Pension and Other Post-Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Defined Contribution Plan Disclosure [Line Items]

Multiemployer Plan Table

Multi-employer Pension Plan

In connection with the collective bargaining agreement signed with the International Association of Machinists and Aerospace Workers (“IAM”), the Company contributes to a multi-employer defined benefit pension plan (“IAM National Pension Fund”). There are two IAM collective bargaining agreements. Under the first IAM agreement, the level of contribution, as specified in the bargaining agreement was, in whole dollars, $1.95 per hour of employee service as of July 1, 2019. Effective July 1, 2023 the level of employer contribution increased to $2.00 per hour. This IAM bargaining agreement provides for a $0.05 per hour increase, in whole dollars, effective July 1 of each year through 2025. This IAM contract expires June 20, 2027. Under the second IAM agreement, the level of contributions, as specified in the bargaining agreement was, in whole dollars, $0.75 per hour of employee service as of July 1, 2022. Effective July 1, 2023 the level of employer contribution increased to $0.80 per hour. This IAM bargaining agreement provides for a $0.05 per hour increase, in whole dollars effective July 1, 2025 and 2027. This IAM contract expires November 13, 2027.

The collective bargaining agreement with the United Automobile, Aerospace and Agricultural Workers of America (“UAW”) requires the Company to contribute a specified amount per hour of service to the IAM National Pension Fund. Per the negotiated UAW collective bargaining agreement, the pension contributions, in whole dollars, was $1.75 per hour effective January 1, 2020 and will remain at $1.75 per hour through contract expiration. The UAW contract expires December 7, 2025.

The risk of this multi-employer plan is different from single-employer plans in the following aspects:

1.Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers.

2.If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

3.If the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The following table summarizes the multi-employer plan to which the Company contributes. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2022 and 2023 is for the plan's year-end at December 31, 2022, and December 31, 2023, respectively. The zone status is based on information received from the plan.

		Pension Protection Act Zone Status										Expiration Date of Collective- Bargaining Agreement
				FIP/RP Status Pending/ Implemented	Contributions of the Company
	EIN/Pension Plan Number										Surcharge Imposed
Pension Fund		2022	2023		2021		2022		2023
IAM National Pension Fund	51-60321295	Red	Red	Yes	$	23.0	$	27.2	$	42.1	Yes	IAM June 20, 2027, November 13, 2027 UAW December 7, 2025
Pension Fund	Year Company Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan’s Year-End)
IAM National Pension Fund	2022, 2023

Change in projected benefit obligations

Obligations and Funded Status

The following tables reconcile the funded status of both pension and post-retirement medical benefits to the balance on the balance sheets for the fiscal years 2023 and 2022. Benefit obligation balances presented in the tables reflect the projected benefit obligation and accumulated benefit obligation for the Company’s pension plans, and accumulated post-retirement benefit obligations for the Company’s post-retirement medical plan. The Company uses an end of fiscal year measurement date of December 31 for the Company's U.S. pension and post-retirement medical plans. Plan amendments for the period ended December 31, 2022 are related to the enhancement benefits provided in conjunction with the termination of PVP A. Plan amendments for the period ended December 31, 2023 are related to the change in eligibility requirements under the collective bargaining agreement with IAM. The projected benefit obligation decreased due to the termination of PVP A in 2023. The funded status and projected benefit obligation of the U.K. Prestwick Plan as of December 31, 2023 remained largely flat compared to that as of December 31, 2022. The funded status for the U.K. Belfast plans improved over the year primarily due to actual return on plan assets.

	Pension Benefits						Other Post-Retirement Benefits
	Periods Ended December 31,						Periods Ended December 31,
U.S. Plans	2023			2022			2023			2022
Change in projected benefit obligation:
Beginning balance	$	493.3		$	814.1		$	33.1		$	42.5
Service cost	—			—			0.6			0.7
Employee contributions	—			—			0.9			1.1
Interest cost	2.6			20.8			1.5			0.6
Actuarial (gains) losses	16.5			(105.2)			(0.5)			(2.3)
Plan Amendments	—			73.5			9.1			—
Plan Settlements	(501.7)			(270.0)			—			—
Benefits paid	(9.7)			(39.9)			(7.8)			(9.5)
Projected benefit obligation at the end of the period	$	1.0		$	493.3		$	36.9		$	33.1
Assumptions used to determine benefit obligation:
Discount rate	4.94		%	5.22		%	4.75		%	5.04		%
Rate of compensation increase	N/A			N/A			N/A			N/A
Medical assumptions:
Trend assumed for the year	N/A			N/A			6.77		%	7.25		%
Ultimate trend rate	N/A			N/A			4.00		%	4.00		%
Year that ultimate trend rate is reached	N/A			N/A			2048			2048
Change in fair value of plan assets:
Beginning balance	$	670.3		$	1,318.6		$	—		$	—
Actual (loss) return on assets	31.0			(218.9)			—			—
Employer contributions to plan	(189.9)			(119.5)			7.0			8.4
Employee contributions to plan	—			—			0.8			1.1
Plan Settlements	(501.7)			(270.0)			—			—
Benefits paid	(9.7)			(39.9)			(7.8)			(9.5)
Ending balance	$	—		$	670.3		$	—		$	—
Reconciliation of funded status to net amounts recognized:
Funded status (deficit)	$	(1.0)		$	177.0		$	(36.9)		$	(33.1)
Net amounts recognized	$	(1.0)		$	177.0		$	(36.9)		$	(33.1)
Amounts recognized in the balance sheet:
Noncurrent assets	$	—		$	178.0		—			—
Current liabilities	(0.1)			(0.1)			(7.8)			(9.2)
Noncurrent liabilities	(0.9)			(0.9)			(29.1)			(23.9)
Net amounts recognized	$	(1.0)		$	177.0		$	(36.9)		$	(33.1)
Amounts not yet reflected in net periodic benefit cost and included in AOCI:
Accumulated other comprehensive (loss) income	$	(0.2)		$	(72.7)		$	5.4		$	16.6
Cumulative employer contributions in excess of net periodic benefit cost	(0.8)			249.7			(42.3)			(49.7)
Net amount recognized in the balance sheet	$	(1.0)		$	177.0		$	(36.9)		$	(33.1)
Information for pension plans with benefit obligations in excess of plan assets:
Projected benefit obligation	$	1.0		$	1.0		$	36.9		$	33.1
Accumulated benefit obligation	$	1.0		$	1.0		$	—		$	—

The U.S. based defined benefit plans utilize a cash balance based formula for a subset of the plan participants. The weighted-average interest crediting rates used to determine the benefit obligation and net periodic benefit cost for all future years is 4.94%.

	Pension Benefits
	Periods Ended December 31,
U.K. Prestwick Plan	2023			2022
Change in projected benefit obligation:
Beginning balance	$	35.5		$	71.6
Service cost	0.8			1.7
Interest cost	1.7			1.1
Plan amendments	—			0.7
Actuarial gains	(0.2)			(26.7)
Benefits paid	(1.2)			(1.7)
Expense paid	(0.8)			(1.7)
Plan settlements	—			(2.5)
Exchange rate changes	1.9			(7.0)
Projected benefit obligation at the end of the period	$	37.7		$	35.5
Assumptions used to determine benefit obligation:
Discount rate	4.80		%	4.90		%
Rate of compensation increase	N/A			3.35		%
Change in fair value of plan assets:
Beginning balance	$	44.1		$	98.3
Actual loss on assets	1.6			(38.7)
Company contributions	—			0.3
Plan settlements	—			(2.9)
Expenses paid	(0.8)			(1.7)
Benefits paid	(1.2)			(1.7)
Exchange rate changes	2.4			(9.5)
Ending balance	$	46.1		$	44.1
Reconciliation of funded status to net amounts recognized:
Funded status	8.4			8.6
Net amounts recognized	$	8.4		$	8.6
Amounts recognized in the balance sheet:
Noncurrent assets	$	8.4		$	8.6
Noncurrent liabilities	—			—
Net amounts recognized	$	8.4		$	8.6
Amounts not yet reflected in net periodic benefit cost and included in AOCI:
Accumulated other comprehensive income	(10.6)			(10.0)
Cumulative employer contributions in excess of net periodic benefit cost	19.0			18.6
Net amount recognized in the balance sheet	$	8.4		$	8.6
Information for pension plans with benefit obligations in excess of plan assets:
Projected benefit obligation	$	—		$	—
Accumulated benefit obligation	—			—
Fair value of assets	$	—		$	—

	Pension Benefits						Other Post-Retirement Benefits
	Periods Ended December 31,						Periods Ended December 31,
U.K Belfast Plans	2023			2022			2023			2022
Change in projected benefit obligation:
Beginning balance	$	1,407.6		$	2,528.0		$	0.3		$	0.8
Service cost	1.6			1.3			—			—
Employee contributions	—			—			—			—
Expenses paid	(1.6)			(1.3)			—			—
Interest cost	71.4			39.9			—			—
Actuarial gains	(4.4)			(854.1)			—			(0.4)
Plan curtailments	—			—			—			—
Exchange rate changes	75.7			(250.8)			—			(0.1)
Benefits paid	(58.7)			(55.4)			—			—
Other	—			—			(0.1)			—
Projected benefit obligation at the end of the period	$	1,491.6		$	1,407.6		$	0.2		$	0.3
Assumptions used to determine benefit obligation:
Discount rate	4.78		%	4.96		%	4.78		%	4.96		%
Rate of compensation increase	N/A			N/A			N/A			N/A
Medical assumptions:
Trend assumed for the year	N/A			N/A			6.50		%	5.95		%
Ultimate trend rate	N/A			N/A			6.50		%	5.95		%
Year that ultimate trend rate is reached	N/A			N/A			N/A			N/A
Change in fair value of plan assets:
Beginning balance	$	1,417.8		$	2,488.1		$	—		$	—
Actual (loss) return on assets	80.8			(785.0)			—			—
Employer contributions to plan	1.9			19.0			—			—
Employee contributions to plan	—			—			—			—
Benefits paid	(58.7)			(55.4)			—			—
Exchange rate changes	76.5			(247.6)			—			—
Expenses paid	(1.6)			(1.3)			—			—
Ending balance	$	1,516.7		$	1,417.8		$	—		$	—
Reconciliation of funded status to net amounts recognized:
Funded status (deficit)	$	25.1		$	10.2		$	(0.2)		$	(0.3)
Net amounts recognized	$	25.1		$	10.2		$	(0.2)		$	(0.3)
Amounts recognized in the balance sheet:
Noncurrent assets	25.1			10.2			—			—
Current liabilities	—			—			—			—
Noncurrent liabilities	—			—			(0.2)			(0.3)
Net amounts recognized	$	25.1		$	10.2		$	(0.2)		$	(0.3)
Amounts not yet reflected in net periodic benefit cost and included in AOCI:
Accumulated other comprehensive (loss) income	$	3.3		$	(3.1)		$	0.4		$	0.4
Cumulative employer contributions in excess of net periodic benefit cost	21.8			13.3			(0.6)			(0.7)
Net amount recognized in the balance sheet	$	25.1		$	10.2		$	(0.2)		$	(0.3)
Information for pension plans with benefit obligations in excess of plan assets:
Projected benefit obligation	$	—		$	15.2		$	0.2		$	0.3
Accumulated benefit obligation	—			15.2			—			—
Fair value of assets	—			15.1			—			—

Annual Expense

Annual Expense

The components of pension and other post-retirement benefit plans expense for the U.S. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2023, 2022, and 2021 are as follows:

	Pension Benefits									Other Post-Retirement Benefits
	Periods Ended December 31,									Periods Ended December 31,
U.S. Plans	2023			2022			2021			2023			2022			2021
Components of net periodic benefit cost (income):
Service cost	$	—		$	—		$	—		$	0.6		$	0.7		$	0.8
Interest cost	2.6			20.8			18.7			1.5			0.6			0.3
Expected return on plan assets	(1.6)			(44.0)			(57.7)			—			—			—
Amortization of net (gain) loss	0.1			—			—			(1.7)			(1.0)			(1.3)
Amortization of prior service costs(1)	—			73.5			—			(0.8)			(0.8)			(0.8)
Settlement loss recognized(2)	59.6			33.3			11.0			—			—			—
Net periodic benefit cost (income)	60.7			83.6			(28.0)			(0.4)			(0.5)			(1.0)
Other changes recognized in OCI:
Total recognized in other OCI (income) loss	$	(72.5)		$	124.4		$	(58.2)		$	11.2		$	(0.4)		$	3.2
Total recognized in other net periodic benefit and OCI loss (income)	$	(11.8)		$	208.0		$	(86.2)		$	10.8		$	(0.9)		$	2.2
Assumptions used to determine net periodic benefit costs:
Discount rate	5.22		%	2.72		%	2.31		%	5.03		%	1.96		%	1.26		%
Expected return on plan assets	N/A			4.00		%	4.00		%	N/A			N/A			N/A
Salary increases	N/A			N/A			N/A			N/A			N/A			N/A
Medical Assumptions:
Trend assumed for the year	N/A			N/A			N/A			7.25		%	7.00		%	5.56		%
Ultimate trend rate	N/A			N/A			N/A			4.00		%	4.50		%	4.50		%
Year that ultimate trend rate is reached	N/A			N/A			N/A			2048			2047			2038

(1) Due to a plan amendment related to a benefit enhancement, prior service cost amortization of $73.5 was recorded to Other (expense) income.

(2) Due to settlement accounting during the fiscal years ending 2023, 2022, and 2021, the Company recognized charges of $59.6, $33.3, and $11.0, respectively, that were recorded to Other (expense) income.

The Company records the service component of net periodic benefit cost in operating profit and the non-service components of net periodic benefit cost (i.e., interest cost, expected return on plan assets, amortization of prior service cost, special termination benefits, and net actuarial gains or losses) as part of non-operating income.

The components of the pension benefit plan expense for the U.K. plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2023, 2022, and 2021 are as follows:

	Pension Benefits
	Periods Ended December 31,
U.K. Prestwick Plan	2023			2022			2021
Components of net periodic benefit cost (income):
Service cost	$	0.8		$	1.7		$	1.2
Interest cost	1.7			1.1			1.0
Expected return on plan assets	(2.2)			(1.7)			(1.4)
Amortization of net loss	0.2			—			—
Settlement gain (loss)	—			0.6			(0.2)
Net periodic benefit cost (income)	$	0.5		$	1.7		$	0.6
Other changes recognized in OCI:
Total cost (income) recognized in OCI	$	0.6		$	13.9		$	1.2
Total recognized in net periodic benefit cost and OCI	$	1.1		$	15.6		$	1.8
Assumptions used to determine net periodic benefit costs:
Discount rate	4.90		%	1.75		%	1.45		%
Expected return on plan assets	4.90		%	2.00		%	1.40		%
Salary increases	3.35		%	3.50		%	3.10		%

The components of the pension benefit plan expense for the Belfast plans and the assumptions used to determine benefit obligations for each of the periods ended December 31, 2023, 2022, and 2021 are as follows:

	Pension Benefits									Other Post-Retirement Benefits
	Periods Ended December 31,									Periods Ended December 31,
U.K. Belfast Plans	2023			2022			2021			2023			2022			2021
Components of net periodic benefit cost (income):
Service cost	$	1.6		$	1.3		$	39.3		$	—		$	—		$	0.1
Interest cost	71.4			39.9			36.3			—			—			—
Curtailment (gain) recognized(1)	—			—			(61.0)			—			—			—
Expected return on plan assets	(78.6)			(92.0)			(95.2)			—			—			—
Amortization of net (gain) loss	—			—			—			(0.1)			—			—
Net periodic benefit (income) cost	$	(5.6)		$	(50.8)		$	(80.6)		$	(0.1)		$	—		$	0.1
Other changes recognized in OCI:
Total (income) recognized in OCI	$	(6.4)		$	24.7		$	(98.1)		$	—		$	(0.4)		$	—
Total recognized in net periodic benefit cost and OCI	$	(12.0)		$	(26.1)		$	(178.7)		$	(0.1)		$	(0.4)		$	0.1
Assumptions used to determine net periodic benefit costs:
Discount rate	4.96		%	1.80		%	1.45		%	4.96		%	1.80		%	1.45		%
Expected return on plan assets	5.50		%	4.10		%	4.20		%	N/A			N/A			N/A
Salary increases	N/A			N/A			2.90		%	N/A			N/A			N/A
Medical Assumptions:
Trend assumed for the year	N/A			N/A			N/A			5.95		%	5.75		%	5.75		%
Ultimate trend rate	N/A			N/A			N/A			5.95		%	5.75		%	5.75		%
Year that ultimate trend rate is reached	N/A			N/A			N/A			N/A			N/A			N/A

(1) In the fourth quarter of 2021, the Shorts Pension Defined Benefit plan was closed out and a new defined contribution plan was opened for affected employees. This closure resulted in a curtailment gain of $61.0.

Assumptions

The Company sets the discount rate assumption annually for each of its retirement-related benefit plans as of the measurement date, based on a review of projected cash flow and a long-term high-quality corporate bond yield curve. The discount rate determined on each measurement date is used to calculate the benefit obligation as of that date, and is also used to calculate the net periodic benefit (income)/cost for the upcoming plan year. During 2015, the mortality assumption for the U.S. plans was updated to Mercer’s MRP-2007 generational mortality tables for non-annuitants and Mercer’s MILES-2010 generational tables for the Auto, Industrial Goods and Transportation group for annuitants both reflecting Mercer’s MMP-2007 improvement scale. In 2018, the Company incorporated the MMP-2018 improvement scale. MMP-2018 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2018 scale, but with different parameters and adjustments for actual experience since 2006. In 2019, the Company incorporated the MMP-2019 improvement scale which was utilized in 2020. In 2021, the Company incorporated the MMP-2021 improvement scale. MMP-2021 is a Mercer-developed scale that uses the same basic model as the Society of Actuaries MP-2019 scale, but with different parameters and adjustments for actual experience since 2006. A blue collar adjustment is reflected for the hourly union participants and a white collar adjustment is reflected for all other participants. Actuarial gains and losses are amortized using the corridor method over the average working lifetimes of active participants/membership.

The pension expected return on assets assumption is derived from the long-term expected returns based on the investment allocation by class specified in the Company’s investment policy. The expected return on plan assets determined on each measurement date is used to calculate the net periodic benefit (income)/cost of the upcoming plan year.

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. To determine the health care cost trend rates the Company considers national health trends and adjusts for its specific plan design and locations. The trend and aging assumptions were updated during 2016 to reflect more current trends. These assumptions were reviewed in 2023 based on a review of updated national health trends.

Asset Category U.S.

had asset allocations, as of December 31, 2022, as follows:

	2022
Asset Category — U.S.
Cash equivalents	29	%
Equity securities — U.S.	71	%
Total	100	%

U.K. Plans Investment Objecives

U.K. Prestwick Plan

The Trustee’s investment objective is to ensure that they can meet their obligation to the beneficiaries of the Plan. An additional objective is to achieve a return on the total Plan, which is compatible with the level of risk considered appropriate. The overall benchmark allocation of the Plan’s assets is:

Equity securities	15 – 17%
Debt securities	82 - 84%
Property	1%

Asset Category U.K.

The Plan has asset allocations as of December 31, 2023 and December 31, 2022, as follows:

	2023		2022
Asset Category — U.K. Prestwick
Equity securities	15	%	15	%
Debt securities	80	%	80	%
Other	5	%	5	%
Total	100	%	100	%

Total Benefits Expected To Be Paid Over Next Ten Years

The total benefits expected to be paid over the next ten years from the plans’ assets or the assets of the Company, by country, are as follows:

U.S.	Pension Plans		Other Post-Retirement Benefit Plans
2024	$	0.1	$	7.8
2025	$	0.1	$	6.8
2026	$	0.1	$	6.0
2027	$	0.1	$	5.7
2028	$	0.1	$	4.9
2029-2033	$	0.4	$	10.8

U.K. Prestwick	Pension Plans
2024	$	0.9
2025	$	1.0
2026	$	1.3
2027	$	1.5
2028	$	1.7
2029-2033	$	9.4

U.K. Belfast	Pension Plans		Other Post-Retirement Benefit Plans
2024	$	55.2	$	—
2025	$	58.8	$	—
2026	$	64.3	$	—
2027	$	68.9	$	—
2028	$	75.8	$	—
2029-2033	$	458.6	$	0.1

Pension Plan Assets Measured at Fair Value on a Recurring Basis

Fair Value Measurements

The pension plan assets are valued at fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the 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 instruments pursuant to the valuation hierarchy.

Temporary Cash Investments — These investments consist of U.S. dollars and foreign currencies held in master trust accounts. Foreign currencies held are reported in terms of U.S. dollars based on currency exchange rates readily available in active markets. These temporary cash investments are classified as level 1 investments.

Collective Investment Trusts — These investments are public investment vehicles valued using market prices and performance of the fund. The trust allocates notional units to the policy holder based on the underlying notional unit buy (offer) price using the middle market price plus transaction costs. These investments are classified within level 2 of the valuation hierarchy. In addition, the collective investment trust includes a real estate fund, which is classified within level 3 of the valuation hierarchy.

Equity and Bond Funds — Domestic and international equity or fixed income securities as well as commingled equity or bond funds categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. For equity securities not traded on an active exchange, or if the closing price is not

available, the trustee obtains indicative quotes from a pricing vendor, broker or investment manager. These securities are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager. The closed-ended private infrastructure equity fund is classified within level 3 of the valuation hierarchy.

As of December 31, 2023 and December 31, 2022, the pension plan assets measured at fair value on a recurring basis were as follows:

			At December 31, 2023 Using
Description	December 31, 2023 Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Temporary Cash Investments	$	126.9	$	126.9	$	—	$	—
Collective Investment Trusts	45.7		—		44.3		1.4
Equity and Bond Funds	1,375.4		583.2		791.0		1.2
	$	1,548.0	$	710.1	$	835.3	$	2.6

			At December 31, 2022 Using
Description	December 31, 2022 Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Temporary Cash Investments	$	193.6	$	193.6	$	—	$	—
Collective Investment Trusts	43.9		—		42.4		1.5
Equity and Bond Funds	1,894.8		—		1,894.8		—
	$	2,132.3	$	193.6	$	1,937.2	$	1.5

The table below sets forth a summary of changes in the fair value of the Plan’s level 3 investment assets and liabilities for the years ended December 31, 2023 and December 31, 2022:

	December 31, 2023
Description	Beginning Fair Value		Purchases		Gain (Loss)		Sales, Maturities, Settlements, Net		Exchange rate		Ending Fair Value
Collective Investment Trusts	$	1.5	$	—	$	(0.2)	$	—	$	0.1	$	1.4
Equity and Bond Funds	$	—	$	—	$	—	$	1.2	$	—	$	1.2
	$	1.5	$	—	$	(0.2)	$	1.2	$	0.1	$	2.6

	December 31, 2022
Description	Beginning Fair Value		Purchases		Gain (Loss)		Sales, Maturities, Settlements, Net		Exchange rate		Ending Fair Value
Collective Investment Trusts	$	1.9	$	—	$	(0.2)	$	—	$	(0.2)	$	1.5
	$	1.9	$	—	$	(0.2)	$	—	$	(0.2)	$	1.5

Pension and Other Post Retirement Benefits Plans Belfast Investment Objectives

The Trustees’ investment objective is to ensure that they can meet their obligation to the beneficiaries of the Plans. An additional objective is to achieve a return on the total Plan, which is compatible with the level of risk considered appropriate. The overall benchmark allocation of the Plan’s assets is:

Liquid growth	46%
Illiquid growth	1%
Liability driven investments	53%