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Pension Benefits
6 Months Ended
Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Pension Benefits

Note 18. Pension Benefits

We sponsor several funded U.S. and non-U.S. defined benefit pension plans. Significant plans outside of the U.S. are in Switzerland and Ireland. Other pension plans outside of the U.S. are not material to the Company either individually or in the aggregate.

Our general funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. We are not required to make any contributions to our U.S. pension plan in 2020. We expect to make contributions of cash and/or marketable securities of approximately $7 million to our non-U.S. pension plans to satisfy regulatory funding standards in 2020, of which $3 million has been contributed through the first six months of the year.

Net periodic benefit costs for our significant defined benefit plans include the following components:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

U.S. Plans

 

 

Non-U.S. Plan,

 

 

U.S. Plans

 

 

Non-U.S. Plan,

 

 

 

2020

 

2019

 

 

2020

 

 

2019

 

 

2020

 

2019

 

 

2020

 

 

2019

 

Service cost

 

$

 

$

 

 

$

2

 

 

$

1

 

 

$

1

 

$

 

 

$

5

 

 

$

2

 

Interest cost

 

 

1

 

 

 

 

 

 

 

 

 

 

 

3

 

 

1

 

 

 

1

 

 

 

1

 

Expected return on plan assets

 

 

(3

)

 

 

 

 

(1

)

 

 

 

 

 

(5

)

 

(1

)

 

 

(3

)

 

 

(1

)

Amortization of prior service (credit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(2

)

$

 

 

$

1

 

 

$

1

 

 

$

(1

)

$

 

 

$

3

 

 

$

2

 

 

 

For both our U.S. and non-U.S. defined benefit pension plans, we estimate the service and interest cost components of net period benefit (income) cost by utilizing a full yield curve approach in the estimation of these cost components by applying the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows. This approach provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates.