Exxon Mobil Corp., Irving, Texas, plans to contribute $1.21 billion total to its global pension plans in 2018, the company announced in its 10-K filed Wednesday.
Of the $1.21 billion, $490 million will be contributed to Exxon Mobil's U.S. plans and $720 million to its non-U.S. plans. The company contributed $619 billion and $440 million, respectively, to its U.S. and non-U.S. pension plans in 2017.
The energy company's U.S. pension assets and benefit obligations totaled $12.78 billion and $19.31 billion, respectively, for a funded status of 66.2% as of Dec. 31, up from 64.1% the year before. As of the same date, non-U.S. pension assets and benefit obligations totaled $21.46 billion and $27.96 billion, respectively, for a funded status of 76.8%, up from 75.6% at the end of 2016.
The discount rate used to calculate benefit obligations for the U.S. plans was 3.8% as of Dec. 31, down from 4.25% at the end of 2016, and 2.8% for the non-U.S. plans, down from 3% in 2016.
As of Dec. 31, the asset allocation for the U.S. pension plans was 41% corporate debt, 28% government bonds, 13% U.S. equities, 12% international equities, 4% private equity, 1% cash and 1% other. The asset allocation for Exxon Mobil's non-U.S. pension plans, meanwhile, was 43.5% government bonds, 25% corporate bonds, 28% equities, 2.5% private equity and 1% cash.