Deere & Co., Moline, Ill., expects to contribute an additional $950 million to its U.S. pension and other post-retirement benefit plans in fiscal 2018, the company disclosed in a Friday earnings release.
In Deere's second quarter, which ended April 29, the company received authorization to make a $1 billion voluntary contribution to its U.S. pension and other post-retirement benefit plans in 2018, according to the earnings release. Of the $1 billion, $50 million was contributed in the second quarter. The remainder is expected to be contributed in the third quarter, the earnings release said.
A breakout of pension and OPEB contributions was not provided.
Previously, in a 10-Q filed March 1, Deere had announced that it planned to contribute about $142 million total to its pension and post-retirement benefit plans in fiscal year 2018 — $68 million to pension plans and $74 million to OPEB plans.
As of Oct. 29, Deere's global defined benefit assets totaled $12.1 billion and its pension obligations, $13.2 billion, for a funded status of 91.7%, according to its most recent 10-K.
The company contributed $62 million to its pension plans in the 12 months ended Oct. 29, according to the 10-K.
A spokesman declined to comment beyond the earnings release and SEC filings.