We have various noncontributory retirement plans covering certain of our domestic and foreign employees. Benefits under our retirement plans are based on participants’ years of service and annual compensation as defined by each plan. Annual cash contributions to fund pension costs accrued under our domestic plans are generally at least equal to the minimum funding amounts required by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Certain pension commitments under our foreign plans are also funded according to local requirements or at our discretion.

The following table presents the changes in the benefit obligations and plan assets for the most recent two years for our domestic and foreign plans.

The following table presents the funded status amounts recognized in our Consolidated Balance Sheets as of December 31, 2019 and 2018.

The following table presents the amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss as of December 31, 2019 and 2018.

Changes in benefit obligations and plan assets recognized in other comprehensive income in 2019, 2018 and 2017 are as follows:

The following table presents the amounts in accumulated other comprehensive loss as of December 31, 2019 expected to be recognized as components of periodic benefit cost in 2020.

The accumulated benefit obligation (“ABO”) for our domestic defined benefit pension plans was $205.3 million and $163.0 million at December 31, 2019 and 2018, respectively. The ABO for our foreign defined benefit pension plans was $91.8 million and $80.9 million at December 31, 2019 and 2018, respectively.

The following table provides the projected benefit obligation (“PBO”), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets as of December 31, 2019 and 2018.

The following table provides the PBO, ABO and fair value of plan assets for all pension plans with a PBO in excess of plan assets as of December 31, 2019 and 2018.

During 2018, our domestic employee retirement plan has plan assets in excess of the PBO.

We develop the expected long-term rate of return assumptions based on historical experience and by evaluating input from the plans’ asset managers, including the managers’ review of asset class return expectations and benchmarks, economic indicators and long-term inflation assumptions.

In order to determine the 2020 net periodic benefit cost, we expect to use the December 31, 2019 discount rates, December 31, 2019 rates of compensation increase assumptions and the same assumed long-term returns on domestic and foreign plan assets used for the 2019 net periodic benefit cost.

Our domestic and foreign pension plan weighted-average asset allocations at December 31, 2019 and 2018 by asset category are as follows:

Our investment strategy for our domestic and foreign pension plans is to maximize the long-term rate of return on plan assets within an acceptable level of risk. The investment policy strives to have assets sufficiently diversified so that adverse or unexpected results from one security type will not have an unduly detrimental impact on the entire portfolio and accordingly, establishes a target allocation for each asset category within the portfolio. The domestic plan asset allocation is reviewed on a quarterly basis and the foreign plan asset allocation is reviewed annually. Rebalancing occurs as needed to comply with the investment strategy. The domestic plan target allocation for 2020 is 60% equity securities and 40% fixed income securities and infrastructure. The foreign plan target allocation for 2020 is 100% investment funds.

Authoritative guidelines require the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

(a)	Based on third party quotation from financial institution.

(b)	Based on observable market transactions.

Contributions

Annual cash contributions to fund pension costs accrued under our domestic plans are generally at least equal to the minimum funding amounts required by ERISA. We contributed $0.4 million to our domestic defined benefit plans in 2019 and although we have no minimum funding requirement, we plan to contribute approximately $0.4 million to pay our ongoing SERP annuity contracts in 2020. Contributions to fund pension costs accrued under our foreign plans are made in accordance with local laws or at our discretion. We contributed approximately $6.5 million to our foreign defined benefit plan in 2019 and expect to contribute approximately $0.7 million in 2020.

Estimated Future Benefit Payments

As of December 31, 2019, we expect the plans to make the following estimated benefit payments relating to our defined benefit plans over the next ten years:


	Domestic Plans		Foreign Plans
2020	$	11,064	$	5,382
2021		11,134		2,904
2022		11,665		3,155
2023		12,467		4,676
2024		13,077		6,537
2025 - 2029		74,584		34,386

Other Plans

We have a non-qualified supplemental pension plan for domestic employees which provides for pension amounts that would have been payable from our principal domestic pension plan if it were not for limitations imposed by income tax regulations. The liability for this plan, which is not funded, was $12.6 million and $11.1 million at December 31, 2019 and 2018, respectively. This amount is included in the liability for domestic plans shown above.

We have a defined contribution 401(k) employee savings plan available to substantially all domestic employees. Company matching contributions are made in cash up to a maximum of 3% of the participating employee’s salary subject to income tax regulations. For each of the years ended December 31, 2019, 2018 and 2017, total contributions made to these plans were approximately $4.1 million, $3.7 million and $3.3 million, respectively.

We have several foreign defined contribution plans, which require us to contribute a percentage of the participating employee’s salary according to local regulations. For each of the years ended December 31, 2019, 2018 and 2017, total contributions made to these plans were approximately $2.3 million, $2.4 million and $2.2 million, respectively.

We have no additional postretirement or postemployment benefit plans.