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Retirement Benefits
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
Defined-benefit Pension Plans

Summary
We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. There are limits to the amount of benefits which can be paid to participants from a U.S. qualified pension plan. We maintain a nonqualified U.S. plan to pay benefits for those eligible current and former employees in the U.S. whose benefits exceed the regulatory limits Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005. 

Components of Net Periodic Pension Cost (Credit)
(In millions)
U.S. PlansNon-U.S. PlansTotal
Years Ended December 31,202320222021202320222021202320222021
Service cost$— — — $7.6 8.1 9.1 $7.6 8.1 9.1 
Interest cost on projected benefit obligation32.4 22.9 21.1 18.1 13.1 12.1 50.5 36.0 33.2 
Return on assets – expected(47.2)(48.7)(47.4)(11.1)(12.7)(12.4)(58.3)(61.4)(59.8)
Amortization of losses1.6 24.2 34.0 1.8 2.0 6.6 3.4 26.2 40.6 
Curtailment gain— — — — (0.5)(0.8)— (0.5)(0.8)
Settlement loss(a)
— — — — 3.2 3.3 — 3.2 3.3 
Net periodic pension cost (credit)$(13.2)(1.6)7.7 $16.4 13.2 17.9 $3.2 11.6 25.6 

(a)Non-U.S. Plans settlement losses to terminated employees that participate in a Mexican severance indemnity program ("Mexico Plan") that is accounted for as a defined benefit plan were offset by a settlement gain related to our defined benefit plan in Ireland, which was terminated during 2023. Non-U.S. Plans settlement losses in 2022 and 2021 relate primarily to lump-sum payouts in Canada as well as terminated employees that participate in the Mexico Plan that is accounted for as a defined benefit plan.

The components of net periodic pension cost and net periodic post-retirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the consolidated statements of operations.
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. PlansNon-U.S. PlansTotal
Years Ended December 31,202320222023202220232022
Benefit obligation at beginning of year$627.2 839.5 334.7 492.2 961.9 1,331.7 
Service cost— — 7.6 8.1 7.6 8.1 
Interest cost32.4 22.9 18.1 13.1 50.5 36.0 
Participant contributions— — 0.5 0.3 0.5 0.3 
Plan amendments— — 0.5 0.1 0.5 0.1 
Plan combinations— — 0.4 0.9 0.4 0.9 
Curtailments— — (0.1)(0.4)(0.1)(0.4)
Settlements— — (3.8)(10.8)(3.8)(10.8)
Benefits paid(45.2)(45.0)(21.4)(16.1)(66.6)(61.1)
Divestitures(a)
— — (3.7)— (3.7)— 
Actuarial (gains) losses
14.8 (190.2)33.9 (127.3)48.7 (317.5)
Foreign currency exchange effects— — 16.4 (25.4)16.4 (25.4)
Benefit obligation at end of year$629.2 627.2 383.1 334.7 1,012.3 961.9 
Fair value of plan assets at beginning of year$596.3 764.8 245.5 360.3 841.8 1,125.1 
Return on assets – actual59.9 (124.1)20.9 (81.1)80.8 (205.2)
Participant contributions— — 0.5 0.3 0.5 0.3 
Plan combinations— — 0.4 0.9 0.4 0.9 
Employer contributions0.6 0.6 12.8 14.7 13.4 15.3 
Settlements— — (3.8)(10.8)(3.8)(10.8)
Benefits paid(45.2)(45.0)(21.4)(16.1)(66.6)(61.1)
Divestitures(a)
— — (3.7)— (3.7)— 
Foreign currency exchange effects— — 8.1 (22.7)8.1 (22.7)
Fair value of plan assets at end of year$611.6 596.3 259.3 245.5 870.9 841.8 
Funded status$(17.6)(30.9)(123.8)(89.2)(141.4)(120.1)
Included in:      
Noncurrent asset$— — 15.1 17.7 15.1 17.7 
Current liability, included in accrued liabilities0.7 0.7 7.3 6.1 8.0 6.8 
Noncurrent liability16.9 30.2 131.6 100.8 148.5 131.0 
Net pension liability$17.6 30.9 123.8 89.2 141.4 120.1 

(a)During 2023, we terminated our defined-benefit pension plan in Ireland.
Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss)
(In millions)
U.S. PlansNon-U.S. PlansTotal
Years Ended December 31,202320222023202220232022
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss):
Beginning of year$(186.7)(228.3)(18.9)(61.3)(205.6)(289.6)
Net actuarial gains (losses) arising during the year
(2.1)17.4 (24.0)33.5 (26.1)50.9 
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss)1.6 24.2 1.8 5.2 3.4 29.4 
Foreign currency exchange effects— — (2.0)3.7 (2.0)3.7 
End of year$(187.2)(186.7)(43.1)(18.9)(230.3)(205.6)
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss):
Beginning of year$— — (0.1)0.1 (0.1)0.1 
Prior service credit (cost) from plan amendments during the year— — (0.5)(0.1)(0.5)(0.1)
Foreign currency exchange effects— — (0.1)(0.1)(0.1)(0.1)
End of year$— — (0.7)(0.1)(0.7)(0.1)

U.S. Plans
The net actuarial losses of $2.1 million in 2023 and gains of $17.4 million in 2022 were mainly driven by changes in the primary U.S. pension plan. The 2023 net actuarial losses arose primarily from a lower discount rate at the end of the year ($18 million), which was largely offset by higher actual return on assets than expected ($13 million). The 2022 net actuarial gains arose primarily from a higher discount rate at the end of the year ($193 million), which was largely offset by lower actual return on assets than expected ($173 million).

Non-U.S. Plans
The net actuarial losses of $24.0 million in 2023 were primarily due to lower discount rates at the end of the year ($30 million), which were offset by actual return on assets being higher than expected ($10 million). The net actuarial gains of $33.5 million in 2022 were primarily due to higher discount rates at the end of the year ($133 million), largely offset by actual return on assets being lower than expected ($94 million).

Information Comparing Plan Assets to Plan Obligations
Information comparing plan assets to plan obligations as of December 31, 2023 and 2022 are aggregated below.  The accumulated benefit obligation (“ABO”) differs from the PBO in that the ABO is based on the benefit earned through the date noted.  The PBO includes assumptions about future compensation levels for plans that have not been frozen.  The total ABO for our U.S. pension plans was $629.2 million in 2023 and $627.2 million in 2022.  The total ABO for our Non-U.S. pension plans was $346.6 million in 2023 and $304.2 million in 2022.
(In millions)
U.S. PlansNon-U.S. PlansTotal
December 31,202320222023202220232022
Information for pension plans with an ABO in excess of plan assets:
Fair value of plan assets$611.6 596.3 86.1 84.9 697.7 681.2 
Accumulated benefit obligation629.2 627.2 196.7 171.0 825.9 798.2 
Projected benefit obligation629.2 627.2 223.6 191.1 852.8 818.3 
Assumptions
The weighted-average assumptions used to determine the net pension cost and benefit obligations for our pension plans were as follows:
U.S. PlansNon-U.S. Plans
202320222021202320222021
Discount rate:
Pension cost5.4 %2.8 %2.4 %5.4 %2.8 %2.3 %
Benefit obligation at year end5.1 %5.4 %2.8 %4.9 %5.4 %2.8 %
Expected return on assets – pension cost7.00 %7.00 %7.00 %4.59 %3.76 %3.55 %
Average rate of increase in salaries(a):
Pension costN/AN/AN/A1.9 %1.6 %1.9 %
Benefit obligation at year endN/AN/AN/A2.0 %1.9 %1.6 %

(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.

Mortality Tables for our U.S. Retirement Benefits
We use the Society of Actuaries base mortality tables for private sector plans, Pri-2012, and the Mercer modified MP-2021 projection scale, with a Blue Collar adjustment factor for the majority of our U.S. retirement plans and a White Collar adjustment factor for our nonqualified U.S. pension plan.

Estimated Future Cash Flows
Estimated Future Contributions from the Company into Plan Assets
Our policy is to fund at least the minimum actuarially determined amounts required by applicable regulations.  We do not expect to make contributions to our primary U.S. pension plan in 2024. We expect to contribute $9.7 million to our non-U.S. pension plans and $0.6 million to our nonqualified U.S. pension plan in 2024.

Estimated Future Benefit Payments from Plan Assets to Beneficiaries
Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2023, are as follows:
(In millions)
U.S. PlansNon-U.S. PlansTotal
2024$48.8 19.9 68.7 
202548.6 19.6 68.2 
202648.5 21.1 69.6 
202748.2 22.4 70.6 
202847.7 25.6 73.3 
2029 through 2033228.4 149.7 378.1 
Retirement Benefits Other than Pensions

Summary
We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees.  Retirement benefits related to our former U.S. coal operation include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for United Mine Workers of America Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations.

Components of Net Periodic Postretirement Cost
The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:
(In millions)
UMWA PlansBlack Lung and Other PlansTotal
Years Ended December 31,202320222021202320222021202320222021
Service cost$— — — $0.3 0.1 0.1 $0.3 0.1 0.1 
Interest cost on APBO11.1 10.3 9.8 5.3 3.7 3.2 16.4 14.0 13.0 
Return on assets – expected(10.3)(13.2)(12.3)— — — (10.3)(13.2)(12.3)
Amortization of losses5.1 10.0 17.5 4.8 7.3 9.0 9.9 17.3 26.5 
Amortization of prior service credit(11.0)(4.6)(4.7)(0.1)(0.3)(0.3)(11.1)(4.9)(5.0)
Net periodic postretirement cost (credit)
$(5.1)2.5 10.3 $10.3 10.8 12.0 $5.2 13.3 22.3 

The components of net periodic pension cost and net periodic postretirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the consolidated statements of operations.

Obligations and Funded Status
Changes in the accumulated postretirement benefit obligation (“APBO’) and plan assets related to retirement healthcare benefits are as follows:
(In millions)
UMWA PlansBlack Lung and Other PlansTotal
Years Ended December 31,202320222023202220232022
APBO at beginning of year$233.9 397.4 89.2 113.0 323.1 510.4 
Service cost— — 0.3 0.1 0.3 0.1 
Interest cost11.1 10.3 5.3 3.7 16.4 14.0 
Plan amendments— (66.7)— — — (66.7)
Benefits paid(19.8)(20.3)(8.0)(9.0)(27.8)(29.3)
Actuarial (gains) losses, net(11.2)(86.8)3.3 (18.9)(7.9)(105.7)
Foreign currency exchange effects— — 1.2 0.3 1.2 0.3 
APBO at end of year$214.0 233.9 91.3 89.2 305.3 323.1 
Fair value of plan assets at beginning of year$139.0 178.0 — — 139.0 178.0 
Return on assets – actual14.2 (15.1)— — 14.2 (15.1)
Employer contributions— — 8.0 9.0 8.0 9.0 
Net transfers to (from) plan assets
2.7 (3.6)— — 2.7 (3.6)
Benefits paid(19.8)(20.3)(8.0)(9.0)(27.8)(29.3)
Fair value of plan assets at end of year$136.1 139.0 — — 136.1 139.0 
Funded status$(77.9)(94.9)(91.3)(89.2)(169.2)(184.1)
Included in:      
Current, included in accrued liabilities$— — 9.6 9.6 9.6 9.6 
Noncurrent77.9 94.9 81.7 79.6 159.6 174.5 
Retirement benefits other than pension liability$77.9 94.9 91.3 89.2 169.2 184.1 
Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) of our retirement benefit plans other than pensions are as follows:
(In millions)
UMWA PlansBlack Lung and Other PlansTotal
Years Ended December 31,202320222023202220232022
Benefit plan net actuarial gain (loss) recognized in accumulated other comprehensive income (loss):
Beginning of year$(93.9)(162.4)(45.5)(71.6)(139.4)(234.0)
Net actuarial gains (losses) arising during the year15.1 58.5 (3.3)18.9 11.8 77.4 
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss)5.1 10.0 4.8 7.3 9.9 17.3 
Foreign currency exchange effects— — (0.4)(0.1)(0.4)(0.1)
End of year$(73.7)(93.9)(44.4)(45.5)(118.1)(139.4)
Benefit plan prior service (cost) credit recognized in accumulated other comprehensive income (loss):
Beginning of year$80.7 18.6 0.3 0.6 81.0 19.2 
Prior service credit from plan amendments during the year— 66.7 — — — 66.7 
Reclassification adjustment for amortization or curtailment of prior service cost included in net income (loss)(11.0)(4.6)(0.1)(0.3)(11.1)(4.9)
Foreign currency exchange effects— — — — — — 
End of year$69.7 80.7 0.2 0.3 69.9 81.0 

UMWA Plans
The net actuarial gains of $15.1 million in 2023 arose primarily due to claim assumptions updates ($17 million) and higher actual return on assets than expected ($4 million), which were partially offset by lower discount rate at the end of the year ($5 million). The net actuarial gains of $58.5 million in 2022 arose primarily due to a higher discount rate at the end of the year ($78 million) and favorable medical claims experience ($12 million). This was partially offset by lower actual return on assets than expected ($28 million) and updates to the UMWA census data ($12 million). We recognized a prior service credit in 2022 associated with UMWA obligations due to a plan amendment that changed the medical plan to a group Medicare Advantage plan ($67 million), which reduced future expected net per capita claims costs.

Black Lung and Other Plans
We recognized net actuarial losses of $3.3 million in 2023. This was primarily due to a lower discount rate compared to the prior period ($2 million). We recognized net actuarial gains of $18.9 million in 2022. This was primarily due to a higher discount rate compared to the prior period ($18 million).

Assumptions
See Mortality Tables for our U.S. Retirement Benefits on page 84 for a description of the mortality assumptions.

The APBO for each of the plans was determined using the unit credit method and assumed rates as follows:
202320222021
Weighted-average discount rate:
Postretirement cost:
UMWA plans5.4 %2.8 %2.3 %
Black lung5.4 %2.7 %2.2 %
Weighted-average5.6 %2.9 %2.4 %
Benefit obligation at year end:
UMWA plans5.1 %5.4 %2.8 %
Black lung5.1 %5.4 %2.7 %
Weighted-average5.3 %5.6 %2.9 %
Expected return on assets8.00 %8.00 %8.00 %
Healthcare Cost Trend Rates
For UMWA plans, the assumed healthcare cost trend rate used to compute the 2023 APBO is 6.8% for 2024, declining to 5.0% in 2031 and thereafter (in 2022: 7.0% for 2023 declining to 5.0% in 2031 and thereafter).  For the black lung obligation, the assumed healthcare cost trend rate used to compute the 2023 APBO was 5.0% (in 2022: 5.0%).  Other plans in the U.S. provide for fixed-dollar value coverage for eligible participants and, accordingly, are not adjusted for inflation.

For the Canadian plan, the assumed healthcare cost trend rate used to compute the 2023 APBO is 6.8% for 2024, declining to 5.0% in 2031 (in 2022: 7.0% for 2023, declining to 5.0% in 2031).  For the Brazilian plan, the assumed healthcare cost trend rate used to compute the 2023 APBO is 4.8% (in 2022: 4.8%).

We provide healthcare benefits to our UMWA retirees who are eligible for the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Medicare Act”) subsidy reimbursement under an employer group waiver plan (“EGWP”).  Under this arrangement, a government approved health insurance provider receives the Medicare Act subsidy reimbursement on our behalf and passes these savings to us.  Additionally, by providing healthcare benefits under an EGWP, we are able to benefit from the mandatory 50% discount that pharmaceutical companies must provide for Medicare Act-eligible prescription drugs. 

In 2022, we amended our UWMA plans by transferring the majority of our retirees from a self-insured medical plan to a fully insured group Medicare Advantage plan starting in 2023. As a result, we updated our claims assumption for the plan amendment as of December 31, 2022, which reduced our obligation by $66.7 million and was recognized as a prior service credit as of December 31, 2022.

Cash Flows
Estimated Contributions from the Company to Plan Assets
Based on the funded status and assumptions at December 31, 2023, we expect the Company to contribute $9.6 million in cash to the plans to pay 2024 beneficiary payments for black lung and other plans.  We do not expect to contribute cash to our UMWA plans in 2024 since we believe these plans have sufficient amounts held in trust to pay for beneficiary payments until 2036 based on actuarial assumptions.  Our UMWA plans are not covered by ERISA or other funding laws or regulations that require these plans to meet funding ratios.

Estimated Future Benefit Payments from Plan Assets to Beneficiaries
Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2023, are as follows:
(In millions)
UMWA PlansBlack Lung and Other PlansTotal
2024$18.5 9.6 28.1 
202518.3 8.9 27.2 
202618.1 8.3 26.4 
202718.0 7.7 25.7 
202817.9 7.2 25.1 
2029 through 203383.2 30.5 113.7 
Retirement Plan Assets
U.S. Plans
 December 31, 2023December 31, 2022
(In millions, except for percentages)Fair Value LevelTotal Fair Value% Actual Allocation% Target AllocationTotal Fair Value% Actual Allocation% Target Allocation
U.S. Pension Plans
Cash, cash equivalents and receivables$3.8 — — 3.8 — — 
Equity securities:
U.S. large-cap(a)
157.6 9 13 90.2 15 16 
U.S. small/mid-cap(a)
115.4 3 4 27.9 5 5 
International(a)
163.7 10 14 99.2 17 17 
Emerging markets(b)
14.5 1 1 11.5 2 2 
Dynamic asset allocation(c)
115.6 3 3 28.1 5 5 
Fixed-income securities:
Long duration - mutual fund(d)
1317.4 62 60 189.4 44 45 
Long duration - Treasury strips(d)
258.9 74.9 
Other types of investments:
Core property(g) (l)
33.0 5 2 36.2 6 5 
Structured credit(h) (l)
41.7 7 3 35.1 6 5 
Total$611.6 100 100 596.3 100 100 
UMWA Plans
Cash, cash equivalents and receivables$— — — 0.2 — — 
Equity securities:
U.S. large-cap(a)
129.3 22 24 25.6 18 22 
U.S. small/mid-cap(a)
113.2 10 11 10.0 7 10 
International(a)
132.1 24 26 28.2 20 24 
Emerging markets(b)
15.1 3 4 4.9 4 4 
Dynamic asset allocation(c)
18.9 7 7 8.5 6 7 
Fixed-income securities:
High yield(e)
12.6 2 2 2.4 2 2 
Emerging markets(f)
15.1 4 4 5.0 4 4 
Multi asset real return(i)
16.1 4 5 6.1 4 5 
Other types of investments:
Core property(g) (l)
14.7 10 5 20.6 15 10 
Structured credit(h) (l)
8.3 6 5 12.8 9 5 
Global private equity(j) (l)
9.6 7 7 11.9 9 7 
Energy debt(k) (l)
1.1 1 — 2.8 2 — 
Total$136.1 100 100 139.0 100 100 
(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 ASC 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.

Assets of our U.S. plans are invested with an objective of maximizing the total return, taking into consideration the liabilities of the plan, and minimizing the risks that could create the need for excessive contributions.  Plan assets are invested primarily using actively managed
accounts with asset allocation targets listed in the tables above.  Our policy does not permit the purchase of Brink’s common stock if immediately after any such purchase the aggregate fair market value of the plan assets invested in Brink’s common stock exceeds 10% of the aggregate fair market value of the assets of the plan, except as permitted by an exemption under ERISA.  The plans rebalance their assets on a quarterly basis if actual allocations of assets are outside predetermined ranges.  Among other factors, the performance of asset groups and investment managers will affect the long-term rate of return.

In 2018, the UMWA plans re-locked their energy debt investment for another three years, which expired in 2022. We did not re-lock the energy debt investment as the fund intends to be fully liquidated in 2024.

The global private equity investment cannot be redeemed due to the nature of the underlying investments. As the global private equity investment matures and becomes fully invested, liquidating distributions will be provided back to investors.  We expect to receive liquidating distributions over the stated life of the underlying investments.  We have $4 million in unfunded commitments related to the global private equity investment.

Most of the investments of our U.S. retirement plans can be redeemed daily. The structured credit investments can be redeemed quarterly with 65 days’ notice. The core property fund investment can be redeemed quarterly with 105 days’ notice.

We believe all plans have sufficient liquidity to meet the needs of the plans' beneficiaries in all market scenarios.

Non-U.S. Plans
December 31, 2023December 31, 2022
(In millions, except for percentages)Total Fair Value% Actual Allocation% Target AllocationTotal Fair Value% Actual Allocation% Target Allocation
Non-U.S. Pension Plans
Cash and cash equivalents$0.9 — — 0.7 — — 
Equity securities:
U.S. equity funds(a)
7.4 9.6 
Canadian equity funds(a)
1.6 3.6 
European equity funds(a)
1.4 1.4 
Other global equity funds(a)
9.6 15.4 
Total equity securities20.0 8 10 30.0 12 13 
Fixed-income securities:
Canadian fixed-income securities(b)
55.4 42.0 
European fixed-income funds(c)
11.7 11.0 
High-yield(d)
0.7 0.7 
Emerging markets(e)
0.8 0.7 
Long-duration(f)
61.4 59.5 
Total fixed-income securities130.0 50 49 113.9 47 47 
Other types of investments:
Guaranteed contract value(g)
82.6 32 34 75.8 31 33 
Property funds(h)
11.1 10 7 9.6 10 7 
Global infrastructure fund(i)
7.5 6.8 
Other7.2 8.7 
Total other types of investments108.4 100.9 
Total$259.3 100 100 245.5 100 100 

(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 Composite 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 seeks 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 a mix of actively managed fixed income mutual funds, which invest in bonds issued by Canadian issuers, as well as Canadian-dollar denominated zero-coupon securities issued by the Canadian Federal and Provincial governments, and agencies thereof.
(c)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.
(d)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.
(e)This category consists of a diversified portfolio of debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries.
(f)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.
(g)This represents the guaranteed contract value of insurance contracts in the Netherlands pension plan.
(h)This category offers exposure to limited partnerships invested in diversified real estate, participating mortgages, and property for development and resale.
(i)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.

Asset allocation strategies for our non-U.S. plans are designed to accumulate a diversified portfolio among markets and asset classes in order to reduce market risk and increase the likelihood that pension assets are available to pay benefits as they are due.  Assets of non-U.S. pension plans are invested primarily using actively managed accounts.  The weighted-average asset allocation targets are listed in the table above, and
reflect limitations on types of investments held and allocations among assets classes, as required by local regulation or market practice of the country where the assets are invested.  Most of the investments of our non-U.S. retirement plans can be redeemed at least monthly, except for a portion of “Other” in the above table, which can be redeemed quarterly.

Non-U.S. Plans - Fair Value Measurements
(In millions)
December 31, 2023December 31, 2022
Quoted prices in active markets for identical assets (Level 1)$95.2 88.2 
Significant other observable inputs (Level 2)49.3 45.3 
Guaranteed contract value (Level 3)(a)
82.6 75.8 
Other insurance contract value (Level 3)(b)
3.0 2.7 
Net asset value per share practical expedient(c)
29.2 33.5 
Total fair value$259.3 245.5 

(a)In 2020, we acquired operations in the Netherlands as part of the U.K.-based G4S plc ("G4S") acquisition. As a result, we acquired insurance contract assets related to the Netherlands pension plan. These investments are valued at the highest value available at year end, either the reported cash surrender value of the contract or the vested benefit obligation ("VBO"). The VBO for a defined benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee's expected date of separation or retirement. Both the cash surrender value and the VBO are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment.
(b)In 2021, our Belgium plans invested in a traditional group insurance policy, where assets are invested in the insurers' main fund with a minimum guaranteed rate. The contracts are valued based on the weighted average return of each individual insured contract. The contract value is determined based on unobservable inputs.. The contract is classified as a Level 3 investment.
(c)In accordance with ASC 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.

Savings Plans
We sponsor various defined contribution plans to help eligible employees provide for retirement. We record expense for amounts that we contribute on behalf of employees, usually in the form of matching contributions. We matched the first 2% of employees' eligible contributions to our U.S. 401(k) plan. Our matching contribution expense is as follows:
(In millions)
Years Ended December 31,202320222021
U.S. 401(K)$9.9 7.6 6.5 
Other plans10.7 11.5 12.6 
Total$20.6 19.1 19.1