PPL Corp., Allentown, Pa., contributed $50 million to its U.S. defined benefit plans last month and expects to contribute about $277 million to its U.K. pension plans in 2019, according to its latest 10-K filed Thursday. No additional U.S. contributions are expected in 2019.
The company contributed $153 million to its U.S. DB plans in 2018 and $65 million in 2017. Meanwhile, it contributed $188 million to its U.K. plans in 2018 and $486 million in 2017.
PPL had $3.11 billion in U.S. plan assets as of Dec. 31 and benefit obligations of $3.88 billion, for a funding ratio of 80.2%, down from 81.4% a year earlier. Meanwhile, the company had $7.8 billion in U.K. plan assets as of Dec. 31 and a benefit obligations of $7.28 billion, for a funding ratio of 107.1%, up from 103.3% the previous year.
The discount rate for its U.S. plans as of Dec. 31 was 4.35%, up from 3.7% the year before. Its discount rate for its U.K. plans was 2.98%, up from 2.65% the year prior.
The company's target allocation for its U.S. DB plans as of Dec. 31 was 50% fixed income, 45% equities, and 5% cash and cash equivalents. Its target asset allocation for its U.K. plans was 41% global tactical asset allocation, 38% fixed income, 10% global equities, 5% alternatives, 2% U.K. equities, and 1% each European ex-U.K. equities, Asia-Pacific equities, North American equities and emerging markets equities.