Corning Inc., Corning, N.Y., expects to make voluntary cash contributions of up to $106 million to its defined benefit plans in 2019 — up to $75 million to its U.S. qualified plan and up to $31 million to its international pension plans — according to its 10-K filed with the SEC on Wednesday.
The company made a voluntary cash contribution of $105 million to its U.S. pension plan and $12 million to its international DB plans in 2018.
Corning had $3.24 billion in plan assets as of Dec. 31 — $2.74 billion in U.S., and the rest in international — with pension obligations of $4 billion, for a funding ratio of 81%, down from 84.5% in 2018.
The discount rate for the U.S. plan was 3.58% in 2018, down from 4.01% in 2017.
Corning's target allocation in 2018 was 60% fixed income, 20% to 25% global equities, 5% to 15% private equity and real estate, and zero to 5% commodities. The filing did not break out the allocation by region.
