General Dynamics Corp., Reston, Va., plans to contribute $360 million to its defined benefit plans in 2021.
The contributions are all required, according to the company's 10-K filing with the SEC on Monday.
The company contributed $480 million to the plans in 2019 and $185 million in 2018.
General Dynamics has multiple defined benefit plans covering eligible government business employees and commercial business employees, which includes some international operations. While the 10-K filing does not break down plan assets by region, it notes that "more than 90%" of its assets are held in a single trust for the company's primary U.S. plans.
As of Dec. 31, global DB plan assets totaled $14.75 billion, while projected benefit obligations totaled $19.69 billion, for a funding ratio of 74.9%, up from 72.8% a year earlier.
The plans' discount rate fell to 2.54% as of Dec. 31 from 3.19% the year before.
Also as of Dec. 31, the plan's actual allocation was 57.9% equities, 34.4% fixed income, 3.7% real estate, 1.7% hedge funds, 1.3% other investments, 0.8% cash and cash equivalents, and 0.2% private equity.
