Masco Corp., Livonia, Mich., plans to contribute about $140 million to its qualified U.S. defined benefit pension plans in 2021.
The contribution will "exceed ERISA requirements and effectively settle these plans," the company said in its 10-K filing with the SEC on Tuesday.
The company contributed $57 million to the pension plans in 2019 and $56 million in 2018.
As of Dec. 31, qualified DB plan assets totaled $863 million, while projected benefit obligations totaled $1.1 billion, for a funding ratio of 78.5%, up from 75.7% a year earlier.
The plans' discount rate fell to 1.7% as of Dec. 31 from 2.5% the year before.
Also as of Dec. 31, the plan's actual allocation was 33.8% U.S. common collective trust fund, 30.1% government fixed income, 19.2% corporate fixed income, 14.8% equities and the rest in other assets.