Lockheed Martin Corp., Bethesda, Md., expects to contribute $1 billion to its defined benefit plans in 2021.
The aerospace and defense company, which also contributed $1 billion each to the plans in 2020 and 2019, disclosed its planned contribution Thursday in a 10-K filing with the SEC.
As of Dec. 31, DB plan assets totaled $38.481 billion, while projected benefit obligations totaled $51.352 billion, for a funding ratio of 74.9%, up from 72.8% a year earlier.
The DB plans' discount rate as of Dec. 31 was 2.5%, down from 3.25% the previous year.
The 10-K filing provides an asset allocation that includes $2.1 billion in retiree, medical and life insurance plans. As of Dec. 31, that allocation was 36.7% fixed income; 18.6% domestic equities; 16.9% international equities; 11.5% private equity; 6.5% real estate; 4.4% other equities; and 2.7% each cash/cash equivalents and hedge funds.
