Retirement Plans

12 Months Ended

Dec. 31, 2019

RETIREMENT PLANS

Defined Contribution Plans

We have a qualified profit sharing plan subject to United States Internal Revenue Code Section 401(k) for eligible U.S. employees. We make employer contributions under this qualified profit sharing plan that are reflected in Compensation and benefits in the accompanying Consolidated Statements of Comprehensive Income. The related trust assets of this plan are managed by trustees and are excluded from the accompanying Consolidated Financial Statements. In addition, we maintain several defined contribution retirement plans for eligible non-U.S. employees. The table below provides detail of employer contributions for these plans.



	Year Ended December 31,
($ in millions)	2019		2018	2017
Employer contributions (US employees)	$	37.1	28.8	27.8
Employer contributions (non-US employees)	35.2		30.7	25.5

Defined Benefit Plans

We maintain five defined benefit pension plans across Europe. It is our policy to fund at least the minimum annual contributions as actuarially determined and as required by applicable laws and regulations. Our contributions to these plans are invested by the plan trustee and, if the investment performance is not sufficient, we may be required to provide additional contributions to cover any pension underfunding. Our largest plan has been closed to new entrants since 2013. The following table provides the projected benefit obligation and plan assets, the net of which represents our funded status, as well as the accumulated benefit obligations of our defined benefit pension plans.



	Year Ended December 31,
($ in millions)	2019		2018
Projected benefit obligation	$	421.6	365.6
Fair value of plan assets	432.3		384.3
Funded status and net amount recognized	10.7		18.7

Accumulated benefit obligation	$	421.2	365.6

Defined benefit pension plan amounts recorded in the Consolidated Balance Sheets are presented in the below table.



	December 31,
($ in millions)	2019			2018
Pension assets (included in Other assets)	$	23.2		25.2
Pension liabilities (included in Other liabilities)	(12.5		)	(6.5	)
Net asset recognized	$	10.7		18.7

Accumulated other comprehensive loss	$	103.8		84.7

Net periodic pension cost (benefit) was not material for the years ended December 31, 2019, 2018, and 2017.