Brunswick Corp., Mettawa, Ill., made settlement payments totaling $596 million to complete the termination of two U.S. defined benefit plans, the company disclosed Friday in a 10-Q filing.
The settlements included the purchase of a group annuity contract from an undisclosed insurance company and $77.1 million in lump-sum payments elected by eligible participants.
Brunswick announced its intent to terminate the Brunswick Pension Plan for Hourly Bargaining Unit Employees and the Brunswick Pension Plan For Salaried Employees in the third quarter of 2018.
The company previously completed terminations of two other U.S. plans, the Brunswick Pension Plan For Hourly Employees (Hourly Plan) and the Brunswick Pension Plan For Hourly Wage Employees (Muskegon Plan), in 2017.
As of Dec. 31, U.S. defined benefit plan assets totaled $642 million, while projected benefit obligations totaled $653 million, for a funding ratio of 98.3%.
Company spokesman Daniel Kubera could not be immediately reached to provide further information.