Chevron Corp., San Ramon, Calif., expects to contribute about $350 million to its U.S. defined benefit plan and $250 million to its international pension funds in 2015, the company said in its 10-K filing.
Chevron contributed $99 million to its U.S. plan and $276 million to its international plans in 2014.
Total assets for Chevron's U.S. pension fund fell 1.1% in 2014 to $11.09 billion as of Dec. 31. The funding ratio dropped 15 percentage points to 77.8% as the discount rate used to measure plan liabilities fell to 3.7% from 4.3% a year earlier.
Total assets for its international pension funds fell 6.6% in 2014 to $4.2 billion as of Dec. 31. The majority of the decrease was a $582 million impact from a company divestiture. The funding ratio was 73.6% vs. 74.5% a year earlier.
The asset allocation as of Dec. 31 for its U.S. pension fund was 59.7% equities, 24.9% fixed income, 12.3% real estate and 3.1% cash and other.
Asset allocation for its international pension funds was 48.2% fixed income, 36.1% equities, 7.8% real estate, 5% cash and other, and 2.9% mixed funds (composed of funds that invest in both equity and fixed-income instruments).
