Xerox Corp., Norwalk, Conn., expects to make $350 million in cash contributions to its worldwide defined benefit pension plans during the remainder of 2012, CFO Luca Maestri said Monday during the company's first-quarter conference call.
Xerox made $79 million in cash and $130 million in stock contributions to its pension plans during the first three months of this year, according to the company's first-quarter earnings presentation. Xerox contributed $556 million to its worldwide defined benefit plans in 2011.
As of Dec. 31, the company had $8.28 billion in worldwide defined benefit plan assets, with a funding ratio of 78.8%, based on a discount rate of 4.7%, according to the company's annual report. Asset allocation for its DB plans was 43.3% fixed income, 35.5% equities, 7% cash, 6.7% real estate, 3.8% private equity and 3.7% other investments.