Philip Morris International Inc., New York, plans $262 million in contributions to its global pension funds in 2021.
Its estimate of future contributions is subject to change depending on investment performance or changes in interest or currency rates, according to the company's 10-K filing with the SEC on Tuesday.
Philip Morris contributed $102 million to the pension funds in 2020.
How the contributions were split by region was not provided.
As of Dec. 31, global pension fund assets totaled $8.746 billion, while projected benefit obligations totaled $12.243 billion, for a funding ratio of 71.4%, down from 74.7% a year earlier.
The discount rate for the pension funds as of Dec. 31 as 0.56%, down from 0.83% the year before.
As of Dec. 31, the actual allocation of the pension funds was 58% equities, 25.4% fixed income, 9.3% real estate, 3.7% cash and cash equivalents, and 3.6% other.
