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Pension and Postretirement Benefits
 12 Months Ended
Dec. 31, 2021
Postemployment Benefits [Abstract]  
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 $105.9 million was made in March 2019, effectively settling our U.S. Non‑Qualified Plan obligation.
Prior to January 1, 2019, we also provided various health care benefits for eligible retirees. Postretirement benefit costs and obligations are determined actuarially. Effective January 1, 2019, the pre-65 health plan was terminated and the post-65 health plan is closed to new participants. In addition, we closed our retiree life insurance plan to new participants, effective January 1, 2019.
Certain of our non-U.S. based employees receive postretirement benefits through government-sponsored or administered programs.
As a result of the elimination of the one-month lag reporting for the subsidiaries outside of North America, we remeasured our pension plans in the international markets based on measurement dates as of December 31, 2020 and 2019. The remeasurement had no material impact on the financial results for the periods presented.
Benefit Obligation and Plan Assets
The following table sets forth the changes in our benefit obligations and plan assets for our pension and postretirement plans. The table also presents the line items in the consolidated balance sheet where the related assets and liabilities are recorded:
Pension plansPostretirement benefit obligations
Year ended December 31, 2021Year ended December 31, 2020Year ended December 31, 2021Year ended December 31, 2020
Change in benefit obligation:
Benefit obligation at beginning of year$(1,900.3)$(1,770.3)$(1.6)$(2.0)
Service cost(5.2)(1.8)— — 
Interest cost(27.4)(42.2)— — 
Benefits paid94.1 86.8 0.2 0.8 
Acquisitions(87.4)— — — 
Plan amendment0.3 
Settlement0.1 7.7 — — 
Plan participants' contributions(0.9)(0.1)— (0.1)
Actuarial (loss) gain85.3 (168.9)0.1 (0.3)
Effect of changes in foreign currency exchange rates9.0 (11.5)— — 
Benefit obligation at end of year$(1,832.4)$(1,900.3)$(1.3)$(1.6)
Change in plan assets:
Fair value of plan assets at beginning of year$1,620.4 $1,570.9 $— $— 
Actual return on plan assets143.7 128.0 — — 
Acquisitions22.0 — — — 
Employer contributions7.5 5.3 0.2 0.7 
Plan participants' contributions0.9 0.1 — 0.1 
Benefits paid(94.1)(86.8)(0.2)(0.8)
Settlement— (7.7)— — 
Effect of changes in foreign currency exchange rates(4.0)10.6 — — 
Fair value of plan assets at end of year$1,696.4 $1,620.4 $— $— 
Net funded status of plan$(136.0)$(279.9)$(1.3)$(1.6)
Pension plansPostretirement benefit obligations
December 31,
2021		December 31,
2020		December 31,
2021		December 31,
2020
Amounts recorded in the consolidated balance sheets:
Prepaid pension assets (1)$36.6 $4.3 $— $— 
Short-term pension and postretirement benefits (2)(1.2)(0.4)(0.2)(0.2)
Long-term pension and postretirement benefits (3)(171.4)(283.8)(1.1)(1.4)
Net amount recognized$(136.0)$(279.9)$(1.3)$(1.6)
Accumulated benefit obligation$1,819.3 $1,890.6 N/AN/A
Amount recognized in accumulated other comprehensive loss consists of:
Actuarial loss (gain)$14.5 $161.9 $0.1 $0.2 
Prior service cost (credit)0.1 0.5 (2.2)(2.6)
Total amount recognized - pretax$14.6 $162.4 $(2.1)$(2.4)
(1)Included within other non-current assets in the consolidated balance sheet.
(2)Included within accrued payroll in the consolidated balance sheet.
(3)Included within long-term pension and postretirement benefits in the consolidated balance sheet.
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 since the Take-Private Transaction.
In addition, we provide retirement benefits to certain former executives. At December 31, 2021 and 2020, the associated obligations were $6.5 million and $6.9 million, respectively, of which $5.9 million and $6.3 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 five to 21 years for the U.S. pension and postretirement plans and six to 31 years for the non-U.S. plans. For our U.S. Qualified Plan and for certain of our non-U.S. plans, the amortization periods are the average life expectancy of all plan participants. This is as a result of almost all plan participants being deemed inactive.
For the year ended December 31, 2021, significant changes in the pension projected benefit obligation include an actuarial gain of $85.3 million of which approximately $95 million was attributable to the change in discount rates, partially offset by loss of approximately $6 million resulting from the updates to the assumed cash balance conversion interest rates for our U.S. plan and loss of approximately $5 million due to the change in mortality assumptions. In connection with the Bisnode acquisition, we assumed pension liability of $87.4 million and plan assets of $22.0 million.
For the year ended December 31, 2020, significant changes in the pension projected benefit obligation include an actuarial loss of $168.9 million of which approximately $173 million loss was attributable to the change in discount rates, partially offset by gain of approximately $12 million resulting from the updates to the assumed cash balance conversion interest rates for our U.S. plan and gain of approximately $11 million due to the change in mortality assumptions.
Underfunded or Unfunded Accumulated Benefit Obligations
At December 31, 2021 and December 31, 2020, our underfunded or unfunded accumulated benefit obligation and the related projected benefit obligation were as follows:
20212020
Accumulated benefit obligation$1,494.7 $1,864.2 
Fair value of plan assets1,328.1 1,588.4 
Unfunded accumulated benefit obligation$166.6 $275.8 
Projected benefit obligation$1,500.8 $1,872.5 
The underfunded or unfunded accumulated benefit obligations at December 31, 2021 consisted of $105.4 million and $61.2 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, 2020 consisted of $268.7 million and $7.1 million related to our U.S. Qualified Plan and non-U.S. defined benefit plans, respectively.
The increase of $54.1 million for the underfunded or unfunded accumulated benefit obligations related to our non-U.S. defined benefit plans at December 31, 2021 was primarily due to the addition of the Bisnode pension plans.
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 plansPostretirement benefit obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019
Components of net periodic cost (income):
Service cost$5.2 $1.8 $1.5 $0.3 $— $— $— $— 
Interest cost27.4 42.2 47.2 6.8 — — 0.1 — 
Expected return on plan assets(83.0)(88.0)(83.8)(10.6)— — — — 
Amortization of prior service cost (credit)2.3 — — — (0.4)(0.4)— (0.1)
Recognized actuarial loss (gain)— — — 4.0 — — — (0.1)
Net periodic cost (income)$(48.1)$(44.0)$(35.1)$0.5 $(0.4)$(0.4)$0.1 $(0.2)

We also incurred settlement charges of $0.6 million and $85.8 million for the year ended December 31, 2020 (Successor) and for the period from January 1, 2019 to February 7, 2019 (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 plansPostretirement benefit obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019
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 $(38.3), $32.2 and $8.1 for the year ended December 31, 2021, the year ended December 31, 2020 and period from February 8 to December 31, 2019, respectively (1)
$145.1 $(127.3)$(34.6)$— $0.1 $(0.4)$0.2 $— 
Prior service credit (cost) arising during the year, before tax benefit (expense) of $(0.1), $0.1 and $(0.8) for the year ended December 31, 2021, the year ended December 31, 2020 and period from February 8 to December 31, 2019, respectively (1)
$0.3 $(0.5)$— $— $— $(0.1)$3.1 $— 
Less:
Amortization of actuarial (loss) gain, before tax benefit (expense) of $0.6 and $(22.2) for the year ended December 31, 2021 and period from January 1 to February 7, 2019 respectively (2)
$(2.3)$— $— $(87.7)$— $— $— $0.1 
Amortization of prior service (cost) credit, before tax benefit (expense) of less than $(0.1) and $(0.1) for the years ended December 31, 2021 and 2020
$— $— $— $— $0.4 $0.4 $— $0.1 
(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-year period, the future value of assets will be impacted as previously deferred gains or losses are amortized.
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 plansPostretirement benefit obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019
Discount rate for determining projected benefit obligation at December 312.38 %1.98 %2.79 %3.57 %1.80 %1.20 %2.35 %3.64 %
Discount rate in effect for determining service cost1.89 %2.10 %3.11 %3.16 %N/AN/AN/AN/A
Discount rate in effect for determining interest cost1.47 %2.48 %3.28 %3.51 %1.20 %2.10 %3.25 %3.52 %
Weighted average expected long-term return on plan assets5.70 %6.18 %6.70 %6.56 %N/AN/AN/AN/A
Rate of compensation increase for determining projected benefit obligation at December 312.88 %3.00 %3.00 %3.00 %N/AN/AN/AN/A
Rate of compensation increase for determining net pension cost3.04 %3.00 %3.07 %3.04 %N/AN/AN/AN/A
The expected long-term rate of return assumption was 6.00%, 6.50% and 7.00% for 2021, 2020 and 2019, respectively, 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, 2021 and 2020, together with mortality improvement projection scales MP-2021 and MP-2020, 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 Investment USA, Inc.
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, private 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, private 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 2 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 Collective Trust Investment Funds
Aon Collective Investment Trust ("CIT") Funds are offered under the Aon CITs 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.
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 $0.1 million and $0.3 million to the Venture Capital Fund at December 31, 2021 and 2020, respectively, and $17.2 million and $19.9 million to the Aon Private Credit Opportunities Fund and Aon Opportunistic Credit Fund at December 31, 2021 and 2020, respectively.
There were no transfers among the levels of the fair value hierarchy during the years ended December 31, 2021 and 2020.
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, 2021:
Asset categoryQuoted prices in active markets for identical assets (Level I)Significant other observable inputs
(Level II)		Significant unobservable inputs
(Level III)		Total
Short-term investment funds$16.7 $— $— $16.7 
Aon Collective Investment Trust Funds:
Equity funds$390.7 $— $— $390.7 
Fixed income funds577.3 — — 577.3 
Real estate funds0.6 — — 0.6 
Total Aon Collective Investment Trust Funds$968.6 $— $— $968.6 
Total$985.3 $— $— $985.3 
Other Investments Measured at Net Asset Value
Aon Collective Investment Trust Funds$159.1 
Aon Alternative Investment Funds:
Fixed income funds$155.1 
Venture Capital Fund5.3 
Other Non-U.S. commingled equity and fixed income391.6 
Total other investments measured at net asset value$552.0 
Total investments at fair value$1,696.4 
The following table sets forth by level, within the fair value hierarchy, the plan assets at fair value as of December 31, 2020:
Asset categoryQuoted prices in active markets for identical assets (Level I)Significant other observable inputs
(Level II)		Significant unobservable inputs
(Level III)		Total
Short-term investment funds$21.2 $— $— $21.2 
Aon Collective Investment Trust Funds:
Equity funds$448.5 $— $— $448.5 
Fixed income funds475.3 — — 475.3 
Real estate funds6.8 — — 6.8 
Total Aon Collective Investment Trust Funds$930.6 $— $— $930.6 
Total$951.8 $— $— $951.8 
Other Investments Measured at Net Asset Value
Aon Collective Investment Trust Funds$147.5 
Aon Alternative Investment Funds:
Fixed income funds$137.3 
Venture Capital Fund4.7 
Other Non-U.S. commingled equity and fixed income379.1 
Total other investments measured at net asset value$521.1 
Total investments at fair value$1,620.4 

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 49% return-seeking assets (range of 40% to 60%) and 51% liability-hedging assets (range of 40% to 60%).
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 allocationsTarget asset allocations
December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Return-seeking assets 52 %58 %49 %56 %
Liability-hedging assets48 %42 %51 %44 %
Total100 %100 %100 %100 %
Contributions and Benefit Payments
We expect to contribute $4.0 million to our non-U.S. pension plans and $0.2 million to our postretirement benefit plan in 2022. We did not make contributions in 2021 and do not expect to make any required contributions to the U.S. Qualified Plan in 2022 for the 2021 plan year based on the minimum funding requirements as defined in the Pension Protection Act of 2006 as amended. Final funding requirements for 2021 will be determined based on our January 2022 funding actuarial valuation.
The following table summarizes expected benefit payments from our pension plans and postretirement plans through 2031. Actual benefit payments may differ from expected benefit payments. These amounts are net of expected plan participant contributions:
Pension plansPostretirement benefit plans
2022$96.0 $0.2 
2023$98.0 $0.2 
2024$99.7 $0.2 
2025$100.7 $0.1 
2026$101.7 $0.1 
2027 - 2031$514.2 $0.4 
Health Care Benefits
The following table presents healthcare trend assumptions used to determine the year end benefit obligation:
20212020
Medical (1)N/A5.3 %
Prescription drug (1)N/A8.5 %
(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.
We had expense associated with our 401(k) Plan of $11.1 million, $10.6 million, $9.4 million and $1.2 million for the year ended December 31, 2021 (Successor), the year ended December 31, 2020 (Successor), the period from January 1, 2019 to December 31, 2019 (Successor) and the period from January 1, 2019 to February 7, 2019 (Predecessor), respectively.