Ford Motor is planning to contribute a total of $1.6 billion to its worldwide pension plans this year, Pensions & Investments reports. The U.S. auto-maker is seeking to contribute $1.2 billion in cash and cash equivalents from its automotive division along with $400 million of direct benefit payments.

The Michigan-based company’s U.S. pension assets stood at $39.9 billion as of end of last year and were 85.7 percent funded, while its non-U.S. defined benefit plans were 79.6 percent funded. Ford Motor’s asset allocation for its U.S. plans was 45.5 percent fixed income, 43 percent equities, 7.1 percent hedge funds, 3.7 percentd private equity, 0.4 percent cash and 0.3 percent real estate.