NOTE 16. PENSION AND OTHER BENEFIT PROGRAMS

We have defined benefit pension plans and postretirement medical and insurance benefit plans covering eligible employees worldwide. We also have defined-contribution pension plans for eligible employees. Benefits from defined benefit pension plans are based primarily on an employee's compensation and years of service. We fund our pension plans when appropriate. We fund postretirement benefits on a pay-as-you-go basis, with the retiree paying a portion of the cost for health care benefits by means of deductibles and contributions.

UNITED STATES PLANS

The following tables summarize the balance sheet impact of the pension and postretirement benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions. The pension benefits disclosures include both the qualified, funded Retirement Income Plan (“RIP”) and the Retirement Benefit Equity Plan, which is a nonqualified, unfunded plan designed to provide pension benefits in excess of the limits defined under Sections 415 and 401(a)(17) of the Internal Revenue Code.

We use a December 31 measurement date for our U.S. defined benefit plans.



	2015	2014
U.S. defined-benefit pension plans
Change in benefit obligation:
Benefit obligation as of beginning of period	$2,069.9	$1,868.1
Service cost	16.3	14.4
Interest cost	80.9	85.7
Actuarial (gain) loss	(130.5)	287.0
Benefits paid	(118.5)	(185.3)
Benefit obligation as of end of period	$1,918.1	$2,069.9


	2015	2014
Change in plan assets:
Fair value of plan assets as of beginning of period	$1,986.3	$1,978.4
Actual return on plan assets	(34.2)	188.9
Employer contribution	3.6	4.3
Benefits paid	(118.5)	(185.3)
Fair value of plan assets as of end of period	$1,837.2	$1,986.3

Funded status of the plans	($80.9)	($83.6)


	2015	2014
U.S. defined-benefit pension plans
Weighted-average assumptions used to determine benefit obligations at end of period:
Discount rate	4.40%	4.05%
Rate of compensation increase	3.10%	3.10%

Weighted-average assumptions used to determine net periodic benefit cost for the period:
Discount rate	4.05%	4.75%
Expected return on plan assets	7.00%	7.00%
Rate of compensation increase	3.10%	3.10%

The accumulated benefit obligation for the U.S. defined benefit pension plans was $1,896.8 million and $2,051.7 million at December 31, 2015 and 2014, respectively.


The components of the pension cost are as follows:
	2015	2014	2013
U.S. defined-benefit pension plans
Service cost of benefits earned during the period	$16.3	$14.4	$16.9
Interest cost on projected benefit obligation	80.9	85.7	79.7
Expected return on plan assets	(140.3)	(139.3)	(136.5)
Amortization of prior service cost	1.9	1.9	1.9
Recognized net actuarial loss	72.8	42.4	40.9
Net periodic pension cost	$31.6	$5.1	$2.9

Investment Policies

The RIP’s primary investment objective is to maintain the funded status of the plan such that the likelihood that we will be required to make significant contributions to the plan is limited. This objective is expected to be achieved by:

Investing a substantial portion of the plan assets in high quality corporate bonds whose duration is at least equal to that of the plan’s liabilities such that there is a relatively high correlation between the movements of the plan’s liability and asset values.

Investing in publicly traded equities in order to increase the ratio of plan assets to liabilities over time.

Limiting investment return volatility by diversifying among additional asset classes with differing expected rates of return and return correlations.

Using derivatives to either implement investment positions efficiently or to hedge risk but not to create investment leverage.

Each asset class utilized by the RIP has a defined asset allocation target and allowable range. The table below shows the asset allocation target and the December 31, 2015 and 2014 position for each asset class:



	Target Weight at	Position at December 31,
Asset Class	December 31, 2015	2015	2014
Long duration bonds	59%	59%	58%
Equities	29%	26%	27%
High yield bonds and real assets	8%	8%	8%
Real estate and private equity	4%	5%	4%
Other fixed income	0%	2%	3%

Pension plan assets are required to be reported and disclosed at fair value in the financial statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market

participants on the measurement date. Three levels of inputs may be used to measure fair value:


	Level 1 - Quoted prices in active markets for identical assets or liabilities.
	Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The following table sets forth by level within the fair value hierarchy a summary of the RIP’s assets measured at fair value on a recurring basis:



	Value at December 31, 2015
Description	Level 1	Level 2	Level 3	Total
Domestic equity	$299.7	-	-	$299.7
International equity	143.3	$0.1	-	143.4
Other investments	-	-	$2.9	2.9
Short term investments and other, net	12.8	48.0	-	60.8
Net assets measured at fair value	$455.8	$48.1	$2.9	$506.8
Investments measured at net asset value				1,330.4
Net assets				$1,837.2


	Value at December 31, 2014
Description	Level 1	Level 2	Level 3	Total
Domestic equity	$275.0	-	-	$275.0
International equity	196.9	-	-	196.9
Other investments	-	-	$3.1	3.1
Short term investments and other, net	14.2	$67.7	-	81.9
Net assets measured at fair value	$486.1	$67.7	$3.1	$556.9
Investments measured at net asset value				1,429.4
Net assets				$1,986.3

The table below sets forth a summary of changes in the fair value of the RIP's Other investments, measured at Level 3 of the fair value hierarchy, for the years ended December 31, 2015 and 2014:



December 31, 2013										$3.2
Purchases										0.1
Settlements										(0.2)
December 31, 2014										$3.1
Unrealized (loss)										(0.1)
Purchases										0.1
Sales										(0.1)
Settlements										(0.1)
December 31, 2015										$2.9

The RIP has $1,330.4 million and $1,429.4 million of investments in alternative investment funds at December 31, 2015 and December 31, 2014, respectively, which are reported at fair value. Certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. We have concluded that the NAV reported by the underlying fund approximates the fair value of the investment. These investments are redeemable at NAV under agreements with the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the NAV of the funds and, consequently, the fair value of the RIP’s interest in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the RIP’s interest in the funds. As of December 31, 2015, there were no restrictions on redemption of these investments.

The following table sets forth a summary of the RIP’s investments measured at NAV:



	Value at December 31, 2015
Description	Fair Value	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Long duration bonds	$ 1,069.9	-	Daily	Prior Day
Domestic equity	11.0	-	Daily	Prior Day
International equity	19.4	-	Daily	Prior Day
Global equity	33.5	-	Daily	Prior Day
High yield bonds	82.0	-	Monthly	3 Days
Real estate	79.7	$ 2.3	Quarterly	45-90 Days
Real assets	32.1	-	Daily	Prior Day
Other investments	2.8	1.5	None	None
Investments measured at net asset value	$ 1,330.4	$ 3.8


	Value at December 31, 2014
Description	Fair Value	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Long duration bonds	$ 1,142.5	-	Daily	Prior Day
Domestic equity	15.8	-	Daily	Prior Day
International equity	25.2	-	Daily	Prior Day
Global equity	38.7	-	Daily	Prior Day
High yield bonds	95.6	-	Monthly	3 Days
Real estate	77.9	$ 2.4	Quarterly	45-90 Days
Real assets	31.1	-	Daily	Prior Day
Other investments	2.6	1.9	None	None
Investments measured at net asset value	$ 1,429.4	$ 4.3

Following is a description of the valuation methodologies used for assets measured at fair value and at NAV.

There have been no changes in the methodologies used at December 31, 2015 and 2014.

Long Duration Bonds: Consists of registered investment funds and common and collective trust funds investing in fixed income securities tailored to institutional investors. The fair values of the investments in this class have been estimated using the net asset value per share of the investments.

Domestic, International and Global equity securities: Consists of investments in common and preferred stocks as well as investments in registered investment funds investing in equities tailored to institutional investors. Domestic and international equity securities totaling $443.0 million and $471.9 million as of December 31, 2015 and 2014, respectively, were measured at fair value, with common and preferred stocks valued at the closing price reported on the active market on which the individual securities are traded. Domestic, international and global equity securities totaling $63.9 million and $79.7 million as of December 31, 2015 and 2014, respectively, were measured at fair value using the NAV practical expedient.

High Yield Bonds: Consists of an investment in a registered investment fund investing in fixed income securities tailored to institutional investors. These investments were measured at fair value using the NAV practical expedient.

Real Estate: The RIP’s real estate investments are comprised of both open-end and closed-end funds. There are no readily available market quotations for these real estate funds. These investments were measured at fair value using the NAV practical expedient.

Real Assets: Consists of a fund that has underlying investments in commodity futures contracts, as well as cash and fixed income instruments used as collateral instruments against the commodity future contracts. The futures contracts are considered real assets as the underlying securities include natural resources such as oil or precious metals, livestock, or raw agricultural products such as soybeans or coffee beans. These investments were measured at fair value using the NAV practical expedient.

Other Investments: Consists of investments in a group insurance annuity contract and a limited partnership. The investments in the group insurance annuity contract, totaling $2.9 million and $3.1 million as of December 31, 2015 and 2014, respectively, were determined by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer. The investments in the limited partnership, totaling $2.8 million and $2.6 million as of December 31, 2015 and 2014, respectively, were measured at fair value using the NAV practical expedient.

Short Term Investments and other, net: Cash and short term investments consist of cash and cash equivalents and other payables and receivables (net). The carrying amounts of cash and cash equivalents approximate fair value due to the short-term maturity of these instruments. Other payables and receivables consist primarily of margin on account for a fund, accrued fees and receivables related to investment positions liquidated for which proceeds had not been received at December 31. The carrying amounts of payables and receivables approximate fair value due to the short-term nature of these instruments.

Basis of Rate-of-Return Assumption

Long-term asset class return assumptions are determined based on input from investment professionals on the expected performance of the asset classes over 10 to 30 years. The forecasts were averaged to come up with consensus passive return forecasts for each asset class. Incremental components were added for the expected return from active management and asset class rebalancing based on historical information obtained from the RIP’s investment consultants. These forecasted gross returns were reduced by estimated management fees and expenses, yielding a long-term return forecast of 7.00% for the years ended December 31, 2015 and 2014.



	2015	2014
U.S. defined-benefit retiree health and life insurance plans
Change in benefit obligation:
Benefit obligation as of beginning of period	$221.4	$258.2
Service cost	0.9	0.9
Interest cost	8.1	10.9
Plan participants' contributions	4.6	5.4
Actuarial (gain)	(22.7)	(27.9)
Benefits paid, gross	(22.3)	(26.6)
Medicare subsidy receipts	0.3	0.5
Benefit obligation as of end of period	$190.3	$221.4


	2015	2014
Change in plan assets:
Fair value of plan assets as of beginning of period	-	-
Employer contribution	$17.4	$20.7
Plan participants' contributions	4.6	5.4
Benefits paid, gross	(22.3)	(26.6)
Medicare subsidy receipts	0.3	0.5
Fair value of plan assets as of end of period	$ -	$ -

Funded status of the plans	($190.3)	($221.4)


The components of postretirement benefits costs are as follows:
	2015	2014	2013
U.S. defined-benefit retiree health and life insurance plans
Service cost of benefits earned during the period	$0.9	$0.9	$1.2
Interest cost on accumulated postretirement benefit obligation	8.1	10.9	9.7
Amortization of prior service (credit)	(0.6)	(0.6)	(0.6)
Amortization of net actuarial gain	(7.8)	(4.2)	(3.5)
Net periodic postretirement benefit cost	$0.6	$7.0	$6.8

For measurement purposes, an average rate of annual increase in the per capita cost of covered health care benefits of 7.5% for pre-65 retirees and 9.0% to 11.8% for post-65 retirees (depending on plan type) was assumed for 2016, decreasing ratably to an ultimate rate of 4.5% in 2024. Assumed health care cost trend rates can have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:



	One percentage point
	Increase	Decrease
U.S. retiree health and life insurance benefits plans
Effect on total service and interest cost components	($0.1)	$0.1
Effect on postretirement benefit obligation	(1.8)	1.3


Amounts recognized in (liabilities) on the consolidated balance sheets at year end consist of:
	Pension Benefits		Retiree Health and Life Insurance Benefits
	2015	2014	2015	2014
Accounts payable and accrued expenses	($4.0)	($4.0)	($17.9)	($19.9)
Postretirement benefit liabilities	-	-	(172.4)	(201.5)
Pension benefit liabilities	(76.9)	(79.6)	-	-
Net amount recognized	($80.9)	($83.6)	($190.3)	($221.4)


Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of:
	Pension Benefits		Retiree Health and Life Insurance Benefits
	2015	2014	2015	2014
Net actuarial (loss) gain	($775.6)	($804.3)	$91.5	$77.4
Prior service (cost) credit	(3.9)	(5.8)	0.6	1.2
Accumulated other comprehensive (loss) income	($779.5)	($810.1)	$92.1	$78.6

We expect to amortize $67.0 million of previously unrecognized prior service cost and net actuarial losses into pension cost in 2016. We expect to amortize $8.6 million of previously unrecognized net actuarial gains and prior service credits into postretirement benefit cost in 2016.

We expect to contribute $4.0 million to our U.S. defined benefit pension plans and $17.9 million to our U.S. postretirement benefit plans in 2016.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. plans:



	Pension Benefits	Retiree Health and Life Insurance Benefits, Gross	Retiree Health Medicare Subsidy Receipts
2016	$125.3	$18.3	($0.4)
2017	125.0	17.8	(0.5)
2018	125.5	17.1	(0.6)
2019	126.8	16.1	(0.6)
2020	126.5	15.2	(0.7)
2021 - 2025	635.2	66.8	(4.3)

These estimated benefit payments are based on assumptions about future events. Actual benefit payments may vary significantly from these estimates.

NON-U.S. PLANS

We have defined benefit pension plans covering employees in a number of foreign countries that utilize assumptions which are consistent with, but not identical to, those of the U.S. plans. The following tables summarize the balance sheet impact of foreign pension benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions.

We use a December 31 measurement date for all of our non-U.S. defined benefit plans.



	2015	2014
Non-U.S. defined-benefit pension plans
Change in benefit obligation:
Benefit obligation as of beginning of period	$261.4	$251.8
Service cost	2.4	2.5
Interest cost	8.3	10.5
Plan participants' contributions	0.1	0.1
Plan amendments	-	0.7
Foreign currency translation adjustment	(16.5)	(20.0)
Actuarial (gain) loss	(6.7)	28.9
Benefits paid	(15.0)	(13.1)
Benefit obligation as of end of period	$234.0	$261.4


	2015	2014
Change in plan assets:
Fair value of plan assets as of beginning of period	$232.4	$219.9
Actual return on plan assets	3.3	37.0
Employer contribution	3.4	4.5
Plan participants' contributions	0.1	0.1
Foreign currency translation adjustment	(13.3)	(16.0)
Benefits paid	(15.0)	(13.1)
Fair value of plan assets as of end of period	$210.9	$232.4

Funded status of the plans	($23.1)	($29.0)


	2015	2014
Non-U.S. defined-benefit pension plans
Weighted-average assumptions used to determine benefit obligations at end of period:
Discount rate	3.40%	3.40%
Rate of compensation increase	2.60%	2.60%

Weighted-average assumptions used to determine net periodic benefit cost for the period:
Discount rate	3.40%	4.30%
Expected return on plan assets	4.50%	5.50%
Rate of compensation increase	2.60%	2.80%

The accumulated benefit obligation for the non-U.S. defined benefit pension plans was $226.1 million and $257.7 million at December 31, 2015 and 2014, respectively.


The components of the pension cost are as follows:
	2015	2014	2013
Non-U.S. defined-benefit pension plans
Service cost of benefits earned during the period	$2.4	$2.5	$2.4
Interest cost on projected benefit obligation	8.3	10.5	9.8
Expected return on plan assets	(9.0)	(11.5)	(9.6)
Amortization of prior service cost	-	-	0.5
Amortization of net actuarial loss	2.8	2.1	2.7
Net periodic pension cost	$4.5	$3.6	$5.8

Excluded from net periodic pension costs in the preceding table were $0.5 million of settlement charges recorded in 2015.

Investment Policies

Each of the funded non-U.S. pension plan’s primary investment objectives is to earn sufficient long-term returns on investments both to increase the ratio of the assets to liabilities in order for the plans to meet their benefits obligations and to minimize required cash contributions to the plans. This is expected to be achieved by (a) investing primarily in publicly-traded equities, (b) limiting return volatility by diversifying investments among additional asset classes with differing expected rates of return and return correlations, and (c) utilizing long duration bonds to limit the volatility of the plans’ asset/liability ratios.

Each of the plans has a targeted asset allocation for each asset class. The table below shows, for each asset class, the weighted average of the several plans’ asset allocation targets and positions at December 31, 2015 and 2014:



	Target Weight at	Position at December 31,
Asset Class	December 31, 2015	2015	2014
Long duration bonds	48%	46%	49%
Equities	42%	42%	40%
Real estate	7%	7%	6%
Other	3%	5%	5%

The following table sets forth by level within the fair value hierarchy a summary of our non-U.S. plan assets measured at fair value on a recurring basis:



	Value at December 31, 2015
Description	Level 1	Level 2	Level 3	Total
Bonds	$1.1	$86.9	-	$88.0
Equities	1.1	38.3	-	39.4
Real estate	0.1	0.7	-	0.8
Other investments	-	0.9	$4.9	5.8
Cash and other short term investments	3.4	-	-	3.4
Net assets measured at fair value	$5.7	$126.8	$4.9	$137.4
Investments measured at net asset value				73.5
Net assets				$210.9


	Value at December 31, 2014
Description	Level 1	Level 2	Level 3	Total
Bonds	-	$70.6	-	$70.6
Equities	-	40.3	-	40.3
Other investments	-	-	$5.6	5.6
Cash and other short term investments	$5.7	-	-	5.7
Net assets measured at fair value	$5.7	$110.9	$5.6	$122.2
Investments measured at net asset value				110.2
Net assets				$232.4

Level 3 assets decreased from December 31, 2014 to December 31, 2015 due mainly to the change in currency conversion from the Euro to the U.S. dollar.

The non-U.S. pension plans have $73.5 million and $110.2 million of investments in alternative investment funds at December 31, 2015 and December 31, 2014, respectively. We have concluded that the NAV reported by the underlying fund approximates the fair value of the investment. These investments are redeemable at NAV under agreements with the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the NAV of the funds and, consequently, the fair value of the plans’ interest in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the plans’ interest in the funds. As of December 31, 2015, there are no restrictions on redemption of these investments.

The following table sets forth a summary of the non-U.S. pension plan investments measured at NAV:



	Value at December 31, 2015
Description	Fair Value	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Bonds	$ 9.0	-	Daily	Same Day
Equities	49.7	-	Daily	Prior Day - Same Day
Real estate	14.8	-	Monthly/Quarterly	2 - 90 Days
Investments measured at net asset value	$ 73.5	$ -



	Value at December 31, 2014
Description	Fair Value	Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Bonds	$ 43.8	-	Daily	Same Day
Equities	52.3	-	Daily	Prior Day - Same Day
Real estate	14.1	-	Monthly/Quarterly	2 - 90 Days
Investments measured at net asset value	$ 110.2	$ -

Following is a description of the valuation methodologies used for non-U.S. plan assets measured at fair value and at NAV.

There have been no changes in the methodologies used at December 31, 2015 and 2014.

Bonds: Consists of investments in individual corporate and government bonds as well as investments in pooled funds investing in fixed income securities tailored to institutional investors. Investments in individual and pooled corporate and government bonds totaled $88.0 million and $70.6 million as of December 31, 2015 and 2014, respectively. Investments in individual bonds were measured at fair value based on the closing price reported in the active market in which the bond is traded and investments in pooled funds traded in a non-active market were valued at bid price. Investments in pooled corporate and government bonds totaling $9.0 million and $43.8 million as of December 31, 2015 and 2014, respectively, were measured at fair value using the NAV practical expedient.

Equities: Consists of investments in common and preferred stocks as well as investments in pooled funds investing in international equities tailored to institutional investors. Equity securities totaled $39.4 million and $40.3 million as of December 31, 2015 and 2014, respectively. Investments in common and preferred stocks were measured at fair value based on the closing price reported on the active market on which the individual securities are traded. Investments in pooled funds traded in a non-active market were valued at bid price Equity securities in pooled funds totaling $49.7 million and $52.3 million as of December 31, 2015 and 2014, respectively, were measured at fair value using the NAV practical expedient.

Real Estate: The plans’ real estate investments are comprised of individual and pooled real estate mutual funds. Real estate funds totaling $0.8 million as of December 31, 2015 were measured at fair value, with the funds valued at the closing price reported on the active market on which the individual funds are traded. Real estate funds totaling $14.8 million and $14.1 million as of December 31, 2015 and 2014, respectively, were measured at fair value using the NAV practical expedient.

Other Investments: Consists primarily of an investment in individual life insurance policies. These investments were measured at fair value is based on an actuarial reserve calculated using life tables and by discounting the related cash flows based on a fixed interest rate.

Cash and other Short Term Investments: Cash and short term investments consist primarily of cash and cash equivalents, and plan receivables/payables. The carrying amounts of cash and cash equivalents and receivables/payables approximate fair value due to the short-term nature of these instruments.

Basis of Rate-of-Return Assumption

Long-term asset class return assumptions are determined based on input from investment professionals on the expected performance of the asset classes. The forecasts were averaged to come up with consensus passive return forecasts for each asset class. These forecast asset class returns were weighted by the plans’ target asset class weights, yielding a long-term return forecast of 4.5% and 5.5% for the years ended December 31, 2015 and 2014, respectively.


Amounts recognized in assets and (liabilities) on the consolidated balance sheets at year end consist of:
	2015	2014
Prepaid pension costs	$8.3	$7.4
Accounts payable and accrued expenses	(0.7)	(0.5)
Pension benefit liabilities	(30.7)	(35.9)
Net amount recognized	($23.1)	($29.0)


Pre-tax amounts recognized in accumulated other comprehensive (loss) at year end consist of:
	2015	2014
Net actuarial (loss)	($26.6)	($33.2)
Net prior service (costs)	($0.6)	($0.7)
Accumulated other comprehensive (loss)	($27.2)	($33.9)

We expect to amortize $1.5 million of previously unrecognized net actuarial losses into pension cost in 2016.

We expect to contribute $3.1 million to our non-U.S. defined benefit pension plans in 2016.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years:



		Pension Benefits
2016		$9.6
2017		9.3
2018		9.3
2019		10.0
2020		10.4
2021 - 2025		57.1

Costs for other worldwide defined contribution benefit plans were $14.4 million in 2015, $14.7 million in 2014 and $14.2 million in 2013.

U.S. pension plans with benefit obligations in excess of assets

Projected benefit obligation, December 31

Accumulated benefit obligation, December 31

Fair value of plan assets, December 31