Other Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Other Employee Benefit Plans

Employee 401(k) Plans

The Company has a 401(k) Savings and Retirement Plan (the “401(k) Plan”) to provide for voluntary salary deferral contributions on a pre-tax basis for employees within the United States in accordance with Section 401(k) of the Internal Revenue Code of 1986, as amended. The 401(k) Plan allows for contributions by the Company. The Company made and expensed matching contributions of $12.1 million, $11.3 million and $9.8 million during the years ended December 31, 2020, 2019 and 2018, respectively.

Pension Plans

The Company previously provided a Supplemental Executive Retirement Plan (the “SERP”) for certain officers of the Company based in the United States. As of December 31, 2017, the last remaining SERP participant retired. Consequently, during the year ended December 31, 2018, the Company recorded a settlement gain of approximately $0.6 million, primarily associated with the change in projected benefit obligation associated with the adjusted date of expected retirement for the final SERP participant.

In addition, the Company previously offered certain employees outside the United States participation in a defined benefit pension plan that has been curtailed. The projected benefit obligation for the plans was $3.8 million and $3.6 million as of December 31, 2020 and 2019, respectively. The plans funding status was underfunded by $3.8 million and $3.6 million as of December 31, 2020 and 2019, respectively. A pension liability of $1.5 million and $1.3 million as of December 31, 2020 and 2019, respectively, has been recognized for the pension plans representing the excess of the unfunded accumulated benefit obligation over the accrued pension costs.

For the defined benefit pension plan outside the United States, the discount rates of 0.8 percent and 1.4 percent used during the years ended December 31, 2020 and 2019, respectively, were determined by reference to market yields at the end of the reporting period on high quality corporate bonds with similar maturities matching the duration of the projected benefit obligation.

Benefits expected to be paid under the plans are approximately (in thousands):


2021	$	302
2022	292
2023	284
2024	279
2025	271
Five years thereafter	1,080
	$	2,508

As a result of the benefits no longer accruing under these plans, the remaining components of ongoing pension cost recorded in accumulated other comprehensive income (loss) are deemed to be immaterial. The remaining obligations are recorded in other long-term liabilities.

- Definition

The entire disclosure for retirement benefits.

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+ Details

FLIR SYSTEMS INC 10-K