NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2011, 2010 and 2009 (currencies in millions) The Company funds its pensions in accordance with applicable employee benefit and tax laws. The Company contributed  $84.7 to its pension plans in 2011 and $61.8 in 2010. The Company expects to contribute in the range of $100.0 to $150.0  to its pension plans in 2012, of which $14.2 is estimated to satisfy minimum funding requirements. Annual benefits  expected to be paid beginning January 1, 2012 are $63.6, $66.6, $72.0, $76.0, $81.8 and for the five years thereafter,  a total of $474.1.  Plan assets are invested in global equity and debt securities through professional investment managers with the  objective to achieve targeted risk adjusted returns and maintain liquidity sufficient to fund current benefit  payments. Typically, each defined benefit plan has an investment policy that includes a target for asset mix  including maximum and minimum ranges for allocation percentages by investment category. The actual allocation  of assets may vary at times based upon rebalancing policies and other factors. The Company periodically assesses  the target asset mix by evaluating external sources of information regarding the long-term historical return,  volatilities and expected future returns for each investment category. In addition, the long-term rates of return  assumptions for pension accounting are reviewed annually to ensure they are appropriate. Target asset mix and  forecast long-term returns by asset category are considered in determining the assumed long-term rates of return,  although historical returns realized are given some consideration.  The following information details the allocation of plan assets by investment type. See Note P for definitions of fair  value levels. At December 31, 2011 TARGET LEVEL 1 LEVEL 2 TOTAL Equities: U.S. equities  $ 456.3  $ 456.3 Global equities  450.5 450.5 Total equities  50-70%   906.8   906.8 Fixed income: U.S. fixed income   $224.5   196.7   421.2 Non-U.S. fixed income  183.1 183.1 Total fixed income  30-50% 224.5 379.8 604.3 Cash and other  4.6 34.2 38.8 Total plan assets $229.1  $1,320.8  $1,549.9 At December 31, 2010  TARGET LEVEL 1 LEVEL 2 TOTAL Equities : U.S. equities  $ 38.1  $ 431.3  $ 469.4 Global equities  394.8 394.8 Total equities  50-70%  38.1   826.1   864.2 Fixed income : U.S. fixed income  208.5   172.1   380.6 Non-U.S. fixed income  171.0 171.0 Total fixed income  30-50% 208.5 343.1 551.6 Cash and other  2.7 26.9 29.6 Total plan assets $249.3  $1,196.1  $1,445.4