| Pension and Postretirement Benefits | Pension and Postretirement Benefits Through June 30, 2007, we offered coverage to substantially all of our U.S. based employees under a defined benefit plan called The Dun & Bradstreet Corporation Retirement Account (“U.S. Qualified Plan”). Prior to that time, the U.S. Qualified Plan covered active and retired employees. The benefits to be paid upon retirement were based on a percentage of the employee’s annual compensation. The percentage of compensation allocated annually to a retirement account ranged from 3% to 12.5% based on age and years of service. Amounts allocated under the U.S. Qualified Plan receive interest credits based on the 30-year Treasury rate or equivalent rate published by the Internal Revenue Service. Pension costs are determined actuarially and are funded in accordance with the Internal Revenue Code. Effective June 30, 2007, we amended the U.S. Qualified Plan. Any pension benefit that had been accrued through such date under the plan was “frozen” at its then current value and no additional benefits, other than interest on such amounts, will accrue under the U.S. Qualified Plan. Our employees in certain of our international operations are also provided with retirement benefits through defined benefit plans, representing the remaining balance of our pension obligations. Prior to February 7, 2019, we also maintained supplemental and excess plans in the United States (“U.S. Non-Qualified Plans”) to provide additional retirement benefits to certain key employees of the Company. These plans were unfunded, pay-as-you-go plans. In connection with the Take‑Private Transaction, a change in control was triggered for a portion of our U.S. Non‑Qualified Plans upon the shareholder approval of the Take‑Private Transaction on November 7, 2018 and a settlement payment of $190.5 million was made in January 2019. For the remainder of the U.S. Non‑Qualified Plans, a change in control was triggered upon the close of the Take‑Private Transaction on February 8, 2019 and a settlement payment of $105.9 million was made in March 2019, effectively settling our U.S. Non‑Qualified Plan obligation. Prior to January 1, 2019, we also provided various health care benefits for eligible retirees. Postretirement benefit costs and obligations are determined actuarially. The Company made multiple plan amendments since 2014 and as a result, effective January 1, 2019, the pre-65 health plan was terminated and the post-65 health plan is closed to new participants. In addition, we closed our retiree life insurance plan to new participants, effective January 1, 2019. Certain of our non-U.S. based employees receive postretirement benefits through government-sponsored or administered programs. We use an annual measurement date of December 31 for our U.S. and Canada plans and November 30 for all other non-U.S. plans. Benefit Obligation and Plan Assets The following table sets forth the changes in our benefit obligations and plan assets for our pension and postretirement plans. The table also presents the line items in the consolidated balance sheet where the related assets and liabilities are recorded: Pension Plans Postretirement Benefit Obligations Successor Predecessor Successor Predecessor Year ended December 31, 2020 Period from January 1 to December 31, 2019 Period from January 1 to February 7, Year ended December 31, 2020 Period from January 1 to December 31, 2019 Period from January 1 to February 7, Change in Benefit Obligation: Benefit obligation at the beginning of the period $ (1,762.4) $ — $ (1,897.2) $ (2.0) $ — $ (5.3) Take-Private Transaction assumed benefit obligation — (1,790.8) — — (5.6) — Service cost (1.7) (1.4) (0.3) — — — Interest cost (42.2) (46.7) (6.8) — (0.1) — Benefits paid 86.6 187.6 198.9 0.8 0.7 0.1 Plan amendment — — — — 3.0 — Settlement 7.5 — — — — — Plan participant contributions (0.1) (0.2) — (0.1) (0.1) — Actuarial (loss) gain (162.5) (111.2) (80.5) (0.3) 0.1 (0.4) Effect of changes in foreign currency exchange rates (11.1) 0.3 (4.9) — — — Benefit obligation at the end of the period $ (1,885.9) $ (1,762.4) $ (1,790.8) $ (1.6) $ (2.0) $ (5.6) Change in Plan Assets: Fair value of plan assets at the beginning of the period $ 1,572.9 $ — $ 1,413.1 $ — $ — $ — Take-Private Transaction acquired plan assets — 1,477.3 — — — — Actual return on plan assets 109.6 169.5 67.3 — — — Employer contributions 5.1 113.5 191.0 0.7 0.6 0.1 Plan participant contributions 0.1 0.2 — 0.1 0.1 — Benefits paid (86.6) (187.6) (198.9) (0.8) (0.7) (0.1) Settlement (7.5) — — — — — Effect of changes in foreign currency exchange rates 10.5 — 4.8 — — — Fair value of plan assets at the end of the period $ 1,604.1 $ 1,572.9 $ 1,477.3 $ — $ — $ — Net funded status of plan $ (281.8) $ (189.5) $ (313.5) $ (1.6) $ (2.0) $ (5.6) Pension Plans Postretirement Benefit Obligations December 31, December 31, December 31, December 31, Amounts recorded in the consolidated balance sheets: Prepaid pension costs $ 4.3 $ 9.9 $ — $ — Short-term pension and postretirement benefits (0.4) (0.3) (0.2) (0.4) Long-term pension and postretirement benefits (285.7) (199.1) (1.4) (1.6) Net amount recognized $ (281.8) $ (189.5) $ (1.6) $ (2.0) Accumulated benefit obligation $ 1,878.7 $ 1,755.8 N/A N/A Amount recognized in accumulated other comprehensive loss consists of: Actuarial loss (gain) $ 164.2 $ 24.3 $ 0.2 $ (0.2) Prior service cost (credit) 0.5 — (2.6) (3.1) Total amount recognized - pretax $ 164.7 $ 24.3 $ (2.4) $ (3.3) The above actuarial loss (gain) and prior service cost and credit represent the cumulative effect of demographic, investment experience and plan amendment, as well as assumption changes that have been made in measuring the plans’ liabilities. In connection with the Take‑Private Transaction, we have remeasured our global pension and postretirement plans on February 8, 2019 in accordance with the guidance within ASC 805, “Business Combinations” and ASC 715, “Compensation - Retirement Benefits,” to recognize as part of the Take‑Private Transaction an asset or a liability representing the funded status of each of the plans. The unrecognized actuarial losses or gains and unrecognized prior service credits were set to zero as of February 8, 2019 as a result of purchase accounting. In addition, we provide retirement benefits to certain former executives. At December 31, 2020 and 2019, the associated obligations were $6.9 million and $6.1 million, respectively, of which $6.3 million and $5.9 million, respectively, were also reflected within "Long-term pension and postretirement benefits." The actuarial gain or loss, to the extent it exceeds the greater of 10% of the projected benefit obligation or market-related value of plan assets, will be amortized into expense each year on a straight-line and plan-by-plan basis, over the remaining expected future working lifetime of active participants or the average remaining life expectancy of the participants if all or almost all of the plan participants are inactive. Currently, the amortization periods range from six six For the year ended December 31, 2020 (Successor) significant changes in the pension projected benefit obligation include an actuarial loss of $162.5 million of which approximately $167 million loss was attributable to the change in discount rates, approximately $12 million gain resulting from the updates to the assumed cash balance conversion interest rates for our U.S. plan and approximately $11 million gain due to the change in mortality assumptions. For the period from January 1, 2019 to December 31, 2019 (Successor), significant changes in the pension projected benefit obligation include an actuarial loss of $111.2 million of which approximately $151 million loss was attributable to the change in discount rates, approximately $43 million gain due to a change in the mortality assumption from RP-2014 projected generationally with MP-2018 to PRI-2012 projected generationally with MP-2019, approximately $19 million gain attributable the updates to the assumed cash balance conversion interest rates and the cash balance interest crediting rate and approximately $17 million loss due to a change assumed benefit commencement rates for terminated vested participants made as a result of an experience study. For the period from January 1, 2019 to February 7, 2019 (Predecessor), significant changes in the pension projected benefit obligation include an actuarial loss of $80.5 million, of which approximately $53 million loss attributable to the change in discount rates, approximately $22 million loss attributable to assumption changes required by the change in control provision in connection with the Take-Private Transaction and approximately $10 million gain attributable to the updates to the assumed cash balance conversion interest rates and the cash balance interest crediting rate. Underfunded or Unfunded Accumulated Benefit Obligations At December 31, 2020 and December 31, 2019, our underfunded or unfunded accumulated benefit obligation and the related projected benefit obligation were as follows: 2020 2019 Accumulated benefit obligation $ 1,852.3 $ 1,437.9 Fair value of plan assets 1,572.2 1,240.0 Unfunded accumulated benefit obligation $ 280.1 $ 197.9 Projected benefit obligation $ 1,858.2 $ 1,439.5 The underfunded or unfunded accumulated benefit obligations at December 31, 2020 consisted of $268.7 million and $11.4 million related to our U.S. Qualified Plan and non-U.S. defined benefit plans, respectively. The underfunded or unfunded accumulated benefit obligations at December 31, 2019 consisted of $190.4 million and $7.5 million related to our U.S. Qualified Plan and non-U.S. defined benefit plans, respectively. Net Periodic Pension Cost The following table sets forth the components of the net periodic cost (income) associated with our pension plans and our postretirement benefit obligations: Pension Plans Postretirement Benefit Obligations Successor Predecessor Successor Predecessor Year ended December 31, 2020 Period from January 1 to December 31, 2019 Period from January 1 to February 7, 2019 Year ended December 31, 2018 Year ended December 31, 2020 Period from January 1 to December 31, 2019 Period from January 1 to February 7, 2019 Year ended December 31, 2018 Components of net periodic cost (income): Service cost $ 1.7 $ 1.4 $ 0.3 $ 3.7 $ — $ — $ — $ 0.5 Interest cost 42.2 46.7 6.8 57.2 — 0.1 — 0.3 Expected return on plan assets (87.7) (82.7) (10.6) (96.4) — — — — Amortization of Prior Service Cost (Credit) — — — 0.2 (0.4) — (0.1) (0.3) Recognized actuarial loss (gain) — — 4.0 42.5 — — (0.1) (1.5) Net periodic cost (income) $ (43.8) $ (34.6) $ 0.5 $ 7.2 $ (0.4) $ 0.1 $ (0.2) $ (1.0) We incurred settlement charges of $0.6 million, $85.8 million and $0.4 million for the year ended December 31, 2020 (Successor), for the period from January 1, 2019 to February 7, 2019 (Predecessor) and for the year ended December 31, 2018 (Predecessor), respectively. Settlement charges for the period from January 1, 2019 to February 7, 2019 (Predecessor) was due to the settlement of a portion of our U.S. Non-Qualified plans triggered by the shareholder approval of the Take-Private Transaction. The following table sets forth other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss): Pension Plans Postretirement Benefit Obligations Successor Predecessor Successor Predecessor Year ended December 31, 2020 Period from January 1 to December 31, 2019 Period from January 1 to February 7, 2019 Year ended December 31, 2018 Year ended December 31, 2020 Period from January 1 to December 31, 2019 Period from January 1 to February 7, 2019 Year ended December 31, 2018 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Actuarial (loss) gain arising during the year, before tax benefit (expense) of $34.6 and $6.1 for the year ended December 31, 2020 and period from February 8 to December 31, 2019, respectively, and $15.7 in 2018 (1) $ (139.9) $ (24.3) $ — $ (71.7) $ (0.4) $ 0.2 $ — $ (0.1) Prior service credit (cost) arising during the year, before tax benefit (expense) of $0.1 and $(0.8) for the year ended December 31, 2020 and period from February 8 to December 31, 2019, respectively, and $(1.2) in 2018 (1) $ (0.5) $ — $ — $ (4.0) $ (0.1) $ 3.1 $ — $ 9.8 Less: Amortization of actuarial (loss) gain, before tax benefit (expense) of $(22.2) for the period from January 1 to February 7, 2019, and $(9.0) in 2018 (2) $ — $ — $ (87.7) $ (42.5) $ — $ — $ 0.1 $ 1.5 Amortization of prior service (cost) credit, before tax benefit (expense) of $(0.1) for the year ended December 31, 2020 $ — $ — $ — $ (0.2) $ 0.4 $ — $ 0.1 $ 0.3 (1) In connection with the Take-Private Transaction, we have remeasured our global pension and postretirement plans on February 8, 2019 in accordance with the guidance within ASC 805 and ASC 715 to recognize as part of the transaction an asset or a liability representing the funded status of each of the plans. The unrecognized actuarial losses or gains were set to zero as of February 8, 2019 as a result of purchase accounting. (2) For the period from January 1 to February 7, 2019, amortization of actuarial loss included the impact of the settlement charge related to the U.S. Non-Qualified plans. We apply the long-term expected rate of return assumption to the market-related value of assets to calculate the expected return on plan assets, which is a major component of our annual net periodic pension expense. The market-related value of assets recognizes short-term fluctuations in the fair value of assets over a period of five years, using a straight-line amortization basis. The methodology has been utilized to reduce the effect of short-term market fluctuations on the net periodic pension cost. Since the market-related value of assets recognizes gains or losses over a five Assumptions The following table sets forth the significant weighted-average assumptions we used to determine the projected benefit obligation and the periodic benefit cost: Pension Plans Postretirement Benefit Obligations Successor Predecessor Successor Predecessor Year ended December 31, 2020 Period from January 1 to December 31, 2019 Period from January 1 to February 7, 2019 Year ended December 31, 2018 Year ended December 31, 2020 Period from January 1 to December 31, 2019 Period from January 1 to February 7, 2019 Year ended December 31, 2018 Discount rate for determining projected benefit obligation at December 31 2.00 % 2.79 % 3.57 % 3.86 % 1.20 % 2.35 % 3.64 % 3.88 % Discount rate in effect for determining service cost 2.11 % 3.11 % 3.16 % 2.99 % N/A N/A N/A 3.15 % Discount rate in effect for determining interest cost 2.48 % 3.29 % 3.51 % 2.90 % 2.10 % 3.25 % 3.52 % 2.85 % Weighted average expected long-term return on plan assets 6.19 % 6.72 % 6.56 % 6.72 % N/A N/A N/A N/A Rate of compensation increase for determining projected benefit obligation at December 31 3.00 % 3.00 % 3.00 % 2.99 % N/A N/A N/A N/A Rate of compensation increase for determining net pension cost 3.00 % 3.07 % 3.04 % 6.10 % N/A N/A N/A N/A The expected long-term rate of return assumption was 6.50% for 2020 and 7.00% for each of 2019 and 2018 for the U.S. Qualified Plan, our principal pension plan. This assumption is based on the plan’s target asset allocation. The expected long-term rate of return assumption reflects long-term capital market return forecasts for the asset classes employed, assumed excess returns from active management within each asset class, the portion of plan assets that are actively managed, and periodic rebalancing back to target allocations. Current market factors such as inflation and interest rates are evaluated before the long-term capital market assumptions are determined. In addition, peer data and historical returns are reviewed to check for reasonableness. Although we review our expected long-term rate of return assumption annually, our plan performance in any one particular year does not, by itself, significantly influence our evaluation. Our assumption is generally not revised unless there is a fundamental change in one of the factors upon which it is based, such as the target asset allocation or long-term capital market return forecasts. We use discount rates to measure the present value of pension plan obligations and postretirement health care obligations at year-end, as well as, to calculate next year’s pension income or cost. It is derived by using a yield curve approach which matches projected plan benefit payment streams with bond portfolios reflecting actual liability duration unique to the plans. The rate is adjusted at each remeasurement date, based on the factors noted above. We measure service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows (“Spot Rate Approach”). We believe the approach provides a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows and their corresponding spot rates on the yield curve. For the mortality assumption we used PRI 2012 mortality table (“PRI-2012”) for our U.S. plans at December 31, 2020 and 2019, together with mortality improvement projection scales MP-2020 and MP-2019, respectively. Plan Assets (U.S. Qualified Plan and non-U.S. pension plans) The investment objective for our principal plan, the U.S. Qualified Plan, is to achieve over the investment horizon a long-term total return, which at least matches our expected long-term rate of return assumption while maintaining a prudent level of portfolio risk. We emphasize long-term growth of principal while avoiding excessive risk so as to use plan asset returns to help finance pension obligations, thus improving our plan’s funded status. We predominantly invest in assets that can be sold readily and efficiently to ensure our ability to reasonably meet expected cash flow requirements. We define our primary risk concern to be the plan’s funded status volatility and to a lesser extent total plan return volatility. Understanding that risk is present in all types of assets and investment styles, we acknowledge that some risk is necessary to produce long-term investment results that are sufficient to meet the plan’s objectives. However, we monitor and ensure that the investment strategies we employ make reasonable efforts to maximize returns while controlling for risk parameters. Investment risk is also controlled through diversification among multiple asset classes, managers, investment styles and periodic rebalancing toward asset allocation targets. Risk is further controlled at the investment strategy level by requiring underlying managers to follow formal written investment guidelines which enumerate eligible securities, maximum portfolio concentration limits, excess return and tracking error targets as well as other relevant portfolio constraints. Investment results and risk are measured and monitored on an ongoing basis and quarterly investment reviews are conducted. The plan assets are primarily invested in funds offered and managed by Aon Hewitt Investment Consulting. Our plan assets are currently invested mainly in funds overseen by our delegated manager using manager of manager funds which are a combination of both active and passive (indexed) investment strategies. The plan’s return seeking assets include equity securities that are diversified across U.S. and non-U.S. stocks, including emerging market equities, in order to further reduce risk at the total plan level. Additional diversification in return seeking assets is achieved by using multi-asset credit, real estate and hedge fund of funds strategies. A portion of the plan assets are invested in a liability hedging portfolio to reduce funded status volatility and reduce overall risk for the plan. The portfolio uses manager of manager funds that are diversified principally among securities issued or guaranteed by the U.S. government or its agencies, mortgage-backed securities, including collateralized mortgage obligations, corporate debt obligations and dollar-denominated obligations issued in the U.S. by non-U.S. banks and corporations. We have formally identified the primary objective for each asset class within our plan. U.S. equities are held for their long-term capital appreciation and dividend income, which is expected to exceed the rate of inflation. Non-U.S. equities are held for their long-term capital appreciation, as well as diversification relative to U.S. equities and other asset classes. Multi-asset credit, real estate and hedge fund of funds further diversifies the return-seeking assets with reduced correlation due to different return expectations and flows. These diversifying asset classes also provide a hedge against unexpected inflation. Liability hedging assets are held to reduce overall plan volatility and as a source of current income. Additionally, they are designed to provide a hedge relative to the interest rate sensitivity of the plan’s liabilities. Cash is held only to meet liquidity requirements. Investment Valuation Our pension plan assets are measured at fair value in accordance with ASC 820, “Fair Value Measurement and Disclosures.” ASC 820 defines fair value and establishes a framework for measuring fair value under current accounting pronouncements. See Note 1 to our consolidated financial statements for further detail on fair value measurement. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy. A financial instrument’s level or categorization within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Aon Hewitt Collective Trust Investment Funds Aon Hewitt Collective Trust Funds are offered under the Aon Hewitt Collective Trust and their units are valued at the reported Net Asset Value ("NAV"). Some Funds are within Level 1 of the valuation hierarchy as the NAV is determined and published daily and are the basis for current transactions, while other Funds do not publish a daily NAV, therefore, are excluded from the fair value hierarchy. • Equity funds’ investment objectives are to achieve long-term growth of capital by investing diversified portfolio of primarily U.S. and non-U.S. equity securities and approximate as closely as practicable the total return of the S&P 500® and global stock indices. • Fixed income funds’ investment objectives are to seek current income and capital appreciation by investing in a diversified portfolio of domestic and foreign debt securities, government obligations and bond funds with various durations. • Real estate funds’ investment objective is to achieve a return by investing primarily in securities of U.S. and foreign real estate investment trusts, real estate operating companies and other companies that principally engaged in the real estate industry or derive at least 50% of their revenues or earnings owning, operating, developing and /or managing real estate. Aon Alternative Investment Funds These investments are valued at the reported NAV; however, these investments do not publish a daily NAV, therefore, are excluded from the fair value hierarchy. The Aon Private Credit Opportunities Fund is established as a fund-of-funds for investors seeking exposure to a diversified portfolio of private credit investments by allocating to a select pool of United States and European-based private credit funds. The Aon Liquid Alternatives Fund LTD Class A seeks to generate consistent long-term capital appreciation, it is also concerned with preservation of capital. The Fund diversifies its holdings among a number of Managers that collectively implement a range of alternative investment strategies. The Aon Opportunistic Alternatives SP Shareholder Summary Class A’s investment objective is to generate attractive returns over a full market cycle by investing in a range of alternative investment opportunities with sources of return that have a low correlation to the broader financial markets, while also seeking to preserve capital under the direction of the Investment Manager. The Aon Opportunistic Credit Portfolio SP is a segregated portfolio of Aon Alternatives Fund SPC, a Cayman Islands exempted company registered as a segregated portfolio company. The Portfolio’s investment objective is to seek to generate attractive returns by investing in a range of credit opportunities. Aon Hewitt Group Trust Funds All Aon Hewitt Collective Trust Funds are offered under the Aon Hewitt Collective Trust and their units are valued at the reported NAV. They are within Level 1 of the valuation hierarchy as the NAV is determined and published daily, and are the basis for current transactions of the units based on the published NAV. During 2020 the assets in the Aon Hewitt Group Trust Funds were transferred to Aon Hewitt Collective Trust Investment Funds. • Equity funds’ investment objectives are to achieve long-term growth of capital by investing diversified portfolio of primarily U.S. and non-U.S. equity securities and approximate as closely as practicable the total return of the S&P 500® and global stock indices. • Fixed income funds’ investment objectives are to seek current income and capital appreciation by investing in a diversified portfolio of domestic and foreign debt securities, government obligations and bond funds with various durations. • Real estate funds’ investment objective is to achieve high total return, consisting of capital appreciation and current income. Short-Term Investment Funds (STIF) These investments include cash, bank notes, corporate notes, government bills and various short-term debt instruments. The investment objective is to provide safety of principal and daily liquidity by investing in high quality money market instruments. They are valued at the reported NAV and within Level 1 of the valuation hierarchy as the NAV is determined and published daily, and are the basis for current transactions of the units based on the published NAV. The Venture Capital Fund The Fund is structured as a conventional, private venture capital firm. The Fund will target investments that are in early-stage technology companies. The Fund expects to invest in seed stage development companies, principally in the software and technology-enabled businesses sector. It is classified as other investments measured at the NAV and is excluded from the fair value hierarchy. The U.S. Qualified Plan has an additional unfunded commitment of $0.3 million to the Equity Fund included in the Aon Hewitt Collective Trust Investment Funds at December 31, 2020, and $19.9 million and $0.9 million to the Venture Capital Funds at December 31, 2020 and 2019, respectively. There were no transfers among the levels of the fair value hierarchy during the years ended December 31, 2020 and 2019. The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth by level, within the fair value hierarchy, the plan assets at fair value as of December 31, 2020 (Successor): Asset category Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs Significant Unobservable Inputs Total Short-term investment funds $ 21.2 $ — $ — $ 21.2 Aon Hewitt Collective Trust Investment Funds: Equity funds $ 448.5 $ — $ — $ 448.5 Fixed income funds 475.3 — — 475.3 Real estate funds 6.8 — — 6.8 Total Aon Hewitt Collective Trust Investment Funds $ 930.6 $ — $ — $ 930.6 Total $ 951.8 $ — $ — $ 951.8 Other Investments Measured at Net Asset Value Aon Hewitt Collective Investment Trust Funds $ 147.5 Aon Alternative Investment Funds: Fixed income funds 137.3 Venture Capital Fund 4.7 Other Non-U.S. commingled equity and fixed income 362.9 Total other investments measured at net asset value $ 504.9 Total investments at fair value $ 1,604.2 The following table sets forth by level, within the fair value hierarchy, the plan assets at fair value as of December 31, 2019 (Successor): Asset category Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs Significant Unobservable Inputs Total Short-Term investment funds $ 16.1 $ — $ — $ 16.1 Aon Hewitt Collective Trust Funds: Equity funds $ 450.8 $ — $ — $ 450.8 Fixed income funds 565.4 — — 565.4 Real estate funds 76.1 — — 76.1 Total Aon Hewitt Trust Funds $ 1,092.3 $ — $ — $ 1,092.3 Total $ 1,108.4 $ — $ — $ 1,108.4 Other Investments Measured at Net Asset Value Aon Alternative Investment Funds: Fixed income funds $ 127.4 Venture Capital Fund 3.9 Other Non-U.S. commingled equity and fixed income 333.2 Total other investments measured at net asset value $ 464.5 Total investments at fair value $ 1,572.9 Allocations We employ a total return investment approach in which a mix of equity, debt and alternative (e.g., real estate) investments is used to achieve a competitive long-term rate of return on plan assets at a prudent level of risk. Our weighted average plan target asset allocation is 61% return-seeking assets (range of 50% to 70%) and 39% liability-hedging assets (range of 30% to 50%). The following table sets forth the weighted average asset allocations and target asset allocations by asset category, as of the measurement dates of the plans: Asset Allocations Target Asset Allocations December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Return-Seeking assets 58 % 59 % 56 % 56 % Liability-Hedging assets 42 % 41 % 44 % 44 % Total 100 % 100 % 100 % 100 % Contributions and Benefit Payments We expect to contribute $2.3 million to our non-U.S. pension plans and $0.3 million to our postretirement benefit plan in 2021. We did not make contributions in 2020 and do not expect to make any required contributions to the U.S. Qualified Plan in 2021 for the 2020 plan year based on the minimum funding requirements as defined in the Pension Protection Act of 2006 as amended. Final funding requirements for 2020 will be determined based on our January 2021 funding actuarial valuation. The following table summarizes expected benefit payments from our pension plans and postretirement plans through 2030. Actual benefit payments may differ from expected benefit payments. These amounts are net of expected plan participant contributions: Pension Plans Postretirement Benefit Plans 2021 $ 96.0 $ 0.3 2022 $ 97.4 $ 0.2 2023 $ 99.3 $ 0.2 2024 $ 100.3 $ 0.2 2025 $ 101.1 $ 0.2 2026 - 2030 $ 510.2 $ 0.6 Health Care Benefits The following table presents healthcare trend assumptions used to determine the year end benefit obligation: 2020 2019 Medical (1) 5.3 % 5.3 % Prescription drug (1) 8.5 % 8.0 % (1) The rates are assumed to decrease to 5.0% in 2026 and remain at that level thereafter. 401(k) Plan We have a 401(k) Plan covering substantially all U.S. employees that provides for employee salary deferral contribution and employer contributions. Employees may contribute up to 50% of their pay on a pre-tax basis subject to IRS limitations. In addition, employees with age 50 or older are allowed to contribute additional pre-tax “catch-up” contributions. In addition, the Company matches up to 50% of seven percent (7%) of a team member’s eligible compensation, subject to certain 401(k) Plan limitations. |
