Motorola Solutions Inc., Schaumburg, Ill., plans to contribute $300 million to its U.S. pension plans in 2014 and an additional $35 million to its non-U.S. plans, according to its 10-K filed Thursday.
Motorola plans to double its contribution of $150 million from 2013. However, the lower contribution last year was a result of pension funding relief granted from the federal highway funding bill known as MAP-21, said Gino Bonanotte, executive vice president and CFO, according to a transcript from the company's fourth-quarter earnings call. Motorola contributed $340 million to its U.S. plans in 2012 and $489 million in 2011.
The U.S. pension funds ended 2013 with $6.07 billion in assets and $7.32 billion in liabilities for a funded status of 82.9%, up from 65.5% the year before. Unfunded liabilities decreased by $1.6 billion for the year. The discount rate used to measure benefit obligations was 5.15%, up from 4.35% at the end of 2012.
The non-U.S. pension funds ended the year with $1.57 billion in assets and $1.96 billion in liabilities for a funded status of 80.1%, up from 76.2% a year earlier.
The combined asset allocation for all of Motorola's pension funds as of Dec. 31 was 55% equity, 42% fixed income and 3% cash.