Parker Hannifin Corp., Cleveland, plans to contribute $278 million to its global defined benefit plans during its fiscal year 2016 that started July 1, the company announced in its 10-K filing Wednesday.
The company said the “majority” of the contributions will go to its U.S. qualified defined benefit plan. It did not specify an amount.
The company also announced it made lump-sum offers to “certain participants” in its U.S. pension fund in both fiscal years 2014 and 2015 and distributed $81 million and $100 million, respectively, to those participants who selected the lump sum.
Parker Hannifin did not break down assets between U.S. and non-U.S. pension funds in its 10-K filing, but according to the company's most recent Form 5500 filing, the U.S. plan had $2.5 billion as of June 30, 2014. Projected benefit obligation information was not available as of that date.
Overall, as of June 30, the global defined benefit plans had $3.24 billion in assets and $4.87 billion in projected benefit obligations, for an overall funding ratio of 66.5%.
Aidan Gormley, company spokesman, did not return a phone call by press time; David Ostro, vice president and treasurer, could not be reached by press time.
