56 In connection with the acquisition of Duron, the Company acquired a domestic defined benefit pension plan (Duron Plan). The Duron Plan covered all employ- ees who met certain eligibility requirements based pri- marily on age, length of service and hours worked per year. The Company operated the Duron Plan independ- ently from the date of acquisition until December 31, 2004, at which time it was frozen and merged into the Company’s domestic salaried defined benefit pension plan. The decision to freeze the Duron Plan and merge it with the Company’s domestic salaried defined benefit pension plan effective December 31, 2004 was made at the acquisition date. Accrued benefits and vesting service under the Duron Plan were credited under the Compa- ny’s domestic salaried defined benefit pension plan. At December 31, 2004, the Duron Plan was under-funded by $2,574 with a projected benefit obligation and an accumulated benefit obligation of $18,307 and a fair value of plan assets of $15,733. The Company made contributions of $1,175 to the Duron Plan in 2004. Effective January 1, 2002, the domestic salaried defined benefit pension plan, which was frozen since 1984, was re-opened to new participants. Eligible domestic salaried employees hired or re-hired on or  after January 1, 2002 become participants in the revised domestic salaried defined benefit pension plan upon completion of six months of service. All participants in the domestic salaried defined benefit pension plan prior to the revision will retain the previous defined benefit formula for computing benefits with certain modifica- tions for active employees. All employees who become participants subsequent to January 1, 2002 will be cred- ited with contribution credits that are the equivalent of six percent of their earnings. Contribution credits will be converted into units to account for each participant’s benefits, although these units will not constitute an actual allocation of assets. These participants will receive a variable annuity benefit upon retirement or a distribution upon termination (if vested). The variable annuity benefit is subject to the hypothetical returns achieved on each participant’s allocation of units from investments in various mutual funds as directed by the participant. Contribution credits to the revised domestic salaried defined benefit pension plan will be initially funded through the existing excess of plan assets over benefit obligations. The following table summarizes the obligations and assets of the defined benefit pension plans, which are all measured as of December 31: The Company expects to make the following benefit payments for all domestic and foreign defined benefit pension plans: $18,023 in 2005; $17,102 in 2006; $18,529 in 2007; $19,792 in 2008; $21,013 in 2009; and $103,246 in 2010 through 2014. At December 31, 2004, one of the Company’s for- eign defined benefit pension plans was under-funded by $7,371 with a projected benefit obligation of $43,247, an accumulated benefit obligation of $30,607, and a fair value of plan assets of $23,236. In addition, the Compa- ny has one unfunded foreign defined benefit pension plan with an accumulated benefit obligation of $633. Contributions to the foreign defined benefit pension plans are expected to be $2,183 in 2005. Included as equity investments in the domestic defined benefit pension plan at December 31, 2004 were 1,255,000 shares of the Company’s common stock with a market value of $56,011, which was 9.4 percent of total domestic defined benefit pension plan assets. Dur- ing 2004, 345,000 shares of the Company’s common stock were sold and dividends received on the Compa- ny’s common stock were $995. The Company employs a total return investment approach for the domestic and foreign defined benefit pension plan assets. A mix of equities and fixed income investments are used to maximize the long-term return of assets for a prudent level of risk. In determining the expected long-term rate of return on defined benefit pen- sion plan assets, management considers the historical rates of return, the nature of investments and an expec- tation of future investment strategies. At December 31, 2004, defined benefit pension plan assets were invested as follows: Substantially all other employees not covered by domestic or foreign defined contribution pension plans or the revised domestic salaried defined benefit pension plan participate in various other smaller domestic or foreign defined benefit pension plans. Domestic Plans Foreign Plans Equity investments 67% 66% Fixed income investments 30% 30% Cash and other investments 3% 4% NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (thousands of dollars unless otherwise indicated)