Notes to Consolidated Financial Statements – (continued)
(Amounts in Millions, Except Per Share Amounts)
During 2016, we contributed $23.2 of cash to our foreign pension plans. For 2017, we expect to contribute approximately $1.0 and $17.0 of cash to our domestic and foreign pension plans, respectively.
The following estimated future benefit payments, which reflect future service, as appropriate, are expected to be paid in the years indicated below.
2022 - 2026
The estimated future payments for our domestic postretirement benefit plan are net of any estimated U.S. federal subsidies expected to be received under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, which total no more than $0.4 in any individual year.
We sponsor defined contribution plans (the “Savings Plans”) that cover substantially all domestic employees. The Savings Plans permit participants to make contributions on a pre-tax and/or after-tax basis and allow participants to choose among various investment alternatives. We match a portion of participant contributions based upon their years of service. Amounts expensed for the Savings Plans for 2016, 2015 and 2014 were $47.0, $44.5 and $43.0, respectively. Expenses include a discretionary Company contribution of $6.1, $5.8 and $5.2 offset by participant forfeitures of $4.4, $3.8 and $3.6 in 2016, 2015 and 2014, respectively. In addition, we maintain defined contribution plans in various foreign countries and contributed $44.5, $43.9 and $42.4 to these plans in 2016, 2015 and 2014, respectively.
Deferred Compensation and Benefit Arrangements
We have deferred compensation arrangements which (i) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation or (ii) require us to contribute an amount to the participant’s account. The arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions, such as completing a certain number of years of service or upon retirement or termination. As of December 31, 2016 and 2015, the deferred compensation liability balance was $92.4 and $95.7, respectively. Amounts expensed for deferred compensation arrangements in 2016, 2015 and 2014 were $9.7, $6.3 and $9.8, respectively.
We have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment, payable when the participant attains a certain age and after the participant’s employment has terminated. The deferred benefit liability was $129.1 and $141.5 as of December 31, 2016 and 2015, respectively. Amounts expensed for deferred benefit arrangements in 2016, 2015 and 2014 were $8.8, $9.7 and $10.8, respectively.
We have purchased life insurance policies on participants’ lives to assist in the funding of the related deferred compensation and deferred benefit liabilities. As of December 31, 2016 and 2015, the cash surrender value of these policies was $171.5 and $167.0, respectively. In addition to the life insurance policies, certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities. These investments, along with the life insurance policies, are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit arrangement liabilities. As of December 31, 2016 and 2015, the value of such investments in the trust was $12.9 and $10.7, respectively. The short-term investments are included in cash and cash equivalents, and the long-term investments and cash surrender value of the policies are included in other assets.
Long-Term Disability Plan
We have a long-term disability plan which provides income replacement benefits to eligible participants who are unable to perform their job duties or any job related to his or her education, training or experience. As all income replacement benefits are fully insured, no related obligation is required as of December 31, 2016 and 2015. In addition to income replacement benefits,