Rank Name U.S.-only projected benefit obligation (2014) Funded status PBO as % of market cap Cash needed as % of cash flows from operations
1 CenturyLink Inc. $15,042 84% 76% 32%
2 Domtar Corp. $1,723 100% 60% 7%
3 Computer Sciences Corp. $3,409 96% 36% 10%
4 MeadWestvaco Corp. $2,778 149% 32% 0%
5 Xerox Corp. $4,716 66% 31% 1%
6 International Business Machines Corp. $56,310 99% 36% 25%
7 Towers Watson & Co. $2,548 110% 28% 1%
8 Hewlett-Packard Co. $13,756 87% 23% 7%
9 Windstream Corp. $1,332 78% 29% 17%
10 Frontier Communications Corp. $2,210 76% 30% 23%
11 First Horizon National Corp. $860 81% 25% 14%
12 Silgan Holdings Inc. $756 100% 21% 12%
13 Joy Global Inc. $1,157 93% 30% 30%
14 Eastman Chemical Co. $2,356 84% 23% 13%
15 Public Service Enterprise Group Inc. $5,722 93% 27% 19%
16 Unum Group $1,893 78% 22% 13%
17 Popular Inc. $820 85% 23% 14%
18 Hanover Insurance Group Inc. $717 90% 23% 15%
19 Great Plains Energy Inc. $1,187 62% 29% 32%
20 CenterPoint Energy Inc. $2,403 80% 27% 23%
21 Xcel Energy Inc. $3,747 82% 22% 16%
22 Loews Corp. $3,446 79% 23% 18%
23 PPL Corp. $5,609 83% 26% 24%
24 ConAgra Foods Inc. $3,979 89% 27% 28%
25 Assurant Inc. $1,064 83% 24% 23%
26 Kellogg Co. $5,570 90% 25% 29%
27 Thomson Reuters Corp. $7,297 89% 23% 25%
28 Avon Products Inc. $705 72% 22% 25%
29 Allstate Corp. $6,493 89% 22% 29%

Ranking is based on plan sponsors that have above-average pension obligations relative to the sponsors’ market capitalizations and below-average costs to defense their pension.
All amounts are in U.S. dollars.
Data source: RBC Capital Markets, LLC