U.S. Bancorp, Minneapolis, plans to contribute $185 million to its defined benefit plan in 2017, the company said in its 10-K filing with the Securities and Exchange Commission.
The company contributed $358 million to the plan in 2016 and $414 million in 2015.
The plan had $3.77 billion in assets and $5.07 billion in liabilities as of Dec. 31. The plan's funded status as of Dec. 31 was 67%, vs. 72% at the end of 2015.
U.S. Bancorp lowered its discount rate to 4.27% as the end of 2016 from 4.45% a year earlier.
The plan's estimated rate of return remained at 7.5% in 2016.
Its asset allocation as of Dec. 31 was 34% U.S. equity, 29.2% fixed income, 23.3% international equity, 5% hedge funds, 4.5% real estate, 2.6% private equity and the remainder in cash. At the end of 2015, the allocation was 32% U.S. equity, 30.5% fixed income, 24.2% international equity, 5.1% hedge funds, 4.8% real estate, 1.5% private equity and the remainder in cash.
