Chevron Corp., San Ramon, Calif., expects to contribute about $1.5 billion to its global pension plans in 2020.
By region, Chevron plans to contribute about $1.25 billion to its U.S. pension plans and $250 million to its non-U.S. pension plans, the oil company disclosed Friday in a 10-K filing with the SEC.
In 2019, the company contributed $1.096 billion to the U.S. plans and $266 million to the non-U.S. plans.
As of Dec. 31, Chevron's U.S. pension plan assets totaled $10.177 billion, while projected benefit obligations totaled $14.465 billion, for a funding ratio of 70.4%, down from 72.8% the year before. As of that same date, the discount rate for the U.S. plans was 3.1%, down from 4.2% a year earlier.
As of Dec. 31, non-U.S. pension plan assets totaled $4.791 billion, while PBO totaled $5.68 billion, for a funding ratio of 84.3%, down from 85.9% a year earlier. As of that same date, the non-U.S. plans' discount rate was 3.2%, down from 4.4% the year before.
As of Dec. 31, the actual allocation of the U.S. plans was: 47.2% equities; 30% fixed income; 10.7% real estate; 9.1% alternative investments; 2.3% cash and cash equivalents; and 0.7% other. The actual allocation of the non-U.S. plans as of that date was: 62.5% fixed income; 22.5% equities; 7% cash and cash equivalents; 5.8% real estate; and 2.2% other.
