A U.S. Navy destroyer in dry dock at a General Dynamics Corp. shipyard
General Dynamics Corp., Reston, Va., plans to contribute $470 million to its defined benefit plans in 2020.
The contributions are all required, according to the company's 10-K filing Monday with the SEC.
The company contributed $185 million to the pension plans in 2019 and $571 million to the plans in 2018.
The company has nine contributory and 14 non-contributory 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, defined benefit plan assets totaled $13.177 billion, while projected benefit obligations totaled $18.017 billion, for a funding ratio of 73.1%, down from 73.4% the year before. The plans' discount rate fell to 3.19% as of Dec. 31 from 4.28% a year earlier.
The actual allocation of the pension plans as of Dec. 31 was 57.5% equities, 33.3% fixed income, 4% real estate, 3.2% hedge funds, 1.3% other investments, 0.4% cash and cash equivalents, and 0.3% private equity.
