB plans had $3.6 billion in assets and a funded status of 64.8%.
The discount rate used to calculate U.S. benefit obligations in 2011 was 3.8%, down from 4.8% a year earlier. The rate used for international plans was 5.9%, down from 6.5% in 2010. The company's long-term expected rate of return on plan assets remained unchanged at 7.8%.
As of Dec. 31, the asset allocation for U.S. DB plans was 60.8% equities; 24.9% fixed income; 9.7% real estate; and 4.6% cash and other. The allocation of Chevron's international DB plans was 49.9% equities; 36.5% fixed income; 6.4% cash and other; 4.3% real estate; and 2.9% mixed funds.
Consolidated Edison, meanwhile, had $7.8 billion in assets as of Dec. 31, and was 65.9% funded, according to the New York utility's 10-K form, which was filed with the SEC on Feb. 21.
The discount rate used to calculate ConEd's benefit obligations was 4.7% as of Dec. 31, down from 5.6% a year earlier. The return assumption was 8.5%.
ConEd contributed $542 million last year and $443 million in 2010.
And Northbrook, Ill.-based Allstate reported the fair value of its defined benefit assets as of Dec. 31 was $4.7 billion, with a funded ratio of 80.2%, down from 84.2% a year earlier, according to a 10-K filed by the company Feb. 22.
The discount rate used to calculate benefit obligations was 5.25%, down from 6% in 2010, according to the 10-K.
The asset allocation for the company's defined benefit pension plans as of Dec. 31 was 43% equities; 38% fixed income; 7% hedge funds; 4% private equity; 4% real estate; and 4% cash and other, according to the 10-K.
The company contributed $264 million in 2011 and $443 million in 2010, according to the 10-K.
