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## Pension Payments and Asset Management 

In 2019, the Company contributed $12 million to its pension plans and $2 million to its other postretirement benefit plan. The Company expects to contribute $13 million to its pension and other postretirement benefit plans in 2020. 

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: 

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The Company’s overall investment strategy is to provide an adequate pool of assets to support both the long-term growth of plan assets and to ensure adequate liquidity exists for the near-term payment of benefit obligations to participants, retirees and beneficiaries. The Benefits Administration Committee of the Company, appointed by the Compensation Committee of the Board of Directors, administers the Company’s pension plan assets. The Benefits Administration Committee believes long-term investment performance is a function of asset-class mix and restricts the composition of pension plan assets to a combination of cash and cash equivalents, domestic equity markets, international equity markets or investment grade fixed income assets. 

The table below presents the allocations targeted by the Benefits Administration Committee and the actual weighted-average asset allocation of the Company’s pension plan as of December 31, 2019, by asset category. The asset allocation targets are subject to change and the Benefits Administration Committee allows for its actual allocations to deviate from target as a result of current and anticipated market conditions. Plan assets are periodically balanced whenever the allocation to any asset class falls outside of the specified range. 

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(1) Includes the following equity securities in the table below: U.S. large cap growth equity, U.S. large cap value equity, U.S. large cap core equity, and U.S. small cap equity. 

(2) Includes Non-U.S. equity securities in the table below. 

(3) Includes fixed income pension plan assets in the table below. 

(4) Includes Cash and cash equivalent pension plan assets in the table below. 

