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AbbVie to make $750 million pension contribution in 2018

AbbVie Inc., North Chicago, Ill., plans to contribute $750 million to its global defined benefit plans in 2018, the company disclosed in a 10-K filing with the Securities and Exchange Commission on Friday.

The company contributed $246 million in 2017 and $273 million to the plans in 2016. AbbVie did not break down contribution amounts between U.S. and non-U.S. plans.

As of Dec. 31, global defined benefit plan assets totaled $5.399 billion, while projected benefit obligations totaled $6.985 billion, for a funding ratio of 77.3%, down from 78.4% the previous year. While AbbVie did not break down assets between U.S. and non-U.S. plans, the company noted the projected benefit obligation was $2 billion for international defined benefit plans as of Dec. 31, up from $1.7 billion at the end of 2016.

The global DB plans' discount rate for 2017 was 3.4%, down from 3.9% in 2016.

The pension plans' target asset allocation is 45% asset allocation strategies and other holdings, 35% equity and 20% fixed-income securities.