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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2018
Defined Benefit Plan [Abstract] |
Employee Benefit Plans | 16. Employee Benefit Plans The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $46,030, $43,447 and $37,065 for the years ended December 31, 2018, 2017 and 2016, respectively. Revisions were made to the 2017 and 2016 defined contribution expenses and impacted only the disclosure as the costs were appropriately included in the Consolidated Statement of Earnings. The revisions were not material to the prior annual periods. The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law. In July 2013, the Company announced that, after December 31, 2013, the U.S. qualified and non-qualified defined benefit plans would be closed to new employees. All pension-eligible employees as of December 31, 2013 will continue to earn a pension benefit through December 31, 2023 as long as they remain employed by an operating company participating in the impacted plans. The Company also announced that effective January 1, 2024, the plans would be frozen to any future benefit accruals. In connection with the spin-off, assets and liabilities related to the Norris USW participants were moved to a new plan sponsored by Apergy. Assets and liabilities of several non-U.S. qualified and U.S. non-qualified plans were also transferred to Apergy. Apergy participants (other than Norris USW participants) in the Dover U.S. pension plan (the "Plan") fully vested in their benefits and ceased accruing future benefits. The separation of Apergy triggered a pension plan curtailment which required a re-measurement of the Plan's benefit obligation in the second quarter, assuming a discount rate of 4.2% and an expected return on assets of 6.8%. The Plan retained the obligation and participants were able to elect lump-sum payments from plan assets. In 2018, the Plan made total lump sum payments of $74,016. Based on the total lump sum payments made to both Apergy and other participants in the plan during the year and the second quarter re-measurement, the Company recorded non-cash settlement and curtailment charges of approximately $13,939 in 2018, of which $9,200 was classified within discontinued operations. The Company also maintains other post-retirement benefit plans which cover approximately 409 participants, approximately 386 of whom are eligible for medical benefits. These plans are closed to new entrants. The supplemental and other post-retirement benefit plans are supported by the general assets of the Company. Obligations and Funded Status The following tables summarize the Consolidated Balance Sheets impact, including the benefit obligations, assets and funded status associated with the Company's significant defined benefit and other post-retirement benefit plans at December 31, 2018 and 2017.
| Qualified Defined Benefits |  |  |  |  |  |  |  | Non-Qualified Supplemental Benefits |  |  |  | Other Post-Retirement Benefits |  |
| U.S. Plan |  |  |  | Non-U.S. Plans |  |  |  |  |  |  |  |  |  |
| 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 566,389 |  | $ | 535,299 |  | $ | 278,188 |  | $ | 243,483 |  | $ | 106,012 |  | $ | 110,446 |  | $ | 8,595 |  | $ | 12,263
Service cost | 9,019 |  | 12,083 |  | 5,359 |  | 5,688 |  | 2,624 |  | 2,473 |  | 30 |  | 68
Interest cost | 20,756 |  | 21,718 |  | 4,962 |  | 5,263 |  | 3,204 |  | 4,076 |  | 290 |  | 783
Plan participants' contributions | — |  | — |  | 1,279 |  | 1,237 |  | — |  | — |  | — |  | —
Benefits paid | (18,172) |  | (38,490) |  | (8,161) |  | (8,528) |  | (19,352) |  | (11,576) |  | (620) |  | (917)
Actuarial (gain) loss | (48,104) |  | 35,446 |  | (19,533) |  | 8,812 |  | (7,687) |  | 593 |  | (446) |  | 946
Business acquisitions | — |  | — |  | — |  | 1,810 |  | — |  | — |  | — |  | —
Amendments | 69 |  | 364 |  | 3,073 |  | — |  | — |  | — |  | — |  | (4,646)
Settlements and curtailments | (78,896) |  | (32) |  | (1,813) |  | — |  | (2,289) |  | — |  | — |  | —
Currency translation and other | — |  | 1 |  | 21,554 |  | 20,423 |  | — |  | — |  | — |  | 98
Spin-off of Apergy | (3,888) |  | — |  | (14,579) |  | — |  | (15,676) |  | — |  | — |  | —
Benefit obligation at end of year | 447,173 |  | 566,389 |  | 270,329 |  | 278,188 |  | 66,836 |  | 106,012 |  | 7,849 |  | 8,595
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 617,840 |  | 562,564 |  | 175,534 |  | 148,514 |  | — |  | — |  | — |  | —
Actual (loss) return on plan assets | (32,939) |  | 93,766 |  | (8,490) |  | 15,849 |  | — |  | — |  | — |  | —
Company contributions | — |  | — |  | 5,961 |  | 7,971 |  | 19,352 |  | 11,576 |  | 620 |  | 917
Plan participants' contributions | — |  | — |  | 1,279 |  | 1,237 |  |  |  | — |  |  |  | —
Benefits paid | (18,172) |  | (38,490) |  | (8,161) |  | (8,528) |  | (19,352) |  | (11,576) |  | (620) |  | (917)
Settlements and curtailments | (74,016) |  | — |  | (1,472) |  | — |  | — |  | — |  | — |  | —
Currency translation and other | — |  | — |  | 11,223 |  | 10,491 |  | — |  | — |  | — |  | —
Spin-off of Apergy | (3,813) |  | — |  | (13,285) |  | — |  | — |  | — |  | — |  | —
Fair value of plan assets at end of year | 488,900 |  | 617,840 |  | 162,589 |  | 175,534 |  | — |  | — |  | — |  | —
Funded (Unfunded) status | $ | 41,727 |  | $ | 51,451 |  | $ | (107,740) |  | $ | (102,654) |  | $ | (66,836) |  | $ | (106,012) |  | $ | (7,849) |  | $ | (8,595)
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets and Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets and deferred charges | $ | 41,727 |  | $ | 51,451 |  | $ | 919 |  | $ | 890 |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Accrued compensation and employee benefits | — |  | — |  | (1,493) |  | (1,484) |  | (13,219) |  | (15,903) |  | (702) |  | (706)
Other liabilities (deferred compensation) | — |  | — |  | (107,166) |  | (102,172) |  | (53,617) |  | (75,911) |  | (7,147) |  | (7,889)
Assets (liabilities) of discontinued operations | — |  | — |  | — |  | 112 |  | — |  | (14,198) |  | — |  | —
Total assets and liabilities | 41,727 |  | 51,451 |  | (107,740) |  | (102,654) |  | (66,836) |  | (106,012) |  | (7,849) |  | (8,595)
Accumulated Other Comprehensive Loss (Earnings): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial losses (gains) | 81,437 |  | 79,288 |  | 66,480 |  | 69,490 |  | (25,186) |  | (13,780) |  | (1,164) |  | (748)
Prior service cost (credit) | 852 |  | 1,344 |  | (72) |  | (3,500) |  | 9,099 |  | 13,777 |  | 71 |  | 84
Net asset at transition, other | — |  | — |  | — |  | (60) |  | — |  | — |  | — |  | —
Deferred taxes | (17,597) |  | (30,777) |  | (14,861) |  | (14,982) |  | 3,461 |  | 83 |  | 412 |  | 322
Total accumulated other comprehensive loss (earnings), net of tax | 64,692 |  | 49,855 |  | 51,547 |  | 50,948 |  | (12,626) |  | 80 |  | (681) |  | (342)
Net amount recognized at December 31, | $ | 106,419 |  | $ | 101,306 |  | $ | (56,193) |  | $ | (51,706) |  | $ | (79,462) |  | $ | (105,932) |  | $ | (8,530) |  | $ | (8,937)
Accumulated benefit obligations | $ | 438,005 |  | $ | 547,278 |  | $ | 258,109 |  | $ | 264,766 |  | $ | 60,080 |  | $ | 96,612 |  |  |  |
The Company’s net unfunded status at December 31, 2018 and 2017 includes net liabilities of $107,740 and $102,654, respectively, relating to the Company’s significant international qualified plans, some in locations where it is not economically advantageous to pre-fund the plans due to local regulations. The majority of the international obligations relate to defined pension plans operated by the Company’s businesses in Germany, the United Kingdom and Switzerland. The accumulated benefit obligation for all defined benefit pension plans was $756,194 and $908,656 at December 31, 2018 and 2017, respectively. Pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2018 and 2017:
| 2018 |  | 2017
Projected benefit obligation (PBO) | $ | 330,168 |  | $ | 372,559
Accumulated benefit obligation (ABO) | 311,192 |  | 349,735
Fair value of plan assets | 154,673 |  | 162,890
Net Periodic Benefit Cost Components of the net periodic benefit cost were as follows: Defined Benefit Plans
| Qualified Defined Benefits |  |  |  |  |  |  |  |  |  |  |  | Non-Qualified Supplemental Benefits |  |  |  |
| U.S. Plan |  |  |  |  |  | Non-U.S. Plans |  |  |  |  |  |  |  |  |  |
| 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Service cost | $ | 9,019 |  | $ | 12,083 |  | $ | 13,913 |  | $ | 5,359 |  | $ | 5,688 |  | $ | 5,590 |  | $ | 2,624 |  | $ | 2,473 |  | $ | 2,959
Interest cost | 20,756 |  | 21,718 |  | 23,046 |  | 4,962 |  | 5,263 |  | 5,593 |  | 3,204 |  | 4,076 |  | 5,268
Expected return on plan assets | (39,045) |  | (39,812) |  | (38,793) |  | (7,675) |  | (7,417) |  | (7,830) |  | — |  | — |  | —
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) | 298 |  | 427 |  | 733 |  | (449) |  | (425) |  | (397) |  | 3,770 |  | 4,411 |  | 6,266
Recognized actuarial loss (gain) | 3,102 |  | 5,582 |  | 6,437 |  | 2,952 |  | 3,506 |  | 2,658 |  | (1,132) |  | (1,192) |  | (560)
Transition obligation | — |  | — |  | — |  | 1 |  | 4 |  | 4 |  | — |  | — |  | —
Settlement and curtailment loss (gain) | 13,939 | (1) | 76 |  | — |  | 7 |  | 678 |  | 1,103 |  | (1,381) |  | — |  | —
Other | — |  | — |  | 35 |  | — |  | — |  | — |  | — |  | — |  | —
Net periodic benefit expense | $ | 8,069 |  | $ | 74 |  | $ | 5,371 |  | $ | 5,157 |  | $ | 7,297 |  | $ | 6,721 |  | $ | 7,085 |  | $ | 9,768 |  | $ | 13,933
Less: Discontinued operations | 10,109 | (1) | 3,383 |  | 4,237 |  | 114 |  | 810 |  | 974 |  | 279 |  | 1,226 |  | 1,222
Net periodic (income) expense - Continuing operations | $ | (2,040) |  | $ | (3,309) |  | $ | 1,134 |  | $ | 5,043 |  | $ | 6,487 |  | $ | 5,747 |  | $ | 6,806 |  | $ | 8,542 |  | $ | 12,711
(1) $9.2 million of the total settlement and curtailment loss on the U.S. Plan is attributable to Apergy participants in the Dover Defined Benefit Plan and has therefore, been reflected in the results of discontinued operations. Other Post-Retirement Benefits
| 2018 |  | 2017 |  | 2016
Service cost | $ | 30 |  | $ | 68 |  | $ | 52
Interest cost | 290 |  | 783 |  | 403
Amortization of: |  |  |  |  |
Prior service cost | 13 |  | 7 |  | 7
Recognized actuarial (gain) loss | (30) |  | (161) |  | 5
Settlement and curtailment gain | — |  | (4,598) |  | —
Net periodic expense (benefit) | $ | 303 |  | $ | (3,901) |  | $ | 467
The curtailment gain in 2017 relates primarily to the impact of an amendment to the post-retirement plan in Brazil. Amounts expected to be amortized from accumulated other comprehensive earnings (loss) into net periodic benefit cost during 2019 are as follows:
| Qualified Defined Benefits |  |  |  | Non-Qualified Supplemental Benefits |  | Other Post-Retirement Benefits
| U.S. Plan |  | Non-U.S. Plans |  |  |  |
Amortization of: |  |  |  |  |  |  |
Prior service cost (credit) | $ | 303 |  | $ | (238) |  | $ | 2811 |  | $ | 13
Recognized actuarial loss (gain) | — |  | 3,241 |  | (2,280) |  | (70)
Transition obligation | — |  | — |  | — |  | —
Total | $ | 303 |  | $ | 3,003 |  | $ | 531 |  | $ | (57)
Assumptions The Company determines actuarial assumptions on an annual basis. The weighted average assumptions used in determining the benefit obligations were as follows:
| Qualified Defined Benefits |  |  |  |  |  |  |  | Non-Qualified Supplemental Benefits |  |  |  | Other Post-Retirement Benefits |  |
| U.S. Plan |  |  |  | Non-U.S. Plans |  |  |  |  |  |  |  |  |  |
| 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
Discount rate | 4.35 | % |  | 3.65 | % |  | 1.83 | % |  | 1.94 | % |  | 4.30 | % |  | 3.57 | % |  | 4.15 | % |  | 3.50 | %
Average wage increase | 4.50 | % |  | 4.00 | % |  | 2.10 | % |  | 2.33 | % |  | 4.50 | % |  | 4.50 | % |  | na |  | na
Ultimate medical trend rate | na |  |  | na |  |  | na |  |  | na |  |  | na |  |  | na |  |  | 5.00 | % |  | 2.33 | %
The weighted average assumptions used in determining the net periodic benefit cost were as follows:
| Qualified Defined Benefits |  |  |  |  |  |  |  |  |  |  |  | Non- Qualified Supplemental Benefits |  |  |  |  |  | Other Post-Retirement Benefits |  |  |  |
| U.S. Plan |  |  |  |  |  | Non-U.S. Plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Discount rate | 4.2%/3.65% |  | (1) | 4.10 | % |  | 4.40 | % |  | 1.94 | % |  | 2.06 | % |  | 2.32 | % |  | 3.57 | % |  | 3.97 | % |  | 4.18 | % |  | 3.50 |  |  | 6.49 | % |  | 4.00 | %
Average wage increase | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | 2.33 | % |  | 2.34 | % |  | 2.25 | % |  | 4.50 | % |  | 4.50 | % |  | 4.50 | % |  | na |  | na |  | na
Expected return on plan assets | 6.8%/7.25% |  | (1) | 7.25 | % |  | 7.25 | % |  | 4.66 | % |  | 4.73 | % |  | 4.95 | % |  | na |  | na |  |  | na |  |  | na |  |  | na |  |  | na |
(1) The separation of Apergy triggered a pension plan curtailment which required a re-measurement of the Plan's benefit obligation in the second quarter 2018, assuming a discount rate of 4.2% and an expected return on assets of 6.8%. The Company’s discount rate assumption is determined by developing a yield curve based on high quality corporate bonds with maturities matching the plans’ expected benefit payment streams. The plans’ expected cash flows are then discounted by the resulting year-by-year spot rates. The remeasurement in the second quarter of 2018, triggered by the Apergy spin-off, resulted in an increase to the discount rate used in determining net periodic benefit cost from 3.65% to 4.20% for the balance of 2018. For other post-retirement benefit measurement purposes, a 7.00% annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rates) was assumed for 2019. The rate was assumed to decrease gradually to 5.00% by the year 2027 and remain at that level thereafter. The health care cost trend rate assumption can have an effect on the amounts reported. For example, increasing (decreasing) the assumed health care cost trend rates by one percentage point in each year would increase (decrease) the accumulated other post-retirement benefit obligation as of December 31, 2018 by $75 and $(68), respectively, and would have a negligible impact on the net post-retirement benefit cost for 2018. Plan Assets The primary financial objective of the plans is to secure participant retirement benefits. Accordingly, the key objective in the plans’ financial management is to promote stability and, to the extent appropriate, growth in the funded status. Related and supporting financial objectives are established in conjunction with a review of current and projected plan financial requirements. As it relates to the funded defined benefit pension plans, the Company’s funding policy is consistent with the funding requirements of the Employment Retirement Income Security Act ("ERISA") and applicable international laws. The Company is responsible for overseeing the management of the investments of the plans’ assets and otherwise ensuring that the plans’ investment programs are in compliance with ERISA, other relevant legislation and related plan documents. Where relevant, the Company has retained professional investment managers to manage the plans’ assets and implement the investment process. The investment managers, in implementing their investment processes, have the authority and responsibility to select appropriate investments in the asset classes specified by the terms of their applicable prospectus or investment manager agreements with the plans. The assets of the plans are invested to achieve an appropriate return for the plans consistent with a prudent level of risk. The asset return objective is to achieve, as a minimum over time, the passively managed return earned by market index funds, weighted in the proportions outlined by the asset class exposures identified in the plans’ strategic allocation. The expected return on assets assumption used for pension expense is developed through analysis of historical market returns, statistical analysis, current market conditions and the past experience of plan asset investments. Overall, it is projected that the investment of plan assets within Dover’s U.S. defined benefit plan will achieve a net return over time from the asset allocation strategy of 6.80%. The Company’s actual and target weighted average asset allocation for our U.S. Corporate Pension Plan was as follows:
| 2018 |  | 2017 |  | Current Target
Equity securities | 36 | % |  | 57 | % |  | 40 | %
Fixed income | 55 | % |  | 33 | % |  | 55 | %
Real estate and other | 9 | % |  | 10 | % |  | 5 | %
Total | 100 | % |  | 100 | % |  | 100 | %
While the non-U.S. investment policies are different for each country, the long-term objectives are generally the same as for the U.S. pension assets. The Company's non-U.S. plans were expected to achieve rates of return on invested assets of 4.66% in 2018, 4.73% in 2017 and 4.95% in 2016. The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in Note 12 — Financial Instruments) were as follows:
| U.S. Qualified Defined Benefits Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2018 |  |  |  |  |  |  |  | 12/31/2017 |  |  |  |  |  |
| Level 1 |  | Level 2 |  |  |  | Total Fair Value |  | Level 1 |  | Level 2 |  |  |  | Total Fair Value
Corporate bonds | — |  | 150,179 |  |  |  | 150,179 |  | — |  | 74,509 |  |  |  | 74,509
Government securities | 1,586 |  | 113,931 |  |  |  | 115,517 |  | 2,766 |  | 130,774 |  |  |  | 133,540
Interest-bearing cash and short-term investments | 2,066 |  | — |  |  |  | 2,066 |  | 1,222 |  | — |  |  |  | 1,222
Total investments at fair value | 3,652 |  | 264,110 |  |  |  | 267,762 |  | 3,988 |  | 205,283 |  |  |  | 209,271
Investments measured at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collective funds | — |  | — |  |  |  | 175,963 |  | — |  | — |  |  |  | 352,481
Real estate investments | — |  | — |  |  |  | 32,686 |  | — |  | — |  |  |  | 48,294
Short-term investment funds | — |  | — |  |  |  | 12,489 |  | — |  | — |  |  |  | 7,794
Total investments | 3,652 |  | 264,110 |  |  |  | 488,900 |  | 3,988 |  | 205,283 |  |  |  | 617,840
The Company had no level 3 U.S. Plan assets at December 31, 2018 and 2017.
| Non-U.S. Plans |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2018 |  |  |  |  |  |  |  | 12/31/2017 |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Common stocks | $ | 28,528 |  | $ | — |  | $ | — |  | $ | 28,528 |  | $ | 28,761 |  | $ | — |  | $ | — |  | $ | 28,761
Fixed income investments | — |  | 27,797 |  | — |  | 27,797 |  | — |  | 29,612 |  | — |  | 29,612
Mutual funds | 23,438 |  | — |  | — |  | 23,438 |  | 34,075 |  | 4,642 |  | — |  | 38,717
Cash and cash equivalents | 470 |  | — |  | — |  | 470 |  | 4,633 |  | — |  | — |  | 4,633
Other | — |  | 2,390 |  | 21,283 |  | 23,673 |  | — |  | 3,088 |  | 4,592 |  | 7,680
Total investments at fair value | $ | 52,436 |  | $ | 30,187 |  | $ | 21,283 |  | $ | 103,906 |  | $ | 67,469 |  | $ | 37,342 |  | $ | 4,592 |  | $ | 109,403
Investments measured at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collective funds | — |  | — |  | — |  | 54,505 |  | — |  | — |  | — |  | 61,648
Other | — |  | — |  | — |  | 4,178 |  | — |  | — |  | — |  | 4,483
Total | $ | 52,436 |  | $ | 30,187 |  | $ | 21,283 |  | $ | 162,589 |  | $ | 67,469 |  | $ | 37,342 |  | $ | 4,592 |  | $ | 175,534
* In accordance with Fair Value Measurement Topic 820 (Subtopic 820-10), certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient were not classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets. Common stocks represent investments in domestic and foreign equities, which are publicly traded on active exchanges and are valued based on quoted market prices. Fixed income investments include U.S. Treasury bonds and notes, which are valued based on quoted market prices, as well as investments in other government and municipal securities and corporate bonds, which are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Mutual funds are categorized as either Level 1, 2 or Net Asset Value (the "NAV") as a practical expedient depending on the nature of the observable inputs. Collective trusts and real estate investment funds are valued using NAV as a practical expedient as of the last business day of the year. The NAV is based on the underlying value of the assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. The value of the underlying assets is based on quoted prices in active markets. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The availability of observable data is monitored by plan management to assess appropriate classification of financial instruments within the fair value hierarchy. Depending upon the availability of such inputs, specific securities may transfer between levels. In such instances, the transfer is reported at the end of the reporting period. The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2017 and 2018, due to the following:
|  |  | Level 3
Balance at January 1, 2017 |  |  | $ | 4,354
Actual return on plan assets: |  |  |
Relating to assets sold during the period |  |  | 28
Relating to assets still held at December 31, 2017 |  |  | 280
Sales |  |  | (456)
Foreign currency translation |  |  | 386
Balance at December 31, 2017 |  |  | $ | 4,592
Actual return on plan assets: |  |  |
Relating to assets still held at December 31, 2018 |  |  | (29)
Insurance contracts added |  |  | 16,975
Foreign currency translation |  |  | (255)
Balance at December 31, 2018 |  |  | $ | 21,283
Future Estimates Benefit Payments Estimated future benefit payments to retirees, which reflect expected future service, are as follows:
| Qualified Defined Benefits |  |  |  | Non-Qualified Supplemental Benefits |  | Other Post-Retirement Benefits
| U.S. Plan |  | Non-U.S. Plans |  |  |  |
2019 | $ | 33,990 |  | $ | 9,069 |  | $ | 13,500 |  | $ | 717
2020 | 37,086 |  | 8,484 |  | 5,353 |  | 705
2021 | 37,217 |  | 9,043 |  | 11,474 |  | 681
2022 | 36,896 |  | 9,339 |  | 8,742 |  | 663
2023 | 36,117 |  | 10,754 |  | 4,220 |  | 641
2024 - 2028 | 166,962 |  | 63,653 |  | 18,933 |  | 2,794
Contributions In 2019, the Company expects to contribute approximately $5.4 million to its non-U.S. plans and currently does not expect to contribute to its U.S. plans.

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- References No definition available. + Details
Name: | us-gaap_DefinedBenefitPensionPlansAndDefinedBenefitPostretirementPlansDisclosureAbstract
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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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