Pension and Postretirement Benefits

12 Months Ended

Dec. 31, 2019

Pension and Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 21 – Pension and Other Postretirement Benefits

The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2019 and 2018:

														Other Post-
		Pension Benefits												Retirement Benefits
		2019							2018					2019		2018
Change in benefit obligation		Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Gross benefit obligation at beginning
	of year	$	111,316	$	58,734	$	170,050	$	118,352	$	62,977	$	181,329	$	4,106	$	4,729
Service cost			3,507		434		3,941		3,426		383		3,809		6		7
Interest cost			3,046		3,313		6,359		2,254		1,847		4,101		143		130
Employee contributions			73		—		73		73		—		73		—		—
Effect of plan amendments			30		—		30		—		—		—		—		—
Plan settlements			(1,087)		—		(1,087)		(10)		—		(10)		—		—
Benefits paid			(3,832)		(6,034)		(9,866)		(1,639)		(4,330)		(5,969)		(384)		(317)
Plan expenses and premiums paid			(129)		—		(129)		(161)		—		(161)		—		—
Transfer in of business acquisition			85,658		86,414		172,072		—		—		—		—		—
Actuarial loss (gain)			13,616		10,862		24,478		(5,561)		(2,143)		(7,704)		395		(443)
Translation differences and other			5,695		—		5,695		(5,418)		—		(5,418)		—		—
Gross benefit obligation at end of year		$	217,893	$	153,723	$	371,616	$	111,316	$	58,734	$	170,050	$	4,266	$	4,106
Change in plan assets
Fair value of plan assets at
year	beginning of year	$	94,826	$	49,415	$	144,241	$	98,622	$	51,964	$	150,586	$	—	$	—
Actual return on plan assets			13,458		10,663		24,121		(2,670)		457		(2,213)		—		—
Employer contributions			5,223		1,087		6,310		5,269		1,574		6,843		384		317
Employee contributions			73		—		73		73		—		73		—		—
Plan settlements			(1,087)		—		(1,087)		(10)		—		(10)		—		—
Benefits paid			(3,832)		(6,034)		(9,866)		(1,639)		(4,330)		(5,969)		(384)		(317)
Plan expenses and premiums paid			(129)		(500)		(629)		(161)		(250)		(411)		—		—
Transfer in of business acquisition			81,068		65,919		146,987		—		—		—		—		—
Translation differences			5,499		—		5,499		(4,658)		—		(4,658)		—		—
Fair value of plan assets at end of year		$	195,099	$	120,550	$	315,649	$	94,826	$	49,415	$	144,241	$	—	$	—
Net benefit obligation recognized		$	(22,794)	$	(33,173)	$	(55,967)	$	(16,490)	$	(9,319)	$	(25,809)	$	(4,266)	$	(4,106)

																Other Post-
				Pension Benefits												Retirement Benefits
				2019							2018					2019		2018
				Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Amounts recognized in the balance
	sheet consist of:
		Non-current assets		$	—	$	—	$	—	$	—	$	3,656	$	3,656	$	—	$	—
		Current liabilities			(359)		(2,620)		(2,979)		(206)		(559)		(765)		(426)		(446)
		Non-current liabilities			(22,435)		(30,553)		(52,988)		(16,284)		(12,416)		(28,700)		(3,840)		(3,660)
Net benefit obligation recognized				$	(22,794)	$	(33,173)	$	(55,967)	$	(16,490)	$	(9,319)	$	(25,809)	$	(4,266)	$	(4,106)
Amounts not yet reflected in net
	periodic benefit costs and included in
	accumulated other comprehensive loss:
		Prior service credit		$	1,271	$	—	$	1,271	$	1,497	$	—	$	1,497	$	—	$	—
		Accumulated loss			(22,816)		(46,560)		(69,376)		(20,089)		(25,310)		(45,399)		(734)		(338)
		AOCI			(21,545)		(46,560)		(68,105)		(18,592)		(25,310)		(43,902)		(734)		(338)
		Cumulative employer contributions
			(below) or in excess of net periodic
			benefit cost		(1,249)		13,387		12,138		2,102		15,991		18,093		(3,532)		(3,768)
Net benefit obligation recognized				$	(22,794)	$	(33,173)	$	(55,967)	$	(16,490)	$	(9,319)	$	(25,809)	$	(4,266)	$	(4,106)

The accumulated benefit obligation for all defined benefit pension plans was $366.0 million ($152.9 million U.S. and $213.1 million Foreign) and $165.3 million ($57.6 million U.S. and approximately $107.7 million Foreign) as of December 31, 2019 and 2018, respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets:

	2019							2018
	Foreign		U.S.		Total		Foreign		U.S.		Total
Projected benefit obligation	$	217,893	$	153,723	$	371,616	$	111,316	$	12,975	$	124,291
Accumulated benefit obligation		213,060		152,930		365,990		107,685		11,808		119,493
Fair value of plan assets		195,099		120,550		315,649		94,826		—		94,826

Information for pension plans with a projected benefit obligation in excess of plan assets:

	2019							2018
	Foreign		U.S.		Total		Foreign		U.S.		Total
Projected benefit obligation	$	217,893	$	153,723	$	371,616	$	111,316	$	12,975	$	124,291
Fair value of plan assets		195,099		120,550		315,649		94,826		—		94,826

Components of net periodic benefit costs – pension plans:

	2019							2018
	Foreign		U.S.		Total		Foreign		U.S.		Total
Service cost	$	3,507	$	434	$	3,941	$	3,426	$	383	$	3,809
Interest cost		3,046		3,313		6,359		2,254		1,847		4,101
Expected return on plan assets		(3,668)		(3,227)		(6,895)		(2,228)		(2,803)		(5,031)
Settlement loss		258		—		258		2		—		2
Actuarial loss amortization		757		2,348		3,105		881		2,276		3,157
Prior service (credit) cost
amortization		(165)		—		(165)		(175)		59		(116)
Net periodic benefit cost	$	3,735	$	2,869	$	6,603	$	4,160	$	1,762	$	5,922

		2017
	Foreign		U.S.		Total
Service cost	$	3,219	$	337	$	3,556
Interest cost		2,066		1,932		3,998
Expected return on plan assets		(1,994)		(3,067)		(5,061)
Settlement loss		—		1,946		1,946
Actuarial loss amortization		862		2,396		3,258
Prior service (credit) cost amortization		(167)		63		(104)
Net periodic benefit cost	$	3,986	$	3,607	$	7,593

Other changes recognized in other comprehensive income – pension plans:

			2019							2018
			Foreign		U.S.		Total		Foreign		U.S.		Total
Net loss (gain) arising during
	the period		$	3,826	$	3,926	$	7,752	$	(663)	$	453	$	(210)
Recognition of amortization in net
	periodic benefit cost
		Prior service credit (cost)		196		—		196		175		(59)		116
		Actuarial loss		(1,015)		(2,347)		(3,362)		(883)		(2,276)		(3,159)
Effect of exchange rates on amounts
	included in AOCI			(61)		—		(61)		(890)		—		(890)
Total recognized in other
		comprehensive loss (income)		2,946		1,579		4,525		(2,261)		(1,882)		(4,143)
Total recognized in net periodic
	benefit cost and other
	comprehensive loss (income)		$	6,681	$	4,448	$	11,128	$	1,899	$	(120)	$	1,779

			2017
				Foreign		U.S.		Total
Net gain arising during period			$	715	$	(1,672)	$	(957)
Recognition of amortization in net periodic benefit
		Prior service credit (cost)		167		(63)		104
		Actuarial loss		(862)		(4,342)		(5,204)
Effect of exchange rates on amounts included
	in AOCI			2,308		—		2,308
Total recognized in other comprehensive loss				2,328		(6,077)		(3,749)
Total recognized in net periodic benefit cost and
	other comprehensive loss		$	6,314	$	(2,470)	$	3,844

Components of net periodic benefit costs – other postretirement plan:

		2019		2018		2017
Service cost	$	6	$	7	$	8
Interest cost		143		130		144
Actuarial loss amortization		—		42		54
Net periodic benefit costs	$	149	$	179	$	206

Other changes recognized in other comprehensive income – other postretirement benefit plans:

			2019		2018		2017
Net (gain) loss arising during period		$	395	$	(443)	$	295
Amortization of actuarial loss in net periodic
	benefit costs		—		(42)		(54)
Total recognized in other comprehensive (income)
	loss		395		(485)		241
Total recognized in net periodic benefit cost and
	other comprehensive (income) loss	$	544	$	(306)	$	447

Estimated amounts that will be amortized from accumulated other comprehensive loss over the next fiscal year:

							Other Post-
	Pension Plans						Retirement
	Foreign		U.S.		Total		Benefits
Actuarial loss	$	889	$	2,034	$	2,923	$	—
Prior service credit		(164)		—		(164)		—
	$	725	$	2,034	$	2,759	$	—

Weighted-average assumptions used to determine benefit obligations as of December 31, 2019 and 2018:

					Other Postretirement
	Pension Benefits				Benefits
	2019		2018		2019		2018
U.S. Plans:
Discount rate	3.06	%	4.07	%	2.98	%	4.03	%
Rate of compensation increase	6.00	%	3.63	%	N/A		N/A
Foreign Plans:
Discount rate	1.83	%	2.47	%	N/A		N/A
Rate of compensation increase	2.58	%	2.89	%	N/A		N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2019 and 2018:

						Other Postretirement
		Pension Benefits				Benefits
		2019		2018		2019		2018
U.S. Plans:
Discount rate		4.08	%	3.44	%	4.03	%	3.39	%
Expected long-term return on
	plan assets	5.75	%	5.95	%	N/A		N/A
Rate of compensation increase		5.50	%	3.63	%	N/A		N/A
Foreign Plans:
Discount rate		2.30	%	2.33	%	N/A		N/A
Expected long-term return on
	plan assets	3.13	%	2.22	%	N/A		N/A
Rate of compensation increase		2.87	%	2.89	%	N/A		N/A

The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See Note 1 of Notes to Consolidated Financial Statements for further information.

Assumed health care cost trend rates as of December 31, 2019 and 2018:

		2019		2018
Health care cost trend rate for next year		5.90	%	6.20	%
Rate to which the cost trend rate is assumed to decline (the
	ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate		2037		2037

Assumed health care cost trend rates could have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:

		1% Point		1% Point
		Increase		Decrease
Effect on total service and interest cost	$	11	$	(10)
Effect on postretirement benefit obligations		311		(272)

Plan Assets and Fair Value

The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2019 and 2018 by asset category were as follows:

Asset Category		Target		2019		2018
U.S. Plans
Equity securities		10	%	32	%	9	%
Debt securities		90	%	64	%	90	%
Other		—	%	4	%	1	%
	Total	100	%	100	%	100	%
Foreign Plans
Equity securities		38	%	34	%	21	%
Debt securities		51	%	45	%	76	%
Other		11	%	21	%	3	%
	Total	100	%	100	%	100	%

During the year ended December 31, 2018, the Company elected to adjust the asset allocation of the Company’s primary noncontributory U.S. pension plan (the “Legacy Quaker U.S. Pension Plan”) along a glide path based on the funded status of the Legacy Quaker U.S. Pension Plan. As funded status improved, the assets were allocated more heavily to debt securities with lengthened duration to match projected liability movements.

As of December 31, 2019 and 2018, “Other” consisted principally of cash and cash equivalents, and investments in real estate funds.

The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy, where applicable:

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and money market funds and are classified as Level 1 investments.

Commingled Funds

Investments in the U.S. pension plan and foreign pension plan commingled funds represent pooled institutional investments, including primarily collective investment trusts. These commingled funds are not available on an exchange or in an active market and these investments are valued using their net asset value (“NAV”), which is generally based on the underlying asset values of the investments held in the trusts.

As of December 31, 2019, the U.S. pension plan commingled funds were 100 percent invested in fixed income securities. As of December 31, 2019, the foreign pension plan commingled funds included approximately 32 percent of investments in equity securities, 55 percent of investments in fixed income securities, and 13 percent of other non-related investments, primarily real estate.

Pooled Separate Accounts

Investments in the U.S. pension plan pooled separate accounts consist of annuity contracts and are valued based on the reported unit value at year end. Units of the pooled separate account are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of each pooled separate account and are classified as Level 2 investments. As of December 31, 2019, the U.S. pension plan pooled separate accounts included approximately 60 percent of investments in equity securities and 40 percent of investments in fixed income securities.

Fixed Income Government Securities

Investments in foreign pension plans fixed income government securities were valued using third party pricing services which are based on a combination of quoted market prices on an exchange in an active market as well as proprietary pricing models and inputs using observable market data and are classified as Level 2 investments.

Insurance Contract

Investments in the foreign pension plan insurance contract are valued at the highest value available for the Company at year end, either the reported cash surrender value of the contract or the vested benefit obligation. Both the cash surrender value and the vested benefit obligation are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment.

Diversified Equity Securities - Registered Investment Companies

Investments in the foreign pension plans diversified equity securities of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.

Fixed Income – Foreign Registered Investment Companies

Investments in the foreign pension plans fixed income securities of foreign registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.

Diversified Investment Fund - Registered Investment Companies

Investments in the foreign pension plan diversified investment fund of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. This fund is not available on an exchange or in an active market and this investment is valued using its NAV, which is generally based on the underlying asset values of the investments held. As of December 31, 2019, the diversified investment funds included approximately 65 percent of investments in equity securities, 24 percent of investments in fixed income securities, and 11 percent of other alternative investments.

Other – Alternative Investments

Investments in the foreign pension plans include certain other alternative investments such as inflation and interest rate swaps. These investments are valued based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of future cash flows of the contract and benefit obligations. These alternative investments are classified as Level 3 investments.

Real Estate

The U.S. and foreign pension plans’ investment in real estate consists of investments in property funds. The funds’ underlying investments consist of real property which are valued using unobservable inputs. These property funds are classified as a Level 3 investment.

As of December 31, 2019 and 2018, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows:

						Fair Value Measurements at December 31, 2019
				Total			Using Fair Value Hierarchy
U.S. Pension Assets				Fair Value			Level 1		Level 2		Level 3
Cash and cash equivalents				$	450		$	450	$	—	$	—
Pooled separate accounts					64,636			—		64,636		—
Real estate					4,060			—		—		4,060
	Subtotal U.S. pension plan assets in fair value hierarchy			$	69,146		$	450	$	64,636	$	4,060
Commingled funds measured at NAV					51,404
		Total U.S. pension plan assets		$	120,550
Foreign Pension Assets
Cash and cash equivalents				$	1,502		$	1,502	$	—	$	—
Insurance contract					92,657			—		—		92,657
Diversified equity securities - registered investment companies					8,604			—		8,604		—
Fixed income – foreign registered investment companies					3,021			—		3,021		—
Fixed income government securities					32,512			—		32,512		—
Real estate					5,521			—		—		5,521
Other - alternative investments					9,436			—		—		9,436
	Sub-total of foreign pension assets in fair value hierarchy			$	153,253		$	1,502	$	44,137	$	107,614
Commingled funds measured at NAV					2,037
Diversified investment fund - registered investment
	companies measured at NAV				39,809
		Total foreign pension assets		$	195,099
			Total pension assets in fair value hierarchy	$	222,399		$	1,952	$	108,773	$	111,674
			Total pension assets measured at NAV		93,250
			Total pension assets	$	315,649

						Fair Value Measurements at December 31, 2018
				Total			Using Fair Value Hierarchy
U.S. Pension Assets				Fair Value			Level 1		Level 2		Level 3
Cash and cash equivalents				$	450		$	450	$	—	$	—
	Subtotal U.S. pension plan assets in fair value hierarchy			$	450		$	450	$	—	$	—
Commingled funds measured at NAV					48,965
		Total U.S. pension plan assets		$	49,415
Foreign Pension Assets
Cash and cash equivalents				$	209		$	209	$	—	$	—
Insurance contract					79,873			—		—		79,873
Diversified equity securities - registered investment companies					7,701			—		7,701		—
Fixed income - foreign registered investment companies					2,658			—		2,658		—
Real estate					2,382			—		—		2,382
	Subtotal foreign pension assets in fair value hierarchy			$	92,823		$	209	$	10,359	$	82,255
Commingled funds measured at NAV					2,003
		Total foreign pension plan assets		$	94,826
			Total pension assets in fair value hierarchy	$	93,273		$	659	$	10,359	$	82,255
			Total pension assets measured at NAV		50,968
			Total pension assets	$	144,241

Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented for these investments in the preceding tables are intended to permit reconciliation of the fair value hierarchies to the line items presented in the statements of net assets available for benefits.

Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2019 and 2018 were as follows:

			Insurance				Alternative
			Contract		Real Estate		Investments		Total
Balance as of December 31, 2017		$	82,092	$	2,428	$	—	$	84,520
	Purchases		4,707		—		—		4,707
	Settlements		(1,399)		—		—		(1,399)
	Unrealized (losses) gains		(1,817)		94		—		(1,723)
	Currency translation adjustment		(3,710)		(140)		—		(3,850)
Balance as of December 31, 2018			79,873		2,382		—		82,255
	Purchases		3,762		—		1,029		4,791
	Assets acquired in business combinations		129		7,058		8,914		16,101
	Sales		—		(238)		(278)		(516)
	Settlements		(1,730)		—		—		(1,730)
	Unrealized gains (losses)		12,199		403		(960)		11,642
	Currency translation adjustment		(1,576)		(24)		731		(869)
Balance as of December 31, 2019		$	92,657	$	9,581	$	9,436	$	111,674

During the second quarter of 2017, the Legacy Quaker U.S. Pension Plan offered a cash settlement to its vested terminated participants, which allowed them to receive the value of their pension benefits as a single lump sum payment. As payments from the Legacy Quaker U.S. Pension Plan for this cash out offering exceeded the service and interest cost components of the Legacy Quaker U.S. Pension Plan expense for the year ended December 31, 2017, the Company recorded a settlement charge of approximately $1.9 million. This settlement charge represented the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled by these payments. The gross pension benefit obligation was reduced by approximately $4.0 million as a result of these payments. The settlement charge was recognized through other expense, net, on the Company’s Consolidated Statements of Income.

In the fourth quarter of 2018, the Company began the process of terminating the Legacy Quaker U.S. Pension Plan. Prior to December 31, 2005, the Legacy Quaker U.S. Pension Plan covered substantially all employees of the Company’s U.S. subsidiary who had at least one year of eligible service and had attained age 21. Effective December 31, 2005, the Legacy Quaker U.S. Pension Plan was amended to freeze benefit accruals with respect to participants who were not part of a collective bargaining unit and effective after November 30, 2013, the Legacy Quaker U.S. Pension Plan was further amended to freeze benefit accruals for the remaining participants. U.S. Pension Plan participants will have their benefits either converted into a lump sum cash payment or an annuity contract placed with an insurance carrier. In order to terminate the plan in accordance with I.R.S. and pension benefit guaranty corporation requirements, the Company will be required to fully fund the Legacy Quaker U.S. Pension Plan on a termination basis and will commit to contribute the additional assets necessary, if any, to do so. The amount necessary to do so is currently estimated to be between $1 and $2 million. In addition, the Company expects to record a pension settlement charge at plan termination. This settlement charge will include the immediate recognition into expense of the unrecognized losses within AOCI on the balance sheet as of the plan termination date. The Company does not have a current estimate for this future settlement charge, however, the gross AOCI related to this plan was approximately $24 million as of December 31, 2019. The Company currently estimates that the Legacy Quaker U.S. Pension Plan termination will be completed in the first half of 2020.

Houghton Pension Plans

In connection with the Combination, the Company indirectly acquired all of Houghton’s defined benefit pension plans. The pension plans cover certain U.S. salaried and hourly employees (“Houghton U.S. Plans”) as well as certain employees in the U.K., France and Germany (“Houghton Foreign Plans”). The Houghton U.S. Plans provide benefits based on an employee’s years of service and compensation received for the highest five consecutive years of earnings. Houghton management made the decision to freeze benefits for non-union employees as of March 31, 2009 for the Houghton U.S. Plans. The Houghton Foreign Plans provide benefits based on a formula of years of service and a percentage of compensation which varies among the Houghton Foreign Plans. Houghton management made the decision to freeze its U.K. plan benefits as of May 1, 2013. Subsequent to closing the Combination, during the year ended December 31, 2019, the Company made approximately $1.1 million of contributions to the Houghton U.S. and Houghton Foreign Plans. As of December 31, 2019, the acquired pension balance for these plans was $19.0 million, which is recorded within other current and other non-current liabilities on the Company’s Consolidated Balance Sheet.

In connection with the Combination, the Company now contributes to a multiemployer defined benefit pension plan under terms of a collective bargaining union contract (the Cleveland Bakers and Teamsters Pension Fund, Employer Identification Number: 34-0904419-001). The expiration date of the collective bargaining contract is May 1, 2022. As of January 1, 2018, the last valuation date available for the multiemployer plan, total plan liabilities were approximately $592 million. As of December 31, 2018, the multiemployer pension plan had total plan assets of approximately $315 million. The Company’s contribution rate to the multiemployer pension plan is specified in the collective bargaining union contract and contributions are made to the plan based on its union employee payroll. The Company contributed less than $0.1 million during the year ended December 31, 2019. The Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain contingent liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws from the plan or the plan is terminated or experiences a mass withdrawal. While the Company may also have additional liabilities imposed by law as a result of its participation in the multiemployer defined benefit pension plan, there is no liability as of December 31, 2019.

The Pension Protection Act of 2006 (the “PPA”) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans with certain classifications based on a multitude of factors (including, for example, the plan’s funded percentage, cash flow position and whether the plan is projected to experience a minimum funding deficiency). The plan to which the Company contributes is in “critical” status. Plans in the “critical” status classification must adopt measures to improve their funded status through a funding improvement or rehabilitation plan which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. The amount of additional funds that the Company may be obligated to contribute to the plan in the future cannot be estimated as such amounts will be likely based on future levels of work that require the specific use of those union employees covered by the plan, and the amount of that future work and the number of affected employees that may be needed is not reasonably estimable.

Cash Flows

Contributions

The Company expects to make minimum cash contributions of approximately $10.0 million to its pension plans (approximately $2.7 million U.S. and $7.3 million Foreign) and approximately $0.4 million to its other postretirement benefit plan in 2020. This excludes any potential required cash contributions, if necessary, as a part of the Legacy Quaker U.S. Pension Plan settlement, described above.

							Other Post-
	Pension Benefits						Retirement
	Foreign		U.S.		Total		Benefits
2020	$	5,600	$	5,947	$	11,547	$	426
2021		6,219		5,209		11,428		400
2022		6,297		5,191		11,488		373
2023		6,740		6,054		12,794		354
2024		6,797		6,238		13,035		326
2024 to 2028		41,379		31,026		72,405		1,291

The Company maintains a plan under which supplemental retirement benefits are provided to certain officers. Benefits payable under the plan are based on a combination of years of service and existing postretirement benefits. Included in total pension costs are charges of $1.8 million, $1.6 million and $1.4 million for the years ended December 31, 2019, 2018 and 2017, respectively, representing the annual accrued benefits under this plan.

Defined Contribution Plan

The Company has a 401(k) plan with an employer match covering a majority of its U.S. employees. The plan allows for and the Company previously paid a nonelective contribution on behalf of participants who have completed one year of service equal to 3% of the eligible participants’ compensation in the form of Company common stock. During the first quarter of 2017, the Company began matching both non-elective and elective 401(k) contributions in cash, rather than stock. Total Company contributions were $4.0 million, $3.1 million and $2.9 million for the years ended December 31, 2019, 2018 and 2017, respectively.