3M Co., St. Paul, Minn., plans to contribute between $100 million and $200 million to its global defined benefit plans in 2021.
The company contributed $92 million to its non-U.S. pension plans and $61 million to its U.S. plans in 2020, the company disclosed in a 10-K filing with the SEC on Thursday.
3M did not break down the expected 2021 contributions by region. It said in the filing that it "does not have a required minimum cash pension contribution obligation for its U.S. plans in 2021" and that "future contributions will depend on market conditions, interest rates and other factors."
3M has more than 75 DB plans in 28 countries, the company noted in the filing.
As of Dec. 31, U.S. DB plan assets totaled $17.13 billion, while projected benefit obligations totaled $19.38 billion, for a funding ratio of 88.4%, down from 89.8% the year before, according to the 10-K filing.
The discount rate for the U.S. plans as of that date was 2.55%, down from 3.25% a year earlier.
Also as of Dec. 31, the actual allocation of the U.S. plans was 44.7% fixed income, 26% equities, 15.7% absolute return, 10.7% private equity, and 2.9% cash and cash equivalents.
Non-U.S. DB plan assets as of Dec. 31 totaled $8.19 billion, while PBO totaled $8.77 billion, for a funding ratio of 93.4%, up from 87.3% the year before.
The discount rate for the non-U.S. plans as of that date was 1.38%, down from 1.81% a year earlier.
Also as of Dec. 31, the actual allocation of the non-U.S. plans was 56.4% fixed income, 24.4% equities, 11.7% absolute return, 5.1% private equity, and 2.4% cash and cash equivalents.