Employee plans

Stock plans Under stockholder approved stock-based plans, stock options, stock appreciation rights, restricted stock and restricted stock units may be granted to officers, directors and other key employees. At December 31, 2018, 2.4 million shares of unissued common stock of the company were available for granting under these plans.

As of December 31, 2018, the company has granted non-qualified stock options and restricted stock units under these plans. The company recognizes compensation cost, net of a forfeiture rate, in selling, general and administrative expenses, and recognizes the compensation cost for only those awards expected to vest. The company estimates the forfeiture rate based on its historical experience and its expectations about future forfeitures.

During the years ended December 31, 2018, 2017 and 2016, the company recognized $13.2 million, $11.2 million and $9.5 million of share-based compensation expense, which is comprised of $13.1 million, $10.1 million and $7.5 million of restricted stock unit expense and $0.1 million, $1.1 million and $2.0 million of stock option expense, respectively.

There were no grants of stock option awards for the years ended December 31, 2018 and 2017. In 2016, the company granted 11 thousand stock option awards. The weighted-average fair value of the grant, which was estimated using the Black-Scholes option pricing model was $4.53. As of December 31, 2018, 1.1 million stock option awards with a weighted-average exercise price of $27.90 are outstanding.

Restricted stock unit awards may contain time-based units, performance-based units, total shareholder return market-based units, or a combination of these units. Each performance-based and market-based unit will vest into zero to two shares depending on the degree to which the performance or market conditions are met. Compensation expense for performance-based awards is recognized as expense ratably for each installment from the date of grant until the date the restrictions lapse and is based on the fair market value at the date of grant and the probability of achievement of the specific performance-related goals. Compensation expense for market-based awards is recognized as expense ratably over the measurement period, regardless of the actual level of achievement, provided the service requirement is met. Time-based restricted stock unit grants for the company’s directors vest upon award and compensation expense for such awards is recognized upon grant.

A summary of restricted stock unit activity for the year ended December 31, 2018 follows (shares in thousands):



	Restricted Stock Units		Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2017	1,688		$	13.39
Granted	1,449		12.53
Vested	(778	)	13.43
Forfeited and expired	(208	)	12.53
Outstanding at December 31, 2018	2,151		12.90

The aggregate weighted-average grant-date fair value of restricted stock units granted during the years ended December 31, 2018, 2017 and 2016 was $17.9 million, $14.4 million and $12.9 million, respectively. The fair value of restricted stock units with time and performance conditions is determined based on the trading price of the company’s common shares on the date of grant. 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,	2018
Weighted-average fair value of grant	$	15.20
Risk-free interest rate⁽ⁱ⁾	2.26		%
Expected volatility⁽ⁱⁱ⁾	52.97		%
Expected life of restricted stock unts in years⁽ⁱⁱⁱ⁾	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

As of December 31, 2018, there was $12.2 million of total unrecognized compensation cost related to outstanding restricted stock units granted under the company’s plans. That cost is expected to be recognized over a weighted-average period of 1.9 years. The aggregate weighted-average grant-date fair value of restricted stock units vested during the years ended December 31, 2018, 2017 and 2016 was $10.4 million, $7.4 million and $3.5 million, respectively.

Common stock issued upon exercise of stock options or upon lapse of restrictions on restricted stock units are newly issued shares. During 2018 and 2017, the company did not recognize any tax benefits from the exercise of stock options or upon issuance of stock upon lapse of restrictions on restricted stock units because of its tax position. Any such tax benefits resulting from tax deductions in excess of the compensation costs recognized are classified as operating cash flows.

Defined contribution and compensation plans U.S. employees are eligible to participate in an employee savings plan. Under this plan, employees may contribute a percentage of their pay for investment in various investment alternatives. The company matches 50 percent of the first 6 percent of eligible pay contributed by participants to the plan on a before-tax basis (subject to IRS limits). The company funds the match with cash. The charge to income related to the company match for the years ended December 31, 2018, 2017 and 2016, was $11.1 million, $10.8 million and $10.7 million, respectively.

The company has defined contribution plans in certain locations outside the United States. The charge to income related to these plans was $21.3 million, $18.5 million and $19.0 million, for the years ended December 31, 2018, 2017 and 2016, respectively.

The company has non-qualified compensation plans, which allow certain highly compensated employees and directors to defer the receipt of a portion of their salary, bonus and fees. Participants can earn a return on their deferred balance that is based on hypothetical investments in various investment vehicles. Changes in the market value of these investments are reflected as an adjustment to the liability with an offset to expense. As of December 31, 2018 and 2017, the liability to the participants of these plans was $11.6 million and $13.4 million, respectively. These amounts reflect the accumulated participant deferrals and earnings thereon as of that date. The company makes no contributions to the deferred compensation plans and remains contingently liable to the participants.

Retirement benefits For the company’s more significant defined benefit pension plans, including the U.S., U.K. and the Netherlands, accrual of future benefits under the plans has ceased.

During 2018, cash lump-sum payments were paid to certain plan participants in two of the company’s international defined benefit pension plans which resulted in a non-cash pension settlement charge of $6.4 million for the year ended December 31, 2018.

Retirement plans’ funded status and amounts recognized in the company’s consolidated balance sheets at December 31, 2018 and 2017 follows:



	U.S. Plans						International Plans
As of December 31,	2018			2017			2018			2017
Change in projected benefit obligation
Benefit obligation at beginning of year	$	5,001.6		$	4,972.0		$	3,189.7		$	3,076.2
Service cost	—			—			3.2			5.1
Interest cost	186.6			211.3			67.3			72.8
Plan participants’ contributions	—			—			1.5			1.9
Plan amendment	—			—			20.6			(52.5		)
Plan curtailment	—			—			—			(2.2		)
Plan settlement	—			—			(16.4		)	—
Actuarial loss (gain)	(270.7		)	177.0			(169.5		)	(93.8		)
Benefits paid	(359.5		)	(358.7		)	(108.7		)	(117.1		)
Foreign currency translation adjustments	—			—			(158.2		)	299.3
Benefit obligation at end of year	$	4,558.0		$	5,001.6		$	2,829.5		$	3,189.7
Change in plan assets
Fair value of plan assets at beginning of year	$	3,578.4		$	3,452.1		$	2,833.9		$	2,429.7
Actual return on plan assets	(193.3		)	424.0			(75.4		)	172.3
Employer contribution	87.2			61.0			42.5			77.4
Plan participants’ contributions	—			—			1.5			1.9
Plan settlement	—			—			(16.4		)	—
Benefits paid	(359.5		)	(358.7		)	(108.7		)	(117.1		)
Foreign currency translation and other adjustments	—			—			(138.0		)	269.7
Fair value of plan assets at end of year	$	3,112.8		$	3,578.4		$	2,539.4		$	2,833.9
Funded status at end of year	$	(1,445.2	)	$	(1,423.2	)	$	(290.1	)	$	(355.8	)
Amounts recognized in the consolidated balance sheets consist of:
Prepaid postretirement assets	$	—		$	—		$	146.4		$	147.4
Other accrued liabilities	(6.7		)	(6.8		)	(0.1		)	(0.2		)
Long-term postretirement liabilities	(1,438.5		)	(1,416.4		)	(436.4		)	(503.0		)
Total funded status	$	(1,445.2	)	$	(1,423.2	)	$	(290.1	)	$	(355.8	)
Accumulated other comprehensive loss, net of tax
Net loss	$	2,718.6		$	2,960.6		$	988.0		$	1,067.8
Prior service credit	$	(37.3	)	$	(39.8	)	$	(46.8	)	$	(69.8	)
Accumulated benefit obligation	$	4,558.0		$	5,001.6		$	2,828.2		$	3,188.0

Information for defined benefit retirement plans with an accumulated benefit obligation in excess of plan assets at December 31, 2018 and 2017 follows:



As of December 31,	2018		2017
Accumulated benefit obligation	$	6,433.6	$	7,151.7
Fair value of plan assets	$	4,553.2	$	5,227.0

Information for defined benefit retirement plans with a projected benefit obligation in excess of plan assets at December 31, 2018 and 2017 follows:



As of December 31,	2018		2017
Projected benefit obligation	$	6,434.9	$	7,153.4
Fair value of plan assets	$	4,553.2	$	5,227.0

Net periodic pension cost (income) for 2018, 2017 and 2016 includes the following components:



	U.S. Plans									International Plans
Year ended December 31,	2018			2017			2016			2018			2017			2016
Service cost⁽ⁱ⁾	$	—		$	—		$	—		$	3.2		$	5.1		$	7.4
Interest cost	186.6			211.3			231.3			67.3			72.8			87.8
Expected return on plan assets	(230.6		)	(235.2		)	(253.1		)	(114.4		)	(127.5		)	(139.5		)
Amortization of prior service credit	(2.5		)	(2.5		)	(2.5		)	(3.7		)	(2.4		)	(3.0		)
Recognized net actuarial loss	125.1			126.4			116.0			42.3			49.8			40.3
Curtailment gain	—			—			—			—			(5.4		)	(2.0		)
Settlement loss	—			—			—			6.4			—			—
Net periodic pension cost (income)	$	78.6		$	100.0		$	91.7		$	1.1		$	(7.6	)	$	(9.0	)

⁽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.

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,	2018		2017		2016		2018		2017		2016
Discount rate	3.87	%	4.38	%	4.56	%	2.24	%	2.34	%	3.30	%
Expected long-term rate of return on assets	6.80	%	6.80	%	6.80	%	4.38	%	5.30	%	5.99	%

Weighted-average assumptions used to determine benefit obligations at December 31 were as follows:
Discount rate	4.50	%	3.87	%	4.38	%	2.55	%	2.24	%	2.34	%

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%	22	%	16-28%
Debt securities	38	%	35-41%	62	%	55-68%
Real estate	0	%	0%	1	%	0-3%
Cash	0	%	0-5%	1	%	0-5%
Other	20	%	10-30%	14	%	7-21%

The company periodically reviews its asset allocation, taking into consideration plan liabilities, local regulatory requirements, plan payment streams and then-current capital market assumptions. The actual asset allocation for each plan is monitored at least quarterly, relative to the established policy targets and ranges. If the actual asset allocation is close to or out of any of the ranges, a review is conducted. Rebalancing will occur toward the target allocation, with due consideration given to the liquidity of the investments and transaction costs.

The objectives of the company’s investment strategies are as follows: (a) to provide a total return that, over the long term, increases the ratio of plan assets to liabilities by maximizing investment return on assets, at a level of risk deemed appropriate, (b) to maximize return on assets by investing primarily in equity securities in the U.S. and for international plans by investing in appropriate asset classes, subject to the constraints of each plan design and local regulations, (c) to diversify investments within asset classes to reduce the impact of losses in single investments, and (d) for the U.S. plan to invest in compliance with the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended and any subsequent applicable regulations and laws, and for international plans to invest in a prudent manner in compliance with local applicable regulations and laws.

The company sets the expected long-term rate of return based on the expected long-term return of the various asset categories in which it invests. The company considered the current expectations for future returns and the actual historical returns of each asset class. Also, since the company’s investment policy is to actively manage certain asset classes where the potential exists to outperform the broader market, the expected returns for those asset classes were adjusted to reflect the expected additional returns.

In 2019, the company expects to make cash contributions of $105.6 million to its worldwide defined benefit pension plans, which are comprised of $38.4 million primarily for international defined benefit pension plans and $67.2 million for the company’s U.S. qualified defined benefit pension plans.

As of December 31, 2018, the following benefit payments are expected to be paid from the defined benefit pension plans:



Year ending December 31,	U.S.		International
2019	$	362.2	$	97.8
2020	359.4		101.2
2021	357.1		104.2
2022	354.4		112.2
2023	350.9		118.2
2024 - 2028	1,652.1		627.4

Other postretirement benefits A reconciliation of the benefit obligation, fair value of the plan assets and the funded status of the postretirement benefit plans at December 31, 2018 and 2017, follows:



As of December 31,	2018			2017
Change in accumulated benefit obligation
Benefit obligation at beginning of year	$	103.2		$	120.1
Service cost	0.6			0.5
Interest cost	4.8			5.6
Plan participants’ contributions	3.1			3.5
Amendments	—			(7.4		)
Actuarial gain	(4.2		)	(4.3		)
Federal drug subsidy	0.2			0.3
Benefits paid	(11.5		)	(15.7		)
Foreign currency translation and other adjustments	—			0.6
Benefit obligation at end of year	$	96.2		$	103.2
Change in plan assets
Fair value of plan assets at beginning of year	$	7.6		$	7.9
Actual return on plan assets	(0.4		)	(0.3		)
Employer contributions	9.0			12.2
Plan participants’ contributions	3.1			3.5
Benefits paid	(11.5		)	(15.7		)
Fair value of plan assets at end of year	$	7.8		$	7.6
Funded status at end of year	$	(88.4	)	$	(95.6	)
Amounts recognized in the consolidated balance sheets consist of:
Prepaid postretirement assets	$	1.2		$	0.9
Other accrued liabilities	(8.0		)	(11.5		)
Long-term postretirement liabilities	(81.6		)	(85.0		)
Total funded status	$	(88.4	)	$	(95.6	)
Accumulated other comprehensive loss, net of tax
Net loss	$	10.5		$	14.9
Prior service credit	(8.2		)	(9.8		)

Net periodic postretirement benefit cost for 2018, 2017 and 2016, follows:



Year ended December 31,	2018			2017			2016
Service cost⁽ⁱ⁾	$	0.6		$	0.5		$	0.4
Interest cost	4.8			5.6			6.2
Expected return on assets	(0.4		)	(0.5		)	(0.4		)
Amortization of prior service cost	(1.6		)	(0.7		)	—
Recognized net actuarial loss	1.0			0.8			0.5
Net periodic benefit cost	$	4.4		$	5.7		$	6.7

⁽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.

Weighted-average assumptions used to determine net periodic postretirement benefit cost for the years ended December 31 were as follows:



Year ended December 31,	2018		2017		2016
Discount rate	5.30	%	5.53	%	5.61	%
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,	2018		2017		2016
Discount rate	5.67	%	5.30	%	5.53	%

The company reviews its asset allocation periodically, taking into consideration plan liabilities, plan payment streams and then-current capital market assumptions. The company sets the long-term expected return on asset assumption, based principally on the long-term expected return on debt securities. These return assumptions are based on a combination of current market conditions, capital market expectations of third-party investment advisors and actual historical returns of the asset classes. In 2019, the company expects to contribute approximately $8 million to its postretirement benefit plans.



Assumed health care cost trend rates at December 31,	2018		2017
Health care cost trend rate assumed for next year	6.8	%	6.6	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.8	%	4.8	%
Year that the rate reaches the ultimate trend rate	2023		2023

As of December 31, 2018, the following benefits are expected to be paid from the company’s postretirement plans:



Year ending December 31,	Expected Payments
2019	$	9.1
2020	9.6
2021	9.1
2022	8.5
2023	7.9
2024 – 2028	30.9

The following provides a description of the valuation methodologies and the levels of inputs used to measure fair value, and the general classification of investments in the company’s U.S. and international defined benefit pension plans, and the company’s other postretirement benefit plan.

Level 1 – These investments include cash, common stocks, real estate investment trusts, exchange traded funds, futures and options and U.S. government securities. These investments are valued using quoted prices in an active market. Payables, receivables and cumulative futures contracts variation margin received from brokers are also included as Level 1 investments and are valued at face value.

Level 2 – These investments include the following:

Pooled Funds – These investments are comprised of money market funds and fixed income securities. The money market funds are valued using the readily determinable fair value (“RDFV”) provided by trustees of the funds. The fixed income securities are valued based on quoted prices for identical or similar investments in markets that may not be active.

Commingled Funds – These investments are comprised of debt, equity and other securities and are valued using the RDFV provided by trustees of the funds. The fair value per share for these funds are published and are the basis for current transactions.

Other Fixed Income – These investments are comprised of corporate and government fixed income investments and asset and mortgage-backed securities for which there are quoted prices for identical or similar investments in markets that may not be active.

Derivatives – These investments include forward exchange contracts and options, which are traded on an active market, but not on an exchange; therefore, the inputs may not be readily observable. These investments also include fixed income futures and other derivative instruments.

Level 3 – These investments include the following:

Insurance Contracts – These investments are insurance contracts which are carried at book value, are not publicly traded and are reported at a fair value determined by the insurance provider.

Certain investments are valued using net asset value (“NAV”) as a practical expedient. These investments may not be redeemable on a daily basis and may have redemption notice periods of up to 90 days. These investments include the following:

Commingled Funds – These investments are comprised of debt, equity and other securities.

Private Real Estate and Private Equity - These investments represent interests in limited partnerships which invest in privately-held companies or privately-held real estate or other real assets. Net asset values are developed and reported by the general partners that manage the partnerships. These valuations are based on property appraisals, utilization of market transactions that provide valuation information for comparable companies, discounted cash flows, and other methods. These valuations are reported quarterly and adjusted as necessary at year end based on cash flows within the most recent period.

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.

The following table sets forth by level, within the fair value hierarchy, the plans’ assets (liabilities) at fair value at December 31, 2017.



	U.S. Plans											International Plans
As of December 31, 2017	Fair Value			Level 1			Level 2			Level 3		Fair Value			Level 1			Level 2		Level 3
Pension plans
Equity Securities
Common Stocks	$	1,465.1		$	1,461.9		$	3.2		$	—	$	—		$	—		$	—	$	—
Commingled Funds	584.4						584.4					84.0						84.0
Debt Securities
U.S. Govt. Securities	139.8			139.8
Other Fixed Income	830.6						830.6					254.1			2.6			251.5
Insurance Contracts												135.8								135.8
Commingled Funds												267.5						267.5
Real Estate
Real Estate Investment Trusts	113.5			113.5								1.4			0.4			1.0
Other
Derivatives	2.6			13.1			(10.5		)			1.2						1.2
Commingled Funds												357.1						357.1
Pooled Funds	228.0						228.0					29.2						29.2
Cash	34.8			34.8								25.1			25.1
Receivables	58.1			58.1								19.9			19.9
Payables	(116.7		)	(116.7		)						(1.5		)	(1.5		)
Total plan assets in fair value hierarchy	$	3,340.2		$	1,704.5		$	1,635.7		$	—	$	1,173.8		$	46.5		$	991.5	$	135.8
Plan assets measured using NAV as a practical expedient^(i):
Commingled Funds
Equity	$	—										$	780.7
Debt	19.8											837.7
Other	105.1											25.2
Private Real Estate	112.4											16.5
Private Equity	0.9											—
Total pension plan assets	$	3,578.4										$	2,833.9
Other postretirement plans
Insurance Contracts	$	7.6								$	7.6

⁽ⁱ⁾ 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 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

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, 2017.



	January 1, 2017		Realized gains (losses)			Purchases or acquisitions		Sales or dispositions			Currency and unrealized gains (losses) relating to instruments still held at December 31, 2017		December 31, 2017
U.S. plans
Other postretirement plans
Insurance Contracts	$	7.9	$	(0.2	)	$	0.2	$	(0.3	)	$	—	$	7.6
International pension plans
Insurance Contracts	$	116.2	$	—		$	10.8	$	(11.4	)	$	20.2	$	135.8

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.



	2018						2017
	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	$	—	$	—			$	19.8	$	—	Daily	5 days
Other	110.2		—		Monthly	5 days	105.1		—		Monthly	5 days
Private Real Estate⁽ⁱ⁾	179.1		—		Quarterly	60-90 days	112.4		—		Quarterly	Up to 90 days
Private Equity⁽ⁱⁱ⁾	0.6		—				0.9		—
Total	$	289.9	$	—			$	238.2	$	—
International pension plans
Commingled Funds
Equity	$	454.9	$	—	Weekly	Up to 2 days	$	780.7	$	—	Weekly, Monthly	Up to 30 days
Debt	814.0		—		Daily, Weekly, Biweekly, Bimonthly	Up to 30 days	837.7		—		Weekly, Biweekly, Bimonthly, Monthly	Up to 30 days
Other	23.9		—		Monthly	Up to 30 days	25.2		—		Monthly	Up to 30 days
Private Real Estate	16.8		—		Monthly	Up to 90 days	16.5		—		Monthly	Up to 90 days
Total	$	1,309.6	$	—			$	1,660.1	$	—

⁽ⁱ⁾ Includes investments in private real estate funds and limited partnerships. The funds invest in U.S. real estate and allow redemptions quarterly, though queues, restrictions and gates may extend the period. The limited partnerships include investments in primarily U.S. real estate, and can never be redeemed. The partnerships are all currently being wound up, and are expected to make all distributions over the next year.

⁽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.