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v3.19.3.a.u2

Employee plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items] |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for the year ended December 31, 2019 follows (shares in thousands):
|  | Restricted Stock Units |  | Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2018 |  | 2,151 |  |  | $ | 12.90 |
Granted |  | 1,321 |  |  | 15.03 |
Vested |  | (1,129 | ) |  | 13.23 |
Forfeited and expired |  | (303 | ) |  | 13.81 |
Outstanding at December 31, 2019 |  | 2,040 |  |  | 14.17 |
Schedule of Weighted-Average Assumptions | The fair value of awards with market conditions is estimated using a Monte Carlo simulation with the following weighted-average assumptions.
Year Ended December 31, |  | 2019 |  |  | 2018 |
Weighted-average fair value of grant |  | $ | 16.58 |  |  | $ | 15.20 |
Risk-free interest rate(i) |  | 2.49 | % |  | 2.26 | %
Expected volatility(ii) |  | 47.91 | % |  | 52.97 | %
Expected life of restricted stock units in years(iii) |  | 2.87 |  |  | 2.88 |
Expected dividend yield |  | — | % |  | — | %
(i) | Represents the continuously compounded semi-annual zero-coupon U.S. treasury rate commensurate with the remaining performance period
(ii) | Based on historical volatility for the company that is commensurate with the length of the performance period
(iii) | Represents the remaining life of the longest performance period
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | Information for defined benefit retirement plans with an accumulated benefit obligation in excess of plan assets at December 31, 2019 and 2018 follows:
As of December 31, |  | 2019 |  |  | 2018 |
Accumulated benefit obligation |  | $ | 6,896.5 |  |  | $ | 6,433.6 |
Fair value of plan assets |  | $ | 5,014.1 |  |  | $ | 4,553.2 |
Schedule of Projected Benefit Obligation in Excess of Plan Assets | Information for defined benefit retirement plans with a projected benefit obligation in excess of plan assets at December 31, 2019 and 2018 follows:
As of December 31, |  | 2019 |  |  | 2018 |
Projected benefit obligation |  | $ | 6,898.7 |  |  | $ | 6,434.9 |
Fair value of plan assets |  | $ | 5,014.1 |  |  | $ | 4,553.2 |
Assumed Health Care Cost Trend Rates |
Assumed health care cost trend rates at December 31, |  | 2019 |  |  | 2018 |
Health care cost trend rate assumed for next year |  | 5.8 | % |  | 6.8 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  | 4.5 | % |  | 4.8 | %
Year that the rate reaches the ultimate trend rate |  | 2025 |  |  | 2023 |
Schedule of Plans' Assets (Liabilities) at Fair Value | The following table sets forth by level, within the fair value hierarchy, the plans’ assets (liabilities) at fair value at December 31, 2019.
|  | U.S. Plans |  | International Plans
As of December 31, 2019 |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Pension plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 955.3 |  |  | $ | 952.8 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commingled Funds |  | 578.8 |  |  |  |  | 578.8 |  |  |  |  | 176.7 |  |  |  |  | 176.7 |  |  |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Govt. Securities |  | 436.0 |  |  | 436.0 |  |  |  |  |  |  |  |  |  |  |  |  |
Other Fixed Income |  | 278.1 |  |  |  |  | 278.1 |  |  |  |  | 91.0 |  |  |  |  | 91.0 |  |  |
Insurance Contracts |  |  |  |  |  |  |  |  |  | 123.1 |  |  |  |  |  |  | 123.1 |
Commingled Funds |  | 433.6 |  |  |  |  | 433.6 |  |  |  |  | 441.0 |  |  |  |  | 441.0 |  |  |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Investment Trusts |  | 14.0 |  |  | 14.0 |  |  |  |  |  |  | 1.0 |  |  |  |  | 1.0 |  |  |
Commingled Funds |  | 186.5 |  |  |  |  | 186.5 |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives(i) |  | (103.5 | ) |  | (8.2 | ) |  | (95.3 | ) |  |  |  | 6.5 |  |  |  |  | 6.5 |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  | 372.8 |  |  |  |  | 372.8 |  |  |
Pooled Funds |  | 135.5 |  |  |  |  | 135.5 |  |  |  |  | 189.2 |  |  |  |  | 189.2 |  |  |
Cumulative futures contracts variation margin paid to brokers |  | 8.2 |  |  | 8.2 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | 2.0 |  |  | 2.0 |  |  |  |  |  |  | 18.1 |  |  | 18.1 |  |  |  |  |
Receivables |  | 14.4 |  |  | 14.4 |  |  |  |  |  |  | 0.2 |  |  | 0.2 |  |  |  |  |
Payables |  | (7.4 | ) |  | (7.4 | ) |  |  |  |  |  | (7.3 | ) |  | (7.3 | ) |  |  |  |
Total plan assets in fair value hierarchy |  | $ | 2,931.5 |  |  | $ | 1,411.8 |  |  | $ | 1,519.7 |  |  | $ | — |  |  | $ | 1,412.3 |  |  | $ | 11.0 |  |  | $ | 1,278.2 |  |  | $ | 123.1 |
Plan assets measured using NAV as a practical expedient(ii): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  |  |  |  |  |  |  | $ | 406.9 |  |  |  |  |  |  |
Debt |  | 86.3 |  |  |  |  |  |  |  |  | 941.0 |  |  |  |  |  |  |
Other |  | 127.0 |  |  |  |  |  |  |  |  | 24.8 |  |  |  |  |  |  |
Private Real Estate |  | 189.0 |  |  |  |  |  |  |  |  | 31.4 |  |  |  |  |  |  |
Private Equity |  | 0.4 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |
Total pension plan assets |  | $ | 3,334.2 |  |  |  |  |  |  |  |  | $ | 2,816.4 |  |  |  |  |  |  |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 6.9 |  |  |  |  |  |  | $ | 6.9 |  |  |  |  |  |  |  |  |
(i) Level 1 derivatives represent unrealized appreciation or depreciation on open futures contracts. The value of open futures contracts includes derivatives and the cumulative futures contracts variation margin paid to or received from brokers. (ii) Investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets. The following table sets forth by level, within the fair value hierarchy, the plans’ assets (liabilities) at fair value at December 31, 2018.
|  | U.S. Plans |  | International Plans
As of December 31, 2018 |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Pension plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 911.7 |  |  | $ | 909.0 |  |  | $ | 2.7 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commingled Funds |  | 494.8 |  |  |  |  | 494.8 |  |  |  |  | 165.6 |  |  |  |  | 165.6 |  |  |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Govt. Securities |  | 498.5 |  |  | 498.5 |  |  |  |  |  |  |  |  |  |  |  |  |
Other Fixed Income |  | 374.6 |  |  |  |  | 374.6 |  |  |  |  | 145.5 |  |  | 0.2 |  |  | 145.3 |  |  |
Insurance Contracts |  |  |  |  |  |  |  |  |  |  |  | 123.7 |  |  |  |  |  |  | 123.7 |
Commingled Funds |  | 196.6 |  |  |  |  | 196.6 |  |  |  |  | 321.4 |  |  |  |  | 321.4 |  |  |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Investment Trusts |  | 17.0 |  |  | 17.0 |  |  |  |  |  |  | 1.3 |  |  |  |  | 1.3 |  |  |
Commingled Funds |  | 156.7 |  |  |  |  | 156.7 |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives(i) |  | 35.8 |  |  | 33.6 |  |  | 2.2 |  |  |  |  | 2.4 |  |  |  |  | 2.4 |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  | 317.0 |  |  |  |  | 317.0 |  |  |
Pooled Funds |  | 143.7 |  |  |  |  | 143.7 |  |  |  |  | 123.6 |  |  |  |  | 123.6 |  |  |
Cumulative futures contracts variation margin received from brokers |  | (29.3 | ) |  | (29.3 | ) |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | 3.7 |  |  | 3.7 |  |  |  |  |  |  | 29.6 |  |  | 29.6 |  |  |  |  |
Receivables |  | 20.5 |  |  | 20.5 |  |  |  |  |  |  | 2.0 |  |  | 2.0 |  |  |  |  |
Payables |  | (1.4 | ) |  | (1.4 | ) |  |  |  |  |  | (2.3 | ) |  | (2.3 | ) |  |  |  |
Total plan assets in fair value hierarchy |  | $ | 2,822.9 |  |  | $ | 1,451.6 |  |  | $ | 1,371.3 |  |  | $ | — |  |  | $ | 1,229.8 |  |  | $ | 29.5 |  |  | $ | 1,076.6 |  |  | $ | 123.7 |
Plan assets measured using NAV as a practical expedient(ii): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  |  |  |  |  |  |  | $ | 454.9 |  |  |  |  |  |  |
Debt |  | — |  |  |  |  |  |  |  |  | 814.0 |  |  |  |  |  |  |
Other |  | 110.2 |  |  |  |  |  |  |  |  | 23.9 |  |  |  |  |  |  |
Private Real Estate |  | 179.1 |  |  |  |  |  |  |  |  | 16.8 |  |  |  |  |  |  |
Private Equity |  | 0.6 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |
Total pension plan assets |  | $ | 3,112.8 |  |  |  |  |  |  |  |  | $ | 2,539.4 |  |  |  |  |  |  |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.8 |  |  |  |  |  |  | $ | 7.8 |  |  |  |  |  |  |  |  |
(i) Level 1 derivatives represent unrealized appreciation or depreciation on open futures contracts. The value of open futures contracts includes derivatives and the cumulative futures contracts variation margin received from brokers. (ii) Investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
Summary of Changes in the Fair Value of the Plans' Level 3 Assets | The following table sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2019.
|  | January 1, 2019 |  | Realized gains (losses) |  | Purchases or acquisitions |  | Sales or dispositions |  | Currency and unrealized gains (losses) relating to instruments still held at December 31, 2019 |  | December 31, 2019
U.S. plans |  |  |  |  |  |  |  |  |  |  |  |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.8 |  |  | $ | (0.3 | ) |  | $ | — |  |  | $ | (0.6 | ) |  | $ | — |  |  | $ | 6.9 |
International pension plans |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 123.7 |  |  | $ | — |  |  | $ | 6.4 |  |  | $ | (12.0 | ) |  | $ | 5.0 |  |  | $ | 123.1 |
The following table sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2018.
|  | January 1, 2018 |  | Realized gains (losses) |  | Purchases or acquisitions |  | Sales or dispositions |  | Currency and unrealized gains (losses) relating to instruments still held at December 31, 2018 |  | December 31, 2018
U.S. plans |  |  |  |  |  |  |  |  |  |  |  |
Other postretirement plans |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 7.6 |  |  | $ | (0.4 | ) |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 7.8 |
International pension plans |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  | $ | 135.8 |  |  | $ | — |  |  | $ | 3.5 |  |  | $ | (11.7 | ) |  | $ | (3.9 | ) |  | $ | 123.7 |
Schedule of Additional Information About Plan Assets Valued Using Net Asset Value | The following table presents additional information about plan assets valued using the net asset value as a practical expedient within the fair value hierarchy table.
|  | 2019 |  | 2018
|  | Fair Value |  | Unfunded Commit-ments |  | Redemption Frequency |  | Redemption Notice Period Range |  | Fair Value |  | Unfunded Commit-ments |  | Redemption Frequency |  | Redemption Notice Period Range
U.S. plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 86.3 |  |  | $ | — |  |  | Monthly |  | 45 days |  | $ | — |  |  | $ | — |  |  |  |  |
Other |  | 127.0 |  |  | — |  |  | Monthly |  | 5 days |  | 110.2 |  |  | — |  |  | Monthly |  | 5 days
Private Real Estate(i) |  | 189.0 |  |  | 44.4 |  |  | Quarterly |  | 60-90 days |  | 179.1 |  |  | — |  |  | Quarterly |  | 60-90 days
Private Equity(ii) |  | 0.4 |  |  | — |  |  |  |  |  |  | 0.6 |  |  | — |  |  |  |  |
Total |  | $ | 402.7 |  |  | $ | 44.4 |  |  |  |  |  |  | $ | 289.9 |  |  | $ | — |  |  |  |  |
International pension plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | $ | 406.9 |  |  | $ | — |  |  | Weekly |  | Up to 2 days |  | $ | 454.9 |  |  | $ | — |  |  | Weekly |  | Up to 2 days
Debt |  | 941.0 |  |  | 117.9 |  |  | Daily, Weekly, Biweekly, Bimonthly, Monthly, Quarterly |  | Up to 120 days |  | 814.0 |  |  | — |  |  | Daily, Weekly, Biweekly, Bimonthly |  | Up to 30 days
Other |  | 24.8 |  |  | — |  |  | Monthly |  | Up to 30 days |  | 23.9 |  |  | — |  |  | Monthly |  | Up to 30 days
Private Real Estate |  | 31.4 |  |  | — |  |  | Monthly |  | Up to 90 days |  | 16.8 |  |  | — |  |  | Monthly |  | Up to 90 days
Total |  | $ | 1,404.1 |  |  | $ | 117.9 |  |  |  |  |  |  | $ | 1,309.6 |  |  | $ | — |  |  |  |  |
(i) Includes investments in private real estate funds. The funds invest in U.S. real estate and allow redemptions quarterly, though queues, restrictions and gates may extend the period. A redemption has been requested from one fund, which has a redemption queue with estimates of full receipt of three to four years. (ii) Includes investments in limited partnerships, which invest primarily in U.S. buyouts and venture capital. The investments can never be redeemed. The partnerships are all currently being wound up, and are expected to make all distributions over the next three years.
Pension Plans |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine net periodic pension cost for the years ended December 31 were as follows:
|  | U.S. Plans |  | International Plans
Year ended December 31, |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Discount rate |  | 4.50 | % |  | 3.87 | % |  | 4.38 | % |  | 2.55 | % |  | 2.24 | % |  | 2.34 | %
Expected long-term rate of return on assets |  | 6.80 | % |  | 6.80 | % |  | 6.80 | % |  | 4.18 | % |  | 4.38 | % |  | 5.30 | %
Weighted-average assumptions used to determine benefit obligations at December 31 were as follows:
Discount rate |  | 3.53 | % |  | 4.50 | % |  | 3.87 | % |  | 1.82 | % |  | 2.55 | % |  | 2.24 | %
Funded Status of the Plan and Amounts Recognized in Consolidated Balance Sheet | Retirement plans’ funded status and amounts recognized in the company’s consolidated balance sheets at December 31, 2019 and 2018 follows:
|  | U.S. Plans |  | International Plans
As of December 31, |  | 2019 |  | 2018 |  | 2019 |  | 2018
Change in projected benefit obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 4,558.0 |  |  | $ | 5,001.6 |  |  | $ | 2,829.5 |  |  | $ | 3,189.7 |
Service cost |  | — |  |  | — |  |  | 2.8 |  |  | 3.2 |
Interest cost |  | 197.5 |  |  | 186.6 |  |  | 68.3 |  |  | 67.3 |
Plan participants’ contributions |  | — |  |  | — |  |  | 1.3 |  |  | 1.5 |
Plan amendment |  | — |  |  | — |  |  | — |  |  | 20.6 |
Plan curtailment |  | — |  |  | — |  |  | (1.6 | ) |  | — |
Plan settlement |  | — |  |  | — |  |  | (3.5 | ) |  | (16.4 | )
Actuarial loss (gain) |  | 357.7 |  |  | (270.7 | ) |  | 284.1 |  |  | (169.5 | )
Benefits paid |  | (357.6 | ) |  | (359.5 | ) |  | (118.1 | ) |  | (108.7 | )
Foreign currency translation adjustments |  | — |  |  | — |  |  | 81.0 |  |  | (158.2 | )
Benefit obligation at end of year |  | $ | 4,755.6 |  |  | $ | 4,558.0 |  |  | $ | 3,143.8 |  |  | $ | 2,829.5 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 3,112.8 |  |  | $ | 3,578.4 |  |  | $ | 2,539.4 |  |  | $ | 2,833.9 |
Actual return on plan assets |  | 505.2 |  |  | (193.3 | ) |  | 300.0 |  |  | (75.4 | )
Employer contribution |  | 73.8 |  |  | 87.2 |  |  | 30.1 |  |  | 42.5 |
Plan participants’ contributions |  | — |  |  | — |  |  | 1.3 |  |  | 1.5 |
Plan settlement |  | — |  |  | — |  |  | (3.5 | ) |  | (16.4 | )
Benefits paid |  | (357.6 | ) |  | (359.5 | ) |  | (118.1 | ) |  | (108.7 | )
Foreign currency translation and other adjustments |  | — |  |  | — |  |  | 67.2 |  |  | (138.0 | )
Fair value of plan assets at end of year |  | $ | 3,334.2 |  |  | $ | 3,112.8 |  |  | $ | 2,816.4 |  |  | $ | 2,539.4 |
Funded status at end of year |  | $ | (1,421.4 | ) |  | $ | (1,445.2 | ) |  | $ | (327.4 | ) |  | $ | (290.1 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |  |
Prepaid postretirement assets |  | $ | — |  |  | $ | — |  |  | $ | 135.9 |  |  | $ | 146.4 |
Other accrued liabilities |  | (6.8 | ) |  | (6.7 | ) |  | (0.2 | ) |  | (0.1 | )
Long-term postretirement liabilities |  | (1,414.6 | ) |  | (1,438.5 | ) |  | (463.1 | ) |  | (436.4 | )
Total funded status |  | $ | (1,421.4 | ) |  | $ | (1,445.2 | ) |  | $ | (327.4 | ) |  | $ | (290.1 | )
Accumulated other comprehensive loss, net of tax |  |  |  |  |  |  |  |
Net loss |  | $ | 2,672.7 |  |  | $ | 2,718.6 |  |  | $ | 1,067.2 |  |  | $ | 988.0 |
Prior service credit |  | $ | (34.8 | ) |  | $ | (37.3 | ) |  | $ | (46.4 | ) |  | $ | (46.8 | )
Accumulated benefit obligation |  | $ | 4,755.6 |  |  | $ | 4,558.0 |  |  | $ | 3,035.3 |  |  | $ | 2,828.2 |
Components of Net Periodic Cost (Income) | Net periodic pension cost (income) for 2019, 2018 and 2017 includes the following components:
|  | U.S. Plans |  | International Plans
Year ended December 31, |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Service cost(i) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2.8 |  |  | $ | 3.2 |  |  | $ | 5.1 |
Interest cost |  | 197.5 |  |  | 186.6 |  |  | 211.3 |  |  | 68.3 |  |  | 67.3 |  |  | 72.8 |
Expected return on plan assets |  | (218.2 | ) |  | (230.6 | ) |  | (235.2 | ) |  | (104.6 | ) |  | (114.4 | ) |  | (127.5 | )
Amortization of prior service credit |  | (2.5 | ) |  | (2.5 | ) |  | (2.5 | ) |  | (2.5 | ) |  | (3.7 | ) |  | (2.4 | )
Recognized net actuarial loss |  | 116.6 |  |  | 125.1 |  |  | 126.4 |  |  | 34.2 |  |  | 42.3 |  |  | 49.8 |
Curtailment gain |  | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (5.4 | )
Settlement loss |  | — |  |  | — |  |  | — |  |  | 1.2 |  |  | 6.4 |  |  | — |
Net periodic pension cost (income) |  | $ | 93.4 |  |  | $ | 78.6 |  |  | $ | 100.0 |  |  | $ | (0.7 | ) |  | $ | 1.1 |  |  | $ | (7.6 | )
(i) Service cost is reported in cost of revenue - services and selling, general and administrative expenses. All other components of net periodic pension cost are reported in other income (expense), net in the consolidated statements of income.
Company's Investment Policy Targets and Ranges for Each Asset Category | The company’s investment policy targets and ranges for each asset category are as follows:
|  | U.S. |  | International
Asset Category |  | Target |  |  | Range |  | Target |  |  | Range
Equity securities |  | 42 | % |  | 36-48% |  | 19 | % |  | 16-23%
Debt securities |  | 38 | % |  | 35-41% |  | 61 | % |  | 54-67%
Real estate |  | 0 | % |  | 0% |  | 1 | % |  | 0-3%
Cash |  | 0 | % |  | 0-5% |  | 1 | % |  | 0-5%
Other |  | 20 | % |  | 10-30% |  | 18 | % |  | 11-26%
Expected Future Benefit Payments | As of December 31, 2019, the following benefit payments are expected to be paid from the defined benefit pension plans:
Year ending December 31, |  | U.S. |  |  | International |
2020 |  | $ | 358.3 |  |  | $ | 104.4 |
2021 |  | 355.0 |  |  | 106.3 |
2022 |  | 351.5 |  |  | 115.1 |
2023 |  | 347.6 |  |  | 120.6 |
2024 |  | 342.5 |  |  | 125.2 |
2025 - 2029 |  | 1,585.7 |  |  | 649.0 |
Other Postretirement Benefit Plans |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Weighted-Average Assumptions | Weighted-average assumptions used to determine net periodic postretirement benefit cost for the years ended December 31 were as follows:
Year ended December 31, |  | 2019 |  |  | 2018 |  |  | 2017 |
Discount rate |  | 5.67 | % |  | 5.30 | % |  | 5.53 | %
Expected return on plan assets |  | 5.50 | % |  | 5.50 | % |  | 5.50 | %
Weighted-average assumptions used to determine benefit obligation at December 31 were as follows:
Year ended December 31, |  | 2019 |  |  | 2018 |  |  | 2017 |
Discount rate |  | 5.13 | % |  | 5.67 | % |  | 5.30 | %
Funded Status of the Plan and Amounts Recognized in Consolidated Balance Sheet | A reconciliation of the benefit obligation, fair value of the plan assets and the funded status of the postretirement benefit plans at December 31, 2019 and 2018, follows:
As of December 31, |  | 2019 |  |  | 2018 |
Change in accumulated benefit obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 96.2 |  |  | $ | 103.2 |
Service cost |  | 0.5 |  |  | 0.6 |
Interest cost |  | 4.8 |  |  | 4.8 |
Plan participants’ contributions |  | 2.7 |  |  | 3.1 |
Actuarial loss (gain) |  | 1.0 |  |  | (4.2 | )
Federal drug subsidy |  | — |  |  | 0.2 |
Benefits paid |  | (8.9 | ) |  | (11.5 | )
Foreign currency translation and other adjustments |  | (0.6 | ) |  | — |
Benefit obligation at end of year |  | $ | 95.7 |  |  | $ | 96.2 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 7.8 |  |  | $ | 7.6 |
Actual return on plan assets |  | (0.2 | ) |  | (0.4 | )
Employer contributions |  | 5.5 |  |  | 9.0 |
Plan participants’ contributions |  | 2.7 |  |  | 3.1 |
Benefits paid |  | (8.9 | ) |  | (11.5 | )
Fair value of plan assets at end of year |  | $ | 6.9 |  |  | $ | 7.8 |
Funded status at end of year |  | $ | (88.8 | ) |  | $ | (88.4 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Prepaid postretirement assets |  | $ | 0.3 |  |  | $ | 1.2 |
Other accrued liabilities |  | (6.6 | ) |  | (8.0 | )
Long-term postretirement liabilities |  | (82.5 | ) |  | (81.6 | )
Total funded status |  | $ | (88.8 | ) |  | $ | (88.4 | )
Accumulated other comprehensive loss, net of tax |  |  |  |
Net loss |  | $ | 11.1 |  |  | $ | 10.5 |
Prior service credit |  | (6.6 | ) |  | (8.2 | )
Components of Net Periodic Cost (Income) | Net periodic postretirement benefit cost for 2019, 2018 and 2017, follows:
Year ended December 31, |  | 2019 |  |  | 2018 |  |  | 2017 |
Service cost(i) |  | $ | 0.5 |  |  | $ | 0.6 |  |  | $ | 0.5 |
Interest cost |  | 4.8 |  |  | 4.8 |  |  | 5.6 |
Expected return on assets |  | (0.4 | ) |  | (0.4 | ) |  | (0.5 | )
Amortization of prior service cost |  | (1.7 | ) |  | (1.6 | ) |  | (0.7 | )
Recognized net actuarial loss |  | 0.7 |  |  | 1.0 |  |  | 0.8 |
Net periodic benefit cost |  | $ | 3.9 |  |  | $ | 4.4 |  |  | $ | 5.7 |
(i) Service cost is reported in selling, general and administrative expenses. All other components of net periodic benefit cost are reported in other income (expense), net in the consolidated statements of income.
Expected Future Benefit Payments | As of December 31, 2019, the following benefits are expected to be paid from the company’s postretirement plans:
Year ending December 31, |  | Expected Payments |
2020 |  | $ | 7.7 |
2021 |  | 6.7 |
2022 |  | 6.3 |
2023 |  | 6.0 |
2024 |  | 5.6 |
2025 – 2029 |  | 22.3 |

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