The asset allocations for the non-U.S. defined benefit pension plans at the end of 2018 and 2017 are as follows: None of our common stock is held directly by these plans. In all cases, our investment strategy for these plans is to earn a long-term rate of return consistent with an acceptable degree of risk and minimize our cash contributions over the life of the plan, while taking into account the liquidity needs of the plan and the legal requirements of the particular country. We preserve capital through diversified investments in high quality securities. Asset allocation differs by plan based upon the plan’s benefit obligation to participants, as well as the results of asset and liability studies that are conducted for each plan and in consideration of our future cash flow needs. Professional money management firms manage plan assets and we engage a consultant in the U.K. to assist in evaluation of these activities. The assets of the U.K. plans are overseen by a group of Trustees who review the investment strategy, asset allocation and fund selection. These assets are passively managed as they are invested in index funds that attempt to match the performance of the specified benchmark index. 96 Target Allocation at December 31, Percentage of Actual Plan Assets at December 31, Asset category 2018 2017 2018 2017 Cash and cash equivalents 7 % 3 % 7 % 3 % Cash and cash equivalents 7% 3% 7% 3% North American Companies 3 % 3 % 3 % 3 % Global Equity 2% 3% 2% 3% Equity securities 5 % 6 % 5 % 6 % U.K. Government Gilt Index 43% 41% 43% 41% U.K. Corporate Bond Index — % 1 % — % 1 % Global Fixed Income Bond 2% 2% 2% 2% Liability-Driven Investment 9 % 9 % 9 % 9 % Fixed income 54% 53% 54% 53% Multi-asset 19 % 22 % 19 % 22 % Buy-in Contract 10% 10% 10% 10% Other 5 % 6 % 5 % 6 % Other types 34% 38% 34% 38%