Foot Locker Inc., New York, will make a $128 million contribution to its qualified U.S. pension plan this year, according to its 10-K filed Thursday.
It made a $25 million contribution to the plan last year as well as a $4 million contribution to non-qualified pension plans. The U.S. pension plan had $639 million in assets as of Feb. 3, up from $589 million as of Jan. 28, 2017.
The company said in the 10-K that the $128 million contribution was the result of a ruling by a U.S. District Court in New York that the company had violated terms of ERISA with the 1996 conversion of the U.S. plan "to a defined benefit plan with a cash balance formula." In February 2018, the U.S. Supreme Court declined to hear the company's appeal.