XML 19 R24.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Benefit Plans
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
BENEFIT PLANS BENEFIT PLANS

Qualified Retirement Benefits. The Company has qualified retirement plans covering certain U.S. employees that have been closed to new participants since 2003 and frozen since December 2013. Plans that cover salaried employees provide retirement benefits based on the employee’s compensation during the ten years before the date of the plan freeze or the date of their actual separation from service, if earlier. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees generally provide benefits of stated amounts for each year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations.

The Company's non-U.S. benefit plans cover eligible employees located predominately in Germany, Switzerland, Belgium, the U.K. and France. Benefits for these plans are based primarily on each employee's final salary, with annual adjustments for inflation. The obligations in Germany consist of employer funded pension plans and deferred compensation plans. The employer funded pension plans are based upon direct performance-related commitments in terms of defined contribution plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification, or income level, different yearly contributions. The contribution is multiplied by an age factor appropriate to the respective pension plan and credited to the individual retirement account of the employee. The retirement accounts may be used up at retirement by either a one-time lump-sum payout or payments of up to ten years. In Switzerland, the post-employment benefit plan is required due to statutory provisions. The employees receive their pension payments as a function of contributions paid, a fixed interest rate and annuity factors. Insured events for these plans are primarily disability, death and reaching of retirement age.

In the Netherlands, there was a transfer to an industry-wide pension fund occurred in early 2017, which transferred $186.8 of obligations and assets and is included in the settlements caption in the following tables. Final settlement accounting for this plan took place and resulted in $0.4 of income for the year ended December 31, 2017.

The Company has other defined benefit plans outside the U.S., which have not been mentioned here due to their insignificance.

Supplemental Executive Retirement Benefits. The Company has non-qualified pension plans in the U.S. to provide supplemental retirement benefits to certain officers, which were also frozen since December 2013. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined.

Other Benefits. In addition to providing retirement benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Retired eligible employees in the U.S. may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. There are no plan assets and the Company funds the benefits as the claims are paid. The post-retirement benefit obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trend rates.

The following tables set forth the change in benefit obligation, change in plan assets, funded status, consolidated balance sheet presentation and net periodic benefit cost for the Company’s defined benefit pension plans and other benefits at and for the years ended December 31:
 
Retirement Benefits
 
Other Benefits
 
U.S. Plans
 
Non-U.S. Plans
 
 
 
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
522.2

 
$
569.0

 
$
426.5

 
$
452.0

 
$
15.3

 
$
9.9

Service cost
3.7

 
3.9

 
9.8

 
11.0

 
0.1

 
—

Interest cost
22.1

 
20.6

 
6.5

 
6.2

 
1.0

 
0.4

Actuarial loss (gain)
62.5

 
(41.3
)
 
32.7

 
(3.5
)
 
1.8

 
(1.6
)
Plan participant contributions
—

 
—

 
1.3

 
1.4

 
—

 
—

Benefits paid
(30.5
)
 
(30.0
)
 
(17.5
)
 
(17.3
)
 
(0.8
)
 
(0.8
)
Plan amendments
—

 
—

 
0.4

 
—

 
—

 
—

Settlements
—

 
—

 
(5.8
)
 
(7.7
)
 
—

 
—

Recognition/establishment of Germany benefit obligation
—

 
—

 
7.1

 
—

 
—

 
—

Foreign currency impact
—

 
—

 
(3.4
)
 
(18.1
)
 
(0.3
)
 
—

Acquired benefit plans and other
—

 
—

 
(1.5
)
 
2.5

 
—

 
7.4

Benefit obligation at end of year
580.0

 
522.2

 
456.1

 
426.5

 
17.1

 
15.3

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
346.0

 
378.7

 
340.9

 
359.5

 
—

 
—

Actual return on plan assets
74.1

 
(20.3
)
 
37.3

 
2.2

 
—

 
—

Employer contributions
38.1

 
17.6

 
6.8

 
16.9

 
0.8

 
0.8

Plan participant contributions
—

 
—

 
1.3

 
1.4

 
—

 
—

Benefits paid
(30.4
)
 
(30.0
)
 
(17.5
)
 
(17.3
)
 
(0.8
)
 
(0.8
)
Foreign currency impact
—

 
—

 
(3.3
)
 
(14.4
)
 
—

 
—

Acquired benefit plans and other
—

 
—

 
0.3

 
0.3

 
—

 
—

Settlements
—

 
—

 
(5.8
)
 
(7.7
)
 
—

 
—

Fair value of plan assets at end of year
427.8

 
346.0

 
360.0

 
340.9

 
—

 
—

Funded status
$
(152.2
)
 
$
(176.2
)
 
$
(96.1
)
 
$
(85.6
)
 
$
(17.1
)
 
$
(15.3
)
Amounts recognized in balance sheets
 
 
 
 
 
 
 
 
 
 
 
Noncurrent assets
$
1.4

 
$
—

 
$
139.3

 
$
—

 
$
—

 
$
—

Current liabilities
3.5

 
3.4

 
8.2

 
3.2

 
1.0

 
1.1

Noncurrent liabilities (1)
150.1

 
172.7

 
227.6

 
82.4

 
16.1

 
14.2

Accumulated other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
Unrecognized net actuarial (loss) gain (2)
(159.2
)
 
(151.3
)
 
6.2

 
19.0

 
(7.4
)
 
(6.3
)
Unrecognized prior service (cost) benefit (2)
—

 
—

 
(0.3
)
 
0.7

 
—

 
—

Net amount recognized
$
(7.0
)
 
$
24.8

 
$
102.4

 
$
105.3

 
$
9.7

 
$
9.0


(1) 
Included in the consolidated balance sheets in pensions, post-retirement and other benefits.
(2) 
Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost.

 
Retirement Benefits
 
Other Benefits
 
U.S. Plans
 
Non-U.S. Plans
 
 
 
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Change in accumulated other comprehensive loss
 
 
 
 
 
 
Balance at beginning of year
$
(151.4
)
 
$
(154.4
)
 
$
19.8

 
$
28.5

 
$
(6.3
)
 
$
(0.5
)
Prior service credit/loss recognized during the year
—

 
—

 
(0.5
)
 
—

 
—

 
—

Net actuarial gains (losses) recognized during the year
5.1

 
6.6

 
(1.5
)
 
(0.7
)
 
0.4

 
—

Net actuarial (losses) gains occurring during the year
(13.1
)
 
(3.6
)
 
(7.7
)
 
(4.9
)
 
(1.9
)
 
1.6

Net actuarial losses recognized due to settlement
—

 
—

 
(0.9
)
 
(2.2
)
 
—

 
—

Acquired benefit plans and other
—

 
—

 
(2.6
)
 
(0.3
)
 
—

 
(7.4
)
Foreign currency impact
—

 
—

 
(0.1
)
 
(0.6
)
 
0.3

 
—

Balance at end of year
$
(159.4
)
 
$
(151.4
)
 
$
6.5

 
$
19.8

 
$
(7.5
)
 
$
(6.3
)


 
Retirement Benefits
 
Other Benefits
 
U.S. Plans
 
Non-U.S. Plans
 
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
3.7

 
$
3.9

 
$
3.9

 
$
9.8

 
$
11.0

 
$
10.5

 
$
0.1

 
$
—

 
$
—

Interest cost
22.1

 
20.6

 
22.9

 
6.5

 
6.2

 
5.7

 
1.0

 
0.4

 
0.4

Recognition/establishment of Germany benefit obligation
—

 
—

 
—

 
7.1

 
—

 
—

 
—

 
—

 
—

Expected return on plan assets
(24.7
)
 
(24.6
)
 
(25.9
)
 
(12.3
)
 
(10.5
)
 
(4.5
)
 
—

 
—

 
—

Amortization of prior service cost
—

 
—

 
—

 
(0.1
)
 
—

 
—

 
—

 
—

 
—

Recognized net actuarial loss
5.1

 
6.6

 
5.9

 
(1.5
)
 
(0.7
)
 
(0.4
)
 
0.4

 
—

 
—

Curtailment loss
—

 
—

 
—

 
—

 
—

 
0.1

 
—

 
—

 
—

Settlement gain
—

 
—

 
—

 
(0.9
)
 
(2.2
)
 
(0.6
)
 
—

 
—

 
—

Net periodic benefit cost
$
6.2

 
$
6.5

 
$
6.8

 
$
8.6

 
$
3.8

 
$
10.8

 
$
1.5

 
$
0.4

 
$
0.4



The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31:
 
U.S. Plans
 
Non-U.S. Plans
 
2019
 
2018
 
2019
 
2018
Projected benefit obligation
$
570.0

 
$
522.2

 
$
315.6

 
$
426.5

Accumulated benefit obligation
$
570.0

 
$
522.2

 
$
295.2

 
$
409.7

Fair value of plan assets
$
427.8

 
$
346.0

 
$
360.0

 
$
340.9



The following table represents the weighted-average assumptions used to determine benefit obligations at December 31:
 
Pension Benefits
 
Other Benefits
 
U.S. Plans
 
Non-U.S. Plans
 
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Discount rate
3.35
%
 
4.34
%
 
0.94
%
 
1.60
%
 
5.70
%
 
4.34
%
Rate of compensation increase
N/A

 
N/A

 
2.85
%
 
2.82
%
 
N/A

 
N/A


The following table represents the weighted-average assumptions used to determine periodic benefit cost at December 31:
 
Pension Benefits
 
Other Benefits
 
U.S. Plans
 
Non-U.S. Plans
 
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Discount rate
4.34
%
 
3.71
%
 
1.60
%
 
1.45
%
 
4.34
%
 
3.71
%
Expected long-term return on plan assets
6.80
%
 
6.80
%
 
3.69
%
 
2.97
%
 
N/A

 
N/A

Rate of compensation increase
N/A

 
N/A

 
2.82
%
 
2.75
%
 
N/A

 
N/A



The discount rate is determined by analyzing the average return of high-quality (i.e., AA-rated) fixed-income investments and the year-over-year comparison of certain widely used benchmark indices as of the measurement date. The expected long-term rate of return on plan assets is primarily determined using the plan’s current asset allocation and its expected rates of return. The Company also considers information provided by its investment consultant, a survey of other companies using a December 31 measurement date and the Company’s historical asset performance in determining the expected long-term rate of return. The rate of compensation increase assumptions reflects the Company’s long-term actual experience and future and near-term outlook.

During 2019, the Society of Actuaries released new mortality tables (Pri-2012) and projection scales (MP-2019) resulting from recent studies measuring mortality rates for various groups of individuals. As of December 31, 2019, the Company adopted for the pension plan in the U.S., the use of the Pri-2012 mortality tables and the MP-2019 mortality projection scales. During 2017, the Society of Actuaries released a new mortality improvement projection scale (MP-2017) resulting from recent studies measuring mortality rates for various groups of individuals. As of December 31, 2017, the Company adopted for the pension plan in the U.S. the use of the RP-2014 base mortality table modified to remove the post-2006 projections using the MP-2014 mortality improvement scale and replacing it with projections using the fully generational MP-2017 projection scale. For the plans outside the U.S., the mortality tables used are those either required or customary for local accounting and/or funding purposes.

The following table represents assumed healthcare cost trend rates at December 31:
 
2019
 
2018
Healthcare cost trend rate assumed for next year
6.5
%
 
6.5
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
5.0
%
 
5.0
%
Year that rate reaches ultimate trend rate
2025

 
2025



The healthcare trend rates for the postemployment benefits plans in the U.S. are reviewed based upon the results of actual claims experience. The Company used initial healthcare cost trends of 6.5 percent in 2019 and 2018, respectively, with an ultimate trend rate of 5.0 percent reached in 2025. Assumed healthcare cost trend rates have a modest effect on the amounts reported for the healthcare plans.

A one-percentage-point change in assumed healthcare cost trend rates results in a minimal impact to total service and interest cost and post-retirement benefit obligation.

The Company has a pension investment policy in the U.S. designed to achieve an adequate funded status based on expected benefit payouts and to establish an asset allocation that will meet or exceed the return assumption while maintaining a prudent level of risk. The plans' target asset allocation adjusts based on the plan's funded status. As the funded status improves or declines, the debt security target allocation will increase and decrease, respectively. The Company utilizes the services of an outside consultant in performing asset / liability modeling, setting appropriate asset allocation targets along with selecting and monitoring professional investment managers.

The U.S. plan assets are invested in equity and fixed income securities, alternative assets and cash. Within the equities asset class, the investment policy provides for investments in a broad range of publicly-traded securities including both domestic and international stocks diversified by value, growth and cap size. Within the fixed income asset class, the investment policy provides for investments in a broad range of publicly-traded debt securities with a substantial portion allocated to a long duration strategy in order to partially offset interest rate risk relative to the plans’ liabilities. The alternative asset class includes investments in diversified strategies with a stable and proven track record and low correlation to the U.S. stock market. Several plans outside of the U.S. are also invested in various assets, under various investment policies in compliance with local funding regulations.

In connection with the Acquisition, the Company also acquired plan assets that had been created in June 2006 as part of a Contractual Trust Arrangement (CTA), under which company assets have been irrevocably transferred to a registered association (Alme Pension Foundation) for the exclusive purpose of securing and funding pension and other postemployment benefits obligations to employees in Belgium, Germany, France and Switzerland. The association is investing in current and non-current
assets, using a funding strategy that is reviewed on a regular basis by analyzing asset development as well as the current situation of the financial market.

The following table summarizes the Company’s target allocation for these asset classes in 2020, which are readjusted at least quarterly within a defined range for the U.S., and the Company’s actual pension plan asset allocation as of December 31, 2019 and 2018:
 
 
U.S. Plans
 
Non-U.S. Plans
 
 
Target
 
Actual
 
Target
 
Actual
 
 
2020
 
2019
 
2018
 
2020
 
2019
 
2018
Equity securities
 
45%
 
48%
 
44%
 
48%
 
48%
 
40%
Debt securities
 
40%
 
40%
 
41%
 
23%
 
23%
 
27%
Real estate
 
5%
 
4%
 
6%
 
10%
 
10%
 
10%
Other
 
10%
 
8%
 
9%
 
19%
 
19%
 
23%
Total
 
100%
 
100%
 
100%
 
100%
 
100%
 
100%


The following table summarizes the fair value categorized into a three level hierarchy, as discussed in note 1, based upon the assumptions (inputs) of the Company’s plan assets as of December 31, 2019:
 
 
U.S. Plans
 
Non-U.S. Plans
 
 
Fair Value
 
Level 1
 
Level 2
 
NAV
 
Fair Value
 
Level 1
 
Level 2
 
NAV
Cash and short-term investments
 
$
6.5

 
$
6.5

 
$
—

 
$
—

 
$
28.8

 
$
28.8

 
$
—

 
$
—

Mutual funds
 
0.8

 
0.8

 
—

 
—

 
—

 
—

 
—

 
—

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. mid cap value
 
—

 
—

 
—

 
—

 
0.9

 
0.9

 
—

 
—

U.S. small cap core
 
23.4

 
23.4

 
—

 
—

 
—

 
—

 
—

 
—

International developed markets
 
47.3

 
47.3

 
—

 
—

 
172.5

 
172.5

 
—

 
—

Fixed income securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate bonds
 
50.8

 
—

 
50.8

 
—

 
—

 
—

 
—

 
—

International corporate bonds
 
—

 
—

 
—

 
—

 
62.5

 
—

 
62.5

 
—

U.S. government
 
11.6

 
—

 
11.6

 
—

 
3.8

 
—

 
3.8

 
—

Fixed and index funds
 
1.8

 
—

 
1.8

 
—

 
15.9

 
—

 
15.9

 
—

Common collective trusts
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate (a)
 
17.6

 
—

 
—

 
17.6

 
5.0

 
—

 
5.0

 
—

Other (b)
 
241.3

 
—

 
241.3

 
—

 
—

 
—

 
—

 
—

Alternative investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multi-strategy hedge funds (c)
 
20.4

 
—

 
—

 
20.4

 
—

 
—

 
—

 
—

Private equity funds (d)
 
6.3

 
—

 
—

 
6.3

 
—

 
—

 
—

 
—

Other alternative investments (e)
 
—

 
—

 
—

 
—

 
70.6

 
—

 
—

 
70.6

Fair value of plan assets at end of year
 
$
427.8

 
$
78.0

 
$
305.5

 
$
44.3

 
$
360.0

 
$
202.2

 
$
87.2

 
$
70.6


The following table summarizes the fair value of the Company’s plan assets as of December 31, 2018:
 
 
U.S. Plans
 
Non-U.S. Plans
 
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Cash and short-term investments
 
$
3.0

 
$
3.0

 
$
—

 
$
—

 
$
34.0

 
$
34.0

 
$
—

 
$
—

Mutual funds
 
26.8

 
26.8

 
—

 
—

 
125.2

 
125.2

 
—

 
—

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. mid cap value
 
—

 
—

 
—

 
—

 
3.1

 
3.1

 
—

 
—

U.S. small cap core
 
17.2

 
17.2

 
—

 
—

 
0.3

 
0.3

 
—

 
—

International developed markets
 
34.5

 
34.5

 
—

 
—

 
7.7

 
7.7

 
—

 
—

Emerging markets
 
17.8

 
—

 
17.8

 
—

 
0.4

 
0.4

 
—

 
—

Fixed income securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate bonds
 
45.6

 
—

 
45.6

 
—

 
—

 
—

 
—

 
—

International corporate bonds
 
—

 
—

 
—

 
—

 
76.8

 
1.3

 
75.5

 
—

U.S. government
 
7.4

 
—

 
7.4

 
—

 
—

 
—

 
—

 
—

Fixed and index funds
 
0.1

 
—

 
0.1

 
—

 
14.7

 
14.7

 
—

 
—

Common collective trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate (a)
 
20.8

 
—

 
—

 
20.8

 
5.0

 
—

 
5.0

 
—

Other (b)
 
145.6

 
—

 
145.6

 
—

 
—

 
—

 
—

 
—

Alternative investments
 


 

 

 

 
 
 
 
 
 
 
 
Multi-strategy hedge funds (c)
 
19.3

 
—

 
—

 
19.3

 
—

 
—

 
—

 
—

Private equity funds (d)
 
7.9

 
—

 
—

 
7.9

 
—

 
—

 
—

 
—

Other alternative investments (e)
 
—

 
—

 
—

 
—

 
73.7

 
—

 
1.9

 
71.8

Fair value of plan assets at end of year
 
$
346.0

 
$
81.5

 
$
216.5

 
$
48.0

 
$
340.9

 
$
186.7

 
$
82.4

 
$
71.8


In 2018, the fair value of investments categorized as level 3 represent the plan's interest in private equity, hedge and property funds. The fair value for these assets is determined based on the NAV as reported by the underlying investment managers.

(a)
Real estate common collective trust. The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in a broadly diversified portfolio of improved properties with stabilized occupancies. As of December 31, 2019, investments in this CCT, for U.S. plans, included approximately 37 percent office, 21 percent residential, 24 percent retail and 18 percent industrial, cash and other. As of December 31, 2018, investments in this CCT, for U.S. plans, included approximately 37 percent office, 23 percent residential, 26 percent retail and 14 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 30-day notice.

(b)
Other common collective trusts. At December 31, 2019, approximately 44 percent of the other CCTs are invested in fixed income securities including approximately 24 percent in mortgage-backed securities, 46 percent in corporate bonds and 30 percent in U.S. Treasury and other. Approximately 31 percent of the other CCTs at December 31, 2019 are invested in Russell 1000 Fund large cap index funds, 15 percent in S&P Mid Cap 400 index funds and 10 percent in emerging markets equity fund. At December 31, 2018, approximately 61 percent of the other CCTs are invested in fixed-income securities including approximately 23 percent in mortgage-backed securities, 51 percent in corporate bonds and 26 percent in U.S. Treasury and other. Approximately 39 percent of the other CCTs at December 31, 2018 are invested in Russell 1000 Fund large cap index funds. Investments in all common collective trust securities can be redeemed daily.

(c)
Multi-strategy hedge funds. The objective of the multi-strategy hedge funds is to diversify risks and reduce volatility. At December 31, 2019 and 2018, investments in this class for U.S. plans include approximately 41 percent and 44 percent long/short equity, respectively, 34 percent and 54 percent arbitrage and event investments, respectively, and 25 percent and 2 percent in directional trading, fixed income and other, respectively. Investments in the multi-strategy hedge fund can be redeemed semi-annually with a 95-day notice.

(d)
Private equity funds. The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equity limited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of December 31, 2019 and 2018, investments in these private equity funds include approximately
44 percent and 43 percent, respectively, in buyout private equity funds that usually invest in mature companies with established business plans, approximately 32 percent and 34 percent, respectively, in special situations private equity and debt funds that focus on niche investment strategies and approximately 24 percent and 23 percent respectively, in venture private equity funds that invest in early development or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may or may not be granted. At December 31, 2019 and 2018, the Company had unfunded commitments of underlying funds of $2.4 and $5.5, respectively.

(e)
Other alternative investments. Following the Acquisition, the Company’s plan assets were expanded with a combination of insurance contracts, multi-strategy investment funds and company-owned real estate. The fair value for these assets is determined based on the NAV as reported by the underlying investment manager, insurance companies and the trustees of the CTA.

The following table represents the amortization amounts expected to be recognized during 2020:
 
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
Other Benefits
Amount of net loss (gain)
 
$
7.7

 
$
(0.6
)
 
$
0.6



The Company contributed $45.7 to its retirement and other benefit plans, including contributions to the nonqualified plan and benefits paid from company assets. In 2019, the Company received a reimbursement of $12.0 from the CTA assets to the Company for benefits paid directly from company assets during the year ended December 31, 2019. The Company expects to contribute approximately $1.0 to its other post-retirement benefit plan and expects to contribute approximately $23.4 to its retirement plans, including the nonqualified plan, as well as benefits payments directly from the Company during the year ending December 31, 2020. The Company anticipates reimbursement of approximately $13 for certain benefits paid from its trustee in 2019. The following benefit payments, which reflect expected future service, are expected to be paid:
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
Other Benefits
 
Other Benefits
after Medicare
Part D Subsidy
2020
$
29.0

 
$
20.1

 
$
1.0

 
$
0.9

2021
$
30.0

 
$
20.9

 
$
1.0

 
$
0.9

2022
$
30.3

 
$
21.4

 
$
1.0

 
$
0.9

2023
$
30.8

 
$
24.6

 
$
1.0

 
$
0.9

2024
$
31.3

 
$
24.2

 
$
1.0

 
$
0.9

2025-2029
$
161.7

 
$
125.4

 
$
4.7

 
$
4.5



Retirement Savings Plan. The Company offers employee 401(k) savings plans (Savings Plans) to encourage eligible employees to save on a regular basis by payroll deductions. The Company match is determined by the Board of Directors and evaluated at least annually. Total Company match was $0.7, $10.3 and $8.2 for the years ended December 31, 2019, 2018 and 2017, respectively. The Company's basic match is 60 percent of the first 6 percent of a participant's qualified contributions, subject to IRS limits. In January 2019, the Company suspended its match to the Savings Plans. In January 2020, the Company reinstated its match to the Savings Plans. The Company's basic match is now 50 percent on the first 6 percent of a participant's qualified contributions, subject to IRS limits.

Deferred Compensation Plans. The Company has deferred compensation plans in the U.S. and Germany that enable certain employees to defer a portion of their cash wages, cash bonus, 401(k) or other compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation and 401(k), the Company established rabbi trusts in the U.S., which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liabilities are recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in interest income with corresponding changes in the Company’s deferred compensation obligation recorded as compensation cost within selling and administrative expense.