3M Co., St. Paul, Minn., said contributions to its U.S. qualified pension plan will decline as its funding ratio is expected to reach 103% in 2013.
The company's U.S. pension plans (which include non-qualified plans) had an aggregate 92.9% funding ratio in 2012, according to its latest 10-K filing. The U.S. plans had a combined $13.8 billion in assets as of Dec. 31, 2012.
In a presentation for its 2014 outlook meeting, the company estimated its worldwide pension funding status for 2013 will be 93%, up six percentage points from 87% in 2012.
The firm's international pension plans are estimated to be funded to the tune of 88%, up from 81.4% according to its 2012 10-K. The international plans had a combined $5.2 billion in assets as of Dec. 31, 2012.
As a result of growing funding levels, 3M sees global pension/OPEB contributions declining to $100 million to $200 million per year between 2014 and 2017.
The company contributed an estimated $500 million for 2013; that follows contributions of $1.1 billion in 2012, $600 million each in 2011 and 2010, and $1.4 billion in 2009.