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Employee plans (Tables)
 12 Months Ended
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