Freeport-McMoran Inc., Phoenix, plans to contribute $134 million to its defined benefit plans in 2020.
The metal mining company plans to contribute $132 million to its own plans, all of which are located in the U.S., and $2 million to affiliate PT Freeport Indonesia, according to a 10-K filing Feb. 14 with the SEC.
In 2019, the company contributed $74 million to its own plans and $19 million to the PT Freeport Indonesia plan.
As of Dec. 31, its U.S. DB plans totaled $1.68 billion, while projected benefit obligations totaled $2.58 billion, for a funding ratio of 65.1%, up from 64.2% a year earlier.
The discount rate for the U.S. DB plans as of Dec. 31 was 3.4%, down from 4.4% a year earlier.
As of Dec. 31, the actual allocation of the U.S. DB plans was 46.1% fixed income, 39% equities, 6.6% each cash/other investments and real estate, 1% short-term investments and 0.7% private equity.
The PT-FI plan assets as of that date totaled $254 million, while projected benefit obligations totaled $217 million, for a funding ratio of 117.1%, up from 108.2% a year earlier.
The PT-FI plan's discount rate was 7.25%, down from 8.25% a year earlier. Asset allocation information for the plan was not provided.
