Johnson & Johnson, New Brunswick, N.J., paid out lump sums in 2019 totaling $514 million to former employees vested in its U.S. pension plan that accepted an offer. The company also plans to contribute $103 million to its global pension plans in 2020.
The distribution of the lump sums to former employees was completed by the end of the year, according to a 10-K filed Tuesday with the SEC. No further information was provided.
Also, the company disclosed in the filing that it plans to contribute $103 million to its global pension plans in 2020. In 2019, the company contributed $489 million to its U.S. plans and $419 million to its international plans.
As of Dec. 31, U.S. pension plan assets totaled $21.4 billion, while projected benefit obligations totaled $22.03 billion, for a funding ratio of 97.1%, up from 95.2% a year earlier.
As of Dec. 31, non-U.S. pension plan assets totaled $10.8 billion, while PBO totaled $12.1 billion, for a funding ratio of 89%, up from 86.9% a year earlier.
The company did not break out the discount rates or asset allocations by region. The discount rate reported as of Dec. 31 was 2.91%, down from 3.76% a year earlier. The actual allocation of the global pension plans was 74% equities and 26% fixed income.
Johnson & Johnson officials could not be immediately reached to provide further information.