U.S. corporations tracked by Pensions & Investments so far in 2016 revealed plans to contribute a total of $15.6 billion to their pension funds, 10-K filings with the Securities and Exchange Commission said.
Of the 31 companies that plan to contribute at least $100 million in 2016 whose 10-K filings are tracked by P&I, four reported the intent to contribute at least $1 billion each.
At this time last year, 51 companies had announced they intended to contribute $17.35 billion to their plans in 2015. Of that, 35 companies were planning to contribute at least $100 million to their U.S. plans, totaling $11.6 billion.
General Motors Co., Detroit, which has the largest U.S. corporate pension plan, will make the largest contribution. In its 10-K filing, the company disclosed plans to put $2 billion into its U.S. hourly pension funds by the middle of the year. General Motors' funding ratio increased 40 basis points to 87.9% from 87.5% in 2014. It will also contribute $947 million to its non-U.S. plans.
Ford Motor Co., Dearborn, Mich., plans to contribute $1.5 billion to its global defined benefit funds in 2016. The funding ratio for Ford's global DB plans improved to 89% at the end of 2015 from 87.8% the previous year.
Ford made the announcement on Jan. 7, the same day it said it would be moving to a mark-to-market accounting system.