Ford Motor Co., Dearborn, Mich., contributed $1.1 billion to its global defined benefit pension plans in the third quarter, the company announced in its third-quarter earnings release on Thursday.
The third-quarter contributions bring the total contributed to the plans for 2013 to $3.9 billion. The company announced in its most recent 10-K filing that it expected to contribute a total of about $5 billion to the plans in 2013.
Ford also announced that it settled an additional $700 million in obligations in the third quarter as part of its voluntary lump-sum program. In 2012, the company offered lump-sum benefits to about 90,000 U.S. salaried retirees and former employees.
The company has now settled a total of $3.4 billion in obligations for the program, which is “80% complete and concludes at the end of the year,” according to the earnings release.
As of Dec. 31, Ford's U.S. plans had assets of $42.4 billion, compared to projected benefit obligations of $52.1 billion, for a funding ratio of 81%. Non-U.S. plans had assets of $21.7 billion and projected benefit obligations of $30.7 billion, for a funding ratio of 70.7%.