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, is accrued under the U.S. Qualified Plan.

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.

The following table sets forth the changes in our benefit obligations and plan assets for our pension and postretirement plans. The table also presents the line items in the consolidated balance sheet where the related assets and liabilities are recorded:


	Pension plans				Postretirement benefit obligations
	Year Ended December 31,				Year Ended December 31,
	2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	(1,400.4)	$	(1,832.4)	$	(1.0)	$	(1.3)
Service cost	(1.6)		(3.0)		—		—
Interest cost	(64.6)		(35.2)		—		—
Benefits paid	93.2		91.2		0.2		0.2

Plan amendment	0.5		0.2		—		—
Settlement	0.1		8.4		—		—
Plan participants' contributions	(0.9)		(0.9)		—		—
Actuarial (loss) gain	(28.9)		337.3		—		0.1

Effect of changes in foreign currency exchange rates	(14.9)		34.0		—		—
Benefit obligation at end of year	$	(1,417.5)	$	(1,400.4)	$	(0.8)	$	(1.0)
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,250.2	$	1,696.4	$	—	$	—
Actual return on plan assets	106.2		(323.8)		—		—

Employer contributions	6.7		7.0		0.2		0.2
Plan participants' contributions	0.9		0.9		—		—
Benefits paid	(93.2)		(91.2)		(0.2)		(0.2)
Settlement	(0.1)		(8.4)		—		—
Effect of changes in foreign currency exchange rates	12.0		(30.7)		—		—
Fair value of plan assets at end of year	$	1,282.7	$	1,250.2	$	—	$	—
Net funded status of plan	$	(134.8)	$	(150.2)	$	(0.8)	$	(1.0)


	Pension plans				Postretirement benefit obligations
	December 31,				December 31,
	2023		2022		2023		2022
Amounts recorded in the consolidated balance sheets:
Prepaid pension assets (1)	$	5.6	$	4.0	$	—	$	—
Short-term pension and postretirement benefits (2)	(1.4)		(1.4)		(0.1)		(0.2)
Long-term pension and postretirement benefits (3)	(139.0)		(152.8)		(0.7)		(0.8)
Net amount recognized	$	(134.8)	$	(150.2)	$	(0.8)	$	(1.0)
Accumulated benefit obligation	$	1,410.9	$	1,393.4	N/A		N/A
Amount recognized in accumulated other comprehensive loss consists of:
Actuarial loss (gain)	$	82.3	$	76.3	$	(0.1)	$	(0.1)
Prior service cost (credit)	(0.6)		(0.1)		(1.3)		(1.7)
Total amount recognized - pretax	$	81.7	$	76.2	$	(1.4)	$	(1.8)

The above actuarial loss (gain) and prior service cost and credit represent the cumulative effect of demographic, investment experience and plan amendment, as well as assumption changes that have been made in measuring the plans’ liabilities.

In addition, we provide retirement benefits to certain former executives. At December 31, 2023 and 2022, the associated obligations were $4.5 million and $5.1 million, respectively, of which $4.1 million and $4.5 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 period for the U.S. Qualified Plan is 20 years, and four 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, 2023, significant changes in the pension projected benefit obligation include an actuarial loss of $28.9 million of which approximately $33 million and $6 million was attributable to the change in discount rates and actuarial experience losses, respectively, partially offset by a gain of approximately $5 million due to the updates to the annuity conversion assumptions for cash balance accounts for our U.S. plan and approximately $5 million primarily related to mortality assumptions.

For the year ended December 31, 2022, significant changes in the pension projected benefit obligation include an actuarial gain of $337.3 million of which approximately $415 million and $10 million was attributable to the change in discount rates and mortality assumptions, respectively, partially offset by loss of approximately $50 million due to the updates to the assumed cash balance conversion interest rates for our U.S. plan and approximately $38 million primarily related to actuarial experience losses.


	Pension plans						Postretirement benefit obligations
	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021
Components of net periodic cost (income):
Service cost	$	1.6	$	3.0	$	5.2	$	—	$	—	$	—
Interest cost	64.6		35.2		27.4		—		—		—
Expected return on plan assets	(80.1)		(79.2)		(83.0)		—		—		—
Amortization of prior service cost (credit)	—		—		—		(0.4)		(0.4)		(0.4)
Amortization of actuarial loss (gain)	(2.4)		0.1		2.3		—		—		—
Net periodic cost (income)	$	(16.3)	$	(40.9)	$	(48.1)	$	(0.4)	$	(0.4)	$	(0.4)


	Pension plans						Postretirement benefit obligations
	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021
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 $1.1, $15.6 and $(38.3) for the years ended December 31, 2023, 2022 and 2021, respectively.	$	(3.6)	$	(61.9)	$	145.1	$	—	$	0.2	$	0.1
Prior service credit (cost) arising during the year, before tax benefit (expense) of $(0.2), less than $0.1 and $(0.1) for the years ended December 31, 2023, 2022 and 2021, respectively	$	0.5	$	0.2	$	0.3	$	—	$	(0.1)	$	—
Less:
Amortization of actuarial (loss) gain, before tax benefit (expense) of $(0.7), less than $0.1 and $0.6 for the years ended December 31, 2023, 2022 and 2021, respectively.	$	2.4	$	(0.1)	$	(2.3)	$	—	$	—	$	—
Amortization of prior service (cost) credit, before tax benefit (expense) of $(0.1), $(0.1) and less than $(0.1) for the years ended December 31, 2023, 2022 and 2021, respectively.	$	—	$	—	$	—	$	0.4	$	0.4	$	0.4

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.


	Pension plans						Postretirement benefit obligations
	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021
Discount rate for determining projected benefit obligation at December 31	4.57	%	4.83	%	2.38	%	4.81	%	4.70	%	1.80	%
Discount rate in effect for determining service cost	3.82	%	1.64	%	1.89	%	N/A		N/A		N/A
Discount rate in effect for determining interest cost	4.76	%	2.05	%	1.47	%	4.71	%	2.00	%	1.20	%
Weighted average expected long-term return on plan assets	5.60	%	5.32	%	5.70	%	N/A		N/A		N/A
Rate of compensation increase for determining projected benefit obligation at December 31	2.87	%	2.89	%	2.88	%	N/A		N/A		N/A
Rate of compensation increase for determining net pension cost	2.97	%	2.81	%	3.04	%	N/A		N/A		N/A
Interest credit rates for cash balance (1)	4.45% / 4.02%		4.45% / 3.94%		4.45% / 3.00%		N/A		N/A		N/A

(1)For our U.S. Qualified plan, interest for benefits accrued prior to January 1, 1997 is based on 30-year Treasury yield with a guaranteed minimum rate of 3.00% for accruals prior to January 1, 1997 and 4.45% for accruals after January 1, 1997. The resulting assumed interest rate for accruals prior to January 1, 1997 is 4.02% for December 31, 2023, 3.94% for December 31, 2022 and 3.00% for December 31, 2021. The resulting assumed interest rate for accruals after January 1, 1997 is 4.45%.

The expected long-term rate of return assumption was 5.40%, 5.50% and 6.00% for 2023, 2022 and 2021, 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, 2023 and 2022, together with mortality improvement projection scales MP-2021. The mortality improvement projection scale was adjusted for COVID-19 factors for the remeasurement as of December 31, 2023 and 2022.

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.

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.

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.

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

•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.

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.

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 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 to the Venture Capital Fund at December 31, 2022, and $21.3 million and $24.8 million to the Aon Private Credit Opportunities Fund I, Aon Private Credit Opportunities Fund II and Aon Opportunistic Credit Fund at December 31, 2023 and 2022, respectively.

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


Asset category	Quoted 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	$	23.4	$	—	$	—	$	23.4
Aon Collective Investment Trust Funds:
Equity funds	$	222.3	$	—	$	—	$	222.3
Fixed income funds	622.7		—		—		622.7
Real estate funds	3.3		—		—		3.3
Total Aon Collective Investment Trust Funds	$	848.3	$	—	$	—	$	848.3
Total	$	871.7	$	—	$	—	$	871.7
Other Investments Measured at Net Asset Value
Aon Collective Investment Trust Funds							$	92.4
Aon Alternative Investment Funds:
Fixed income funds							$	76.3
Venture Capital Fund							6.6
Other Non-U.S. commingled equity and fixed income							235.7
Total other investments measured at net asset value							$	318.6
Total investments at fair value							$	1,282.7


Asset category	Quoted 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	$	9.1	$	—	$	—	$	9.1
Aon Collective Investment Trust Funds:
Equity funds	$	192.6	$	—	$	—	$	192.6
Fixed income funds	591.0		—		—		591.0
Real estate funds	3.0		—		—		3.0
Total Aon Collective Investment Trust Funds	$	786.6	$	—	$	—	$	786.6
Total	$	795.7	$	—	$	—	$	795.7
Other Investments Measured at Net Asset Value
Aon Collective Investment Trust Funds							$	123.4
Aon Alternative Investment Funds:
Fixed income funds							$	99.8
Venture Capital Fund							7.0
Other Non-U.S. commingled equity and fixed income							224.3
Total other investments measured at net asset value							$	331.1
Total investments at fair value							$	1,250.2

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 37% return-seeking assets (range of 25% to 45%) and 63% liability-hedging assets (range of 55% to 75%).

We expect to contribute $6.7 million to our non-U.S. pension plans and $0.2 million to our postretirement benefit plan in 2024. We did not make a contribution in 2023 and are not required to make a contribution to the U.S. Qualified Plan in 2024 for

The following table summarizes expected benefit payments from our pension plans and postretirement plans through 2033. Actual benefit payments may differ from expected benefit payments. These amounts are net of expected plan participant contributions:

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.