ConocoPhillips Co., Houston, expects to contribute about $300 million total to its global qualified and non-qualified pension and post-retirement benefit plans in 2015, the company's recently filed 10-K indicates.
Of the $300 million, about $110 million will go to the company's U.S. pension and post-retirement plans and $190 million to its non-U.S. pension and post-retirement plans.
The company contributed $273 million and $203 million to its U.S. and non-U.S. pension funds, respectively, in 2014.
At the end of the December, the U.S. pension funds had $3.27 billion in assets and $4.39 billion in liabilities for a funded status of 74.5%. The non-U.S. pension funds ended the year with $3.28 billion in assets and $4 billion in liabilities for a funded status of 82%.
The discount rate used to determine benefit obligations was 3.8% and 3.55% for the U.S. plans and non-U.S. plans, respectively, down from 4.4% and 4.75% the previous year.
As of Dec. 31, the U.S. pension funds had an asset allocation of 33% U.S. equity, 21% international equity, 17% equity common/collective trusts, 14% corporate debt, 7% government debt, 3% agency- and mortgage-backed securities, 2% each real estate and cash, and the remainder in derivatives.
The non-U.S. pension funds had an allocation of 19% each U.S. equity and government debt, 14% international equity, 12% fixed-income common/collective trusts, 10% equity mutual funds, 7% equity common/collective trusts, 5% each fixed-income mutual funds, corporate debt and real estate, 2% cash, 1% agency- and mortgage-backed securities, and the remainder in private equity funds.
Separately, Textron Inc., Providence, R.I., plans to contribute a total of about $80 million to its defined benefit and defined contribution plans in 2015, said the company's most recent 10-K filed Wednesday.
Textron contributed $60 million to its global pension funds in 2014, according to the filing.
As of Jan. 3, the company had $7 billion in total defined benefit assets and $8 billion in obligations for a funding ratio of 87.5%.
Textron's U.S. pension funds have target asset allocation ranges of 23% to 38% U.S. equity, 27% to 38% debt securities, 11% to 22% international equity, 7% to 13% real estate, 5% to 11% private investment partnerships, and zero to 5% hedge funds.
The non-U.S. plans have target asset allocation ranges of 49% to 67% equity securities, 28% to 41% debt securities, and 3% to 12% real estate.
Robert Bridge, manager, investor relations, could not be reached for additional information by press time.
