Defined Benefit Plans

12 Months Ended

Dec. 31, 2019

Certain of our subsidiaries maintain various funded and unfunded defined benefit plans for their employees. A significant portion of these defined benefit plans are closed to new entrants, and existing participants do not accrue any additional benefits.

The table below provides summary information on the defined benefit plans:



	December 31,
	2019		2018		2017
	in millions

Fair value of plan assets (a)	$	1,500.0	$	1,305.0	$	1,412.2
Projected benefit obligation	$	1,407.5	$	1,217.5	$	1,335.4
Net asset	$	92.5	$	87.5	$	76.8

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(a)	The fair value of plan assets at December 31, 2019 includes $1,120.1 million, $113.3 million and $266.6 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively, of the fair value hierarchy (as further described in note 9). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets.

Our net periodic pension cost was $8.6 million, $7.4 million and $4.0 million during 2019, 2018 and 2017, respectively, including $20.9 million, $24.4 million and $22.2 million, respectively, representing the service cost component. The 2019 and 2018 amounts exclude aggregate curtailment gains of $1.4 million and $1.1 million, respectively, which are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations.

During 2019, our subsidiaries’ contributions to their respective defined benefit plans aggregated $26.5 million. Based on December 31, 2019 exchange rates and information available as of that date, we expect this amount to be $27.4 million in 2020.