Conagra Brands Inc., Chicago, contributed $150 million to its U.S. pension plans in the fourth quarter of its fiscal year ended May 28, the company disclosed in its 10-K filing with the SEC on Friday.
The additional contribution, which the company said was made "to improve the funded status of our pension plans," brought the fiscal-year total to $163 million. In its previous 10-K filing, the company had said it expected to contribute $13 million to the plans in fiscal 2017.
As of May 28, pension plan assets totaled $2.984 billion, with projected benefit obligations of $3.549 billion, for a funding ratio of 84.1%, compared to the funding ratio of 75.8% the company announced as of May 29, 2016. The company said it plans to contribute $13 million to its pension plans in fiscal 2018.
The company also disclosed it made a total of $288 million in lump-sum payments to former employees vested in its salaried pension plan as the result of an offer made to those participants. The company did not disclose the number of former employees who took the offer or were sent the offer.
As of May 28, the actual allocation of the pension plans was: 39% equities; 25% fixed income; 11% each, multistrategy hedge funds and real estate; 10% other; and 4% private equity.