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Rockwell Collins makes $387 million contribution to U.S. pension plans

A worker assembles a circuit board used in an LCD screen for Boeing aircraft at the Rockwell Collins production facility in Manchester, Iowa.

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.