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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:
(In millions)
UMWA Plans
 
Black Lung and Other Plans
 
Total
Years Ended December 31,
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
—

 
—

 
$
0.2

 
0.2

 
0.1

 
$
0.2

 
0.2

 
0.1

Interest cost on APBO
17.3

 
17.1

 
18.4

 
3.8

 
3.2

 
3.2

 
21.1

 
20.3

 
21.6

Return on assets – expected
(13.3
)
 
(16.7
)
 
(16.5
)
 
—

 
—

 
—

 
(13.3
)
 
(16.7
)
 
(16.5
)
Amortization of losses
16.6

 
20.3

 
19.5

 
4.6

 
5.8

 
4.1

 
21.2

 
26.1

 
23.6

Amortization of prior service cost (credit)
(4.7
)
 
(4.6
)
 
(4.6
)
 
(0.3
)
 
1.1

 
1.7

 
(5.0
)
 
(3.5
)
 
(2.9
)
Curtailment (gain)
—

 
—

 
—

 
(0.1
)
 
—

 
(0.1
)
 
(0.1
)
 
—

 
(0.1
)
Net periodic postretirement cost
$
15.9

 
16.1

 
16.8

 
$
8.2

 
10.3

 
9.0

 
$
24.1

 
26.4

 
25.8


Components of Net Periodic Pension Cost
(In millions)
U.S. Plans
 
Non-U.S. Plans
 
Total
Years Ended December 31,
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
—

 
—

 
$
9.9

 
10.5

 
11.3

 
$
9.9

 
10.5

 
11.3

Interest cost on projected benefit obligation
34.1

 
31.9

 
35.1

 
10.4

 
11.8

 
15.2

 
44.5

 
43.7

 
50.3

Return on assets – expected
(50.7
)
 
(53.6
)
 
(53.3
)
 
(10.3
)
 
(11.1
)
 
(9.9
)
 
(61.0
)
 
(64.7
)
 
(63.2
)
Amortization of losses
19.6

 
27.7

 
26.6

 
4.2

 
4.6

 
5.3

 
23.8

 
32.3

 
31.9

Amortization of prior service cost
—

 
—

 
—

 
0.1

 
0.5

 
1.1

 
0.1

 
0.5

 
1.1

Settlement loss(a)
19.3

 
—

 
—

 
2.1

 
1.7

 
2.0

 
21.4

 
1.7

 
2.0

Net periodic pension cost
$
22.3

 
6.0

 
8.4

 
$
16.4

 
18.0

 
25.0

 
$
38.7

 
24.0

 
33.4


(a)
Settlement losses recognized in the U.S. in 2019 are related to an annuity contract buy-out of approximately 2,600 participants. See "2019 Annuity Contract Buy-out" below. Settlement losses outside the U.S. relate primarily to terminated employees that participate in a Mexican severance indemnity program that is accounted for as a defined benefit plan.
Schedule of Obligations and Funded Status
Changes in the projected benefit obligation (“PBO”) and plan assets for our pension plans are as follows:
(In millions)
U.S. Plans
 
Non-U.S. Plans
 
Total
Years Ended December 31,
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
801.9

 
890.3

 
264.2

 
301.5

 
1,066.1

 
1,191.8

Service cost
—

 
—

 
9.9

 
10.5

 
9.9

 
10.5

Interest cost
34.1

 
31.9

 
10.4

 
11.8

 
44.5

 
43.7

Participant contributions
—

 
—

 
0.1

 
0.3

 
0.1

 
0.3

Plan amendments
—

 
—

 
(0.6
)
 
—

 
(0.6
)
 
—

Plan combinations
—

 
—

 
1.4

 
0.7

 
1.4

 
0.7

Curtailments
—

 
—

 
(0.8
)
 
—

 
(0.8
)
 
—

Settlements
(53.6
)
 
—

 
(0.9
)
 
—

 
(54.5
)
 
—

Benefits paid
(49.1
)
 
(49.3
)
 
(18.2
)
 
(16.8
)
 
(67.3
)
 
(66.1
)
Divestitures(a)
—

 
—

 
—

 
(3.9
)
 
—

 
(3.9
)
Actuarial (gains) losses
93.5

 
(71.0
)
 
43.2

 
(17.7
)
 
136.7

 
(88.7
)
Foreign currency exchange effects
—

 
—

 
9.7

 
(22.2
)
 
9.7

 
(22.2
)
Benefit obligation at end of year
$
826.8

 
801.9

 
318.4

 
264.2

 
1,145.2

 
1,066.1

 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
686.6

 
777.2

 
180.6

 
202.9

 
867.2

 
980.1

Return on assets – actual
114.1

 
(42.2
)
 
29.2

 
(9.0
)
 
143.3

 
(51.2
)
Participant contributions
—

 
—

 
0.1

 
0.3

 
0.1

 
0.3

Plan combinations
—

 
—

 
1.4

 
0.7

 
1.4

 
0.7

Employer contributions
0.7

 
0.9

 
13.9

 
16.5

 
14.6

 
17.4

Settlements
(53.0
)
 
—

 
(0.9
)
 
—

 
(53.9
)
 
—

Benefits paid
(49.1
)
 
(49.3
)
 
(18.2
)
 
(16.8
)
 
(67.3
)
 
(66.1
)
Foreign currency exchange effects
—

 
—

 
9.0

 
(14.0
)
 
9.0

 
(14.0
)
Fair value of plan assets at end of year
$
699.3

 
686.6

 
215.1

 
180.6

 
914.4

 
867.2

 
 
 
 
 
 
 
 
 
 
 
 
Funded status
$
(127.5
)
 
(115.3
)
 
(103.3
)
 
(83.6
)
 
(230.8
)
 
(198.9
)
 
 
 
 
 
 
 
 
 
 
 
 
Included in:
 

 
 

 
 

 
 

 
 

 
 

Current liability, included in accrued liabilities
$
0.6

 
1.2

 
1.3

 
0.8

 
1.9

 
2.0

Noncurrent liability
126.9

 
114.1

 
102.0

 
82.8

 
228.9

 
196.9

Net pension liability
$
127.5

 
115.3

 
103.3

 
83.6

 
230.8

 
198.9


(a)
Includes amounts related to the sale of our French airport security services company and the deconsolidation of Venezuelan operations.
Changes in the accumulated postretirement benefit obligation (“APBO’) and plan assets related to retirement healthcare benefits are as follows:
(In millions)
UMWA Plans
 
Black Lung and Other Plans
 
Total
Years Ended December 31,
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
APBO at beginning of year
$
479.1

 
513.5

 
76.5

 
75.8

 
555.6

 
589.3

Service cost
—

 
—

 
0.2

 
0.2

 
0.2

 
0.2

Interest cost
17.3

 
17.1

 
3.8

 
3.2

 
21.1

 
20.3

Plan amendments
—

 
—

 
(0.3
)
 
—

 
(0.3
)
 
—

Acquisition
—

 
—

 
0.9

 
0.2

 
0.9

 
0.2

Curtailment
—

 
—

 
(0.2
)
 
—

 
(0.2
)
 
—

Benefits paid
(29.3
)
 
(28.6
)
 
(8.5
)
 
(8.2
)
 
(37.8
)
 
(36.8
)
Actuarial (gains) losses, net
(42.5
)
 
(22.9
)
 
39.9

 
6.4

 
(2.6
)
 
(16.5
)
Foreign currency exchange effects
—

 
—

 
(0.2
)
 
(1.1
)
 
(0.2
)
 
(1.1
)
APBO at end of year
$
424.6

 
479.1

 
112.1

 
76.5

 
536.7

 
555.6

 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
181.7

 
219.2

 
—

 
—

 
181.7

 
219.2

Return on assets – actual
25.9

 
(7.6
)
 
—

 
—

 
25.9

 
(7.6
)
Employer contributions
—

 
—

 
8.5

 
8.2

 
8.5

 
8.2

Net transfers to (from) plan assets
(0.4
)
 
(1.3
)
 
—

 
—

 
(0.4
)
 
(1.3
)
Benefits paid
(29.3
)
 
(28.6
)
 
(8.5
)
 
(8.2
)
 
(37.8
)
 
(36.8
)
Fair value of plan assets at end of year
$
177.9

 
181.7

 
—

 
—

 
177.9

 
181.7

 
 
 
 
 
 
 
 
 
 
 
 
Funded status
$
(246.7
)
 
(297.4
)
 
(112.1
)
 
(76.5
)
 
(358.8
)
 
(373.9
)
 
 
 
 
 
 
 
 
 
 
 
 
Included in:
 

 
 

 
 

 
 

 
 

 
 

Current, included in accrued liabilities
$
—

 
—

 
11.0

 
7.8

 
11.0

 
7.8

Noncurrent
246.7

 
297.4

 
101.1

 
68.7

 
347.8

 
366.1

Retirement benefits other than pension liability
$
246.7

 
297.4

 
112.1

 
76.5

 
358.8

 
373.9
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) of our retirement benefit plans other than pensions are as follows:
(In millions)
UMWA Plans
 
Black Lung and Other Plans
 
Total
Years Ended December 31,
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Benefit plan net actuarial gain (loss) recognized in accumulated other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Beginning of year
$
(290.9
)
 
(309.8
)
 
(42.9
)
 
(43.0
)
 
(333.8
)
 
(352.8
)
Net actuarial gains (losses) arising during the year
55.1

 
(1.4
)
 
(39.9
)
 
(6.4
)
 
15.2

 
(7.8
)
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss)
16.6

 
20.3

 
4.6

 
5.8

 
21.2

 
26.1

Foreign currency exchange effects
—

 
—

 
0.1

 
0.7

 
0.1

 
0.7

End of year
$
(219.2
)
 
(290.9
)
 
(78.1
)
 
(42.9
)
 
(297.3
)
 
(333.8
)
 
 
 
 
 
 
 
 
 
 
 
 
Benefit plan prior service (cost) credit recognized in accumulated other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Beginning of year
$
32.7

 
37.3

 
1.5

 
0.7

 
34.2

 
38.0

Prior service credit from plan amendments during the year
—

 
—

 
0.3

 
—

 
0.3

 
—

Reclassification adjustment for amortization or curtailment of prior service cost included in net income (loss)
(4.7
)
 
(4.6
)
 
(0.4
)
 
1.1

 
(5.1
)
 
(3.5
)
Foreign currency exchange effects
—

 
—

 
—

 
(0.3
)
 
—

 
(0.3
)
End of year
$
28.0

 
32.7

 
1.4

 
1.5

 
29.4

 
34.2


Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss)
(In millions)
U.S. Plans
 
Non-U.S. Plans
 
Total
Years Ended December 31,
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Beginning of year
$
(306.0
)
 
(308.9
)
 
(62.0
)
 
(82.9
)
 
(368.0
)
 
(391.8
)
Net actuarial gains (losses) arising during the year
(29.5
)
 
(24.8
)
 
(23.5
)
 
(2.4
)
 
(53.0
)
 
(27.2
)
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss)
38.9

 
27.7

 
6.3

 
18.7

 
45.2

 
46.4

Foreign currency exchange effects
—

 
—

 
(2.3
)
 
4.6

 
(2.3
)
 
4.6

End of year
$
(296.6
)
 
(306.0
)
 
(81.5
)
 
(62.0
)
 
(378.1
)
 
(368.0
)
 
 
 
 
 
 
 
 
 
 
 
 
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Beginning of year
$
—

 
—

 
(1.2
)
 
(8.3
)
 
(1.2
)
 
(8.3
)
Prior service credit (cost) from plan amendments during the year
—

 
—

 
0.6

 
—

 
0.6

 
—

Reclassification adjustment for amortization of prior service cost included in net income (loss)
—

 
—

 
0.1

 
7.1

 
0.1

 
7.1

Foreign currency exchange effects
—

 
—

 
—

 
—

 
—

 
—

End of year
$
—

 
—

 
(0.5
)
 
(1.2
)
 
(0.5
)
 
(1.2
)
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
(In millions)
U.S. Plans
 
Non-U.S. Plans
 
Total
December 31,
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Information for pension plans with an ABO in excess of plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets
$
699.3

 
686.6

 
50.8

 
44.9

 
750.1

 
731.5

Accumulated benefit obligation
826.8

 
801.9

 
124.2

 
104.6

 
951.0

 
906.5

Projected benefit obligation
826.8

 
801.9

 
142.1

 
119.7

 
968.9

 
921.6
Schedule of Assumptions Used
The weighted-average assumptions used to determine the net pension cost and benefit obligations for our pension plans were as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate:
 
 
 
 
 
 
 
 
 
 
 
Pension cost
4.4
%
 
3.7
%
 
4.3
%
 
4.0
%
 
3.5
%
 
3.7
%
Benefit obligation at year end
3.3
%
 
4.4
%
 
3.7
%
 
3.2
%
 
4.0
%
 
3.5
%
 
 
 
 
 
 
 
 
 
 
 
 
Expected return on assets – pension cost
7.00
%
 
7.25
%
 
7.25
%
 
5.64
%
 
5.62
%
 
5.50
%
 
 
 
 
 
 
 
 
 
 
 
 
Average rate of increase in salaries(a):
 
 
 
 
 
 
 
 
 
 
 
Pension cost
N/A

 
N/A

 
N/A

 
2.6
%
 
2.6
%
 
2.7
%
Benefit obligation at year end
N/A

 
N/A

 
N/A

 
2.6
%
 
2.6
%
 
2.6
%

(a)
Salary scale assumptions are determined through historical experience and vary by age and industry.  The U.S. plan benefits are frozen and will not increase due to future salary increases.
The APBO for each of the plans was determined using the unit credit method and assumed rates as follows:
 
2019
 
2018
 
2017
 
 
 
 
 
 
Weighted-average discount rate:
 
 
 
 
 
Postretirement cost:
 
 
 
 
 
UMWA plans
4.3
%
 
3.6
%
 
4.1
%
Black lung
4.2
%
 
3.5
%
 
3.9
%
Weighted-average
4.4
%
 
3.7
%
 
4.2
%
Benefit obligation at year end:
 
 
 
 
 
UMWA plans
3.2
%
 
4.3
%
 
3.6
%
Black lung
3.1
%
 
4.2
%
 
3.5
%
Weighted-average
3.3
%
 
4.4
%
 
3.7
%
Expected return on assets
8.00
%
 
8.00
%
 
8.25
%
Schedule of Expected Benefit Payments
Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2019, are as follows:
(In millions)
UMWA Plans
 
Black Lung and Other Plans
 
Total
 
 
 
 
 
 
2020
$
30.2

 
11.0

 
41.2

2021
30.2

 
10.3

 
40.5

2022
29.7

 
9.6

 
39.3

2023
29.3

 
9.0

 
38.3

2024
28.7

 
8.3

 
37.0

2025 through 2029
132.2

 
33.4

 
165.6


Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2019, are as follows:
(In millions)
U.S. Plans
 
Non-U.S. Plans
 
Total
 
 
 
 
 
 
2020
$
47.6

 
12.1

 
59.7

2021
47.6

 
12.3

 
59.9

2022
47.6

 
12.7

 
60.3

2023
47.7

 
13.7

 
61.4

2024
47.5

 
14.9

 
62.4

2025 through 2029
235.5

 
94.0

 
329.5
Schedule of Allocation of Plan Assets
 
 
 
December 31, 2019
 
December 31, 2018
(In millions, except for percentages)
Fair Value Level
 
Total Fair Value
 
% Actual Allocation
 
% Target Allocation
 
Total Fair Value
 
% Actual Allocation
 
% Target Allocation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Pension Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and receivables
 
 
$
3.8

 
—
 
—
 
4.1

 
—
 
—
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. large-cap(a)
1
 
83.6

 
12
 
12
 
79.1

 
12
 
12
U.S. small/mid-cap(a)
1
 
34.7

 
5
 
5
 
28.5

 
4
 
5
International(a)
1
 
106.2

 
15
 
15
 
102.3

 
15
 
15
Emerging markets(b)
1
 
14.0

 
2
 
2
 
9.9

 
1
 
2
Dynamic asset allocation(c)
1
 
28.3

 
4
 
4
 
22.4

 
3
 
4
Fixed-income securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Long duration - mutual fund(d)
1
 
277.3

 
48
 
48
 
260.3

 
48
 
48
Long duration - Treasury strips(d)
2
 
53.9

 
 
 
68.6

 
 
High yield(e)
1
 
13.9

 
2
 
2
 
10.9

 
2
 
2
Emerging markets(f)
1
 
14.0

 
2
 
2
 
10.4

 
1
 
2
Other types of investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Core property(g) (l)

 
36.3

 
5
 
5
 
44.7

 
7
 
5
Structured credit(h) (l)

 
33.3

 
5
 
5
 
45.4

 
7
 
5
Total
 
 
$
699.3

 
100
 
100
 
686.6

 
100
 
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UMWA Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and receivables
 
 
$
0.8


—
 
—
 
—

 
—
 
—
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. large-cap(a)
1
 
32.8

 
19
 
19
 
29.1

 
16
 
19
U.S. small/mid-cap(a)
1
 
13.8

 
8
 
8
 
12.0

 
7
 
8
International(a)
1
 
40.4

 
23
 
24
 
35.8

 
20
 
24
Emerging markets(b)
1
 
6.9

 
4
 
4
 
6.2

 
3
 
4
Dynamic asset allocation(c)
1
 
12.1

 
7
 
7
 
10.8

 
6
 
7
Fixed-income securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
High yield(e)
1
 
3.5

 
2
 
2
 
3.3

 
2
 
2
Emerging markets(f)
1
 
6.9

 
4
 
4
 
6.1

 
3
 
4
Multi asset real return(i)
1
 
8.6

 
5
 
5
 
7.6

 
4
 
5
Other types of investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Core property(g) (l)

 
20.3

 
11
 
10
 
25.2

 
14
 
10
Structured credit(h) (l)

 
9.6

 
5
 
5
 
13.4

 
7
 
5
Global private equity(j) (l)
 
 
14.8

 
8
 
7
 
15.5

 
9
 
7
Energy debt(k) (l)
 
 
7.4

 
4
 
5
 
16.7

 
9
 
5
Total
 
 
$
177.9

 
100
 
100
 
181.7

 
100
 
100
(a)
These categories include a passively managed U.S. large-cap equity mutual fund, an actively managed U.S. small/mid-cap equity and a Non-U.S. equity mutual fund that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index.
(b)
This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers.  Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider.
(c)
This category represents an actively managed mutual fund that seeks to generate, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes based upon the manager's expectations of risk and return.  The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class.
(d)
This category represents actively managed mutual funds that seek to duplicate the risk and return characteristics of an intermediate to a long-term fixed-income security portfolio with an approximate duration of 10 to15 years and longer. This is achieved by using an intermediate duration credit bond fund and a long duration credit bond mutual fund.  This category also includes Treasury future contracts and zero-coupon securities created by the U.S. Treasury.
(e)
This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years.
(f)
This category represents an actively managed mutual fund that invests primarily in U.S. dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers.
(g)
This category represents an actively managed real estate fund of funds that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties.  These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities.
(h)
This category invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans.
(i)
This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions.
(j)
This category will offer exposure to a diversified pool of global private assets fund investments.  Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondary strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way to provide the original investors liquidity prior to the end of those investments’/funds’ contracted end date), income-producing investment strategies (e.g. debt, real estate, and to a lesser extent, real assets), and underlying funds whose stated life is five to seven years, as opposed to the more typical 10-year life of private assets funds.
(k)
This category invests in credit securities of commodity oriented companies affected by the dislocation in the commodity markets with the investment objective of producing an equity like return with less downside risk than equity or commodity investments.  
(l)
In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
 
December 31, 2019
 
December 31, 2018
(In millions, except for percentages)
Total Fair Value
 
% Actual Allocation
 
% Target Allocation
 
Total Fair Value
 
% Actual Allocation
 
% Target Allocation
Non-U.S. Pension Plans
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.5

 
—
 
—
 
0.8

 
—
 
—
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. equity funds(a)
30.2

 
 
 
 
 
23.8

 
 
 
 
Canadian equity funds(a)
41.4

 
 
 
 
 
32.5

 
 
 
 
European equity funds(a)
3.6

 
 
 
 
 
4.0

 
 
 
 
Emerging markets(a)
5.0

 
 
 
 
 
4.8

 
 
 
 
Other global equity funds(a)
25.0

 
 
 
 
 
21.2

 
 
 
 
Total equity securities
105.2

 
49
 
50
 
86.3

 
48
 
52
Fixed-income securities:
 
 
 
 
 
 
 
 
 
 
 
European fixed-income funds(b)
9.1

 
 
 
 
 
18.7

 
 
 
 
High-yield(c)
1.6

 
 
 
 
 
1.2

 
 
 
 
Emerging markets(d)
1.8

 
 
 
 
 
1.5

 
 
 
 
Long-duration(e)
79.5

 
 
 
 
 
70.4

 
 
 
 
Total fixed-income securities
92.0

 
43
 
41
 
91.8

 
51
 
47
Other types of investments:
 
 
 
 
 
 
 
 
 
 
 
Property funds(f)
8.1

 
 
 
 
 
—

 
 
 
 
Global infrastructure fund(g)
7.5

 
 
 
 
 
—

 
 
 
 
Other
1.8

 
 
 
 
 
1.7

 
 
 
 
Total other types of investments
17.4

 
8
 
9
 
1.7

 
1
 
1
Total
$
215.1

 
100
 
100
 
180.6

 
100
 
100

(a)
These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 2500 Index, MSCI World Index, S&P/TSX Total Return Index and others.  Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives.
(b)
This category is primarily designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market.  This category primarily invests in investment grade or better securities.
(c)
This category consists of global high-yield bonds.  This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies.
(d)
This category consists of a diversified portfolio of debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries.
(e)
This category is designed to achieve a return consistent with holding longer term debt instruments.  This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts.
(f)
This category offers exposure to limited partnerships invested in diversified real estate, participating mortgages, and property for development and resale.
(g)
This category is a limited partnership invested in fund of funds designed to acquire and maintain a diversified portfolio of global infrastructure investments (within targeted sub-sectors with varied maturities) that realizes a minimum of 10% annual return over a three-year rolling period.
Schedule of Changes of Level 3 Plan Assets
Non-U.S. Plans - Fair Value Measurements
(In millions)
December 31, 2019
 
December 31, 2018
 
 
 
 
Quoted prices in active markets for identical assets (Level 1)
$
177.9

 
163.4

Net asset value per share practical expedient(a)
37.2

 
17.2

Total fair value
$
215.1

 
180.6


(a)
In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
Schedule of Costs of Retirement Plans Our matching contribution expense is as follows:
(In millions)
 
 
 
 
 
Years Ended December 31,
2019
 
2018
 
2017
 
 
 
 
 
 
U.S. 401(K)
$
6.5

 
5.0

 
4.4

Other plans
4.9

 
4.9

 
4.6

Total
$
11.4

 
9.9

 
9.0