Rockwell Collins Inc., Cedar Rapids, Iowa, made a $387 million discretionary contribution to its U.S. qualified pension plans in July, the company disclosed Friday in a 10-Q filing with the Securities and Exchange Commission.
The contribution was made to achieve a tax deduction and reduce future Pension Benefit Guaranty Corp. premiums.
As of Sept. 30, pension plan assets totaled $3.186 billion, while projected benefit obligations totaled $4.202 billion, for a funding ratio of 75.8%, according to the company's most recent 10-K filing. The company does not break down between U.S. and non-U.S. assets, but did note that the six non-U.S. plans' pension benefit obligation is about 5% of the total PBO, or about $210 million.
Rockwell Collins contributed a total of $68 million to its pension plans for the year ended Sept. 30, which includes $55 million to its U.S. qualified plans, $8 million to its U.S. non-qualified plans and $5 million to its non-U.S. plans.
The company's actual asset allocation as of Sept. 30 was 57% equities, 40% fixed income and 3% cash.
United Technologies Corp. announced in September it would acquire Rockwell Collins, which is expected to close later this year.
