ConocoPhillips Co., Houston, expects to contribute about $440 million to its global defined benefit plans in 2020. The multinational energy company expects to contribute about $350 million to its U.S. plans and about $90 million to its non-U.S. plans during the year, the company disclosed in Tuesday a 10-K filing with the SEC.
The company contributed $235 million to its U.S. DB plans and $464 million to its non-U.S. plans in 2019.
As of Dec. 31, U.S. defined benefit plan assets totaled $1.591 billion, while projected benefit obligations totaled $2.319 billion, for a funding ratio of 68.6%, up from 62.5% the year before. The discount rate for the U.S. plans was 3.25% as of Dec.31, down from 4.25% a year earlier.