Pensions & Investments
By Rob Kozlowski
July 31, 2013
Lockheed Martin Corp., Bethesda, Md., has contributed $1.5 billion to its defined benefit pension plans so far this year, according to a recent SEC filing.
According to the 10-Q filing, the company “made $750 million in contributions to our qualified defined benefit pension plans” in the first half of 2013 and “made contributions of $750 million early in the third quarter of 2013, which completes our anticipated funding of $1.5 billion for 2013.” [EXPAND Read more]
The company contributed a total of $3.6 billion in 2012 and $2.3 billion in 2011.
As of Dec. 31, the fair value of plan assets totaled $30.9 billion and projected benefit obligations totaled $46 billion, for an overall funding ratio of 67.1%.
The company announced in December it had extended a voluntary lump-sum offer to about 33,000 former salaried non-union employees. About 10,000 of the former employees took the offer, according to a Lockheed Martin statement. [/EXPAND]