4.  BUSINESS RESTRUCTURING AND COST REDUCTION ACTIONS The charges we record for business restructuring and cost reduction actions have been excluded from segment operating income and are reflected on the consolidated income statements as “Business Restructuring and Cost Reduction Actions.
” 2014 Charge On 18 September 2014, we announced plans to reorganize the Company, including realignment of our businesses in new reporting segments and organizational changes, effective as of 1 October 2014.
Refer to Note 25, Business Segment and Geographic Information, for additional details.
As a result of this initiative, we will incur ongoing severance and other charges.
During the fourth quarter of 2014, an expense of $12.7 ($8.2 after-tax, or $.04 per share) was incurred relating to the elimination of approximately 50 positions.
The 2014 charge related to the businesses at the segment level as follows: $4.4 in Merchant Gases, $4.1 in Tonnage Gases, $2.4 in Electronics and Performance Materials, and $1.8 in Equipment and Energy.2013 Plan During the fourth quarter of 2013, we recorded an expense of $231.6 ($157.9 after-tax, or $.74 per share) reflecting actions to better align our cost structure with current market conditions.
The asset and contract actions primarily impacted the Electronics business due to continued weakness in the photovoltaic (PV) and light-emitting diode (LED) markets.
The severance and other contractual benefits primarily impacted our Merchant Gases business and corporate functions in response to weaker than expected business conditions in Europe and Asia, reorganization of our operations and functional areas, and previously announced senior executive changes.
The remaining planned actions associated with severance were completed in the first quarter of 2015.
The 2013 charges relate to the businesses at the segment level as follows: $61.0 in Merchant Gases, $28.6 in Tonnage Gases, $141.0 in Electronics and Performance Materials, and $1.0 in Equipment and Energy.
The following table summarizes the carrying amount of the accrual for the 2013 plan at 30 September 2014:
## Table 0 ##
Under our existing indentures, if we do not file required reports within specified time periods, the trustee or holders of at least 30% in the case of our Second Lien Senior Secured Notes due 2025 and 25% in the case of any other series of notes may deliver a notice of default for such series of notes which would commence the applicable cure period under such indenture.
As of June 5, 2019, none of the cure periods under our existing indentures have been triggered in connection with our failure to comply with the respective reporting covenants set forth in such indentures.
However, if a cure period is triggered under such indentures and we fail to file our annual and interim financial statements within such cure period, any outstanding notes issued thereunder would become callable.
Our senior notes maturing in 2019 and 2020 include aggregate principal amounts of approximately $350 million in August 2019, approximately $900 million in February 2020, and approximately 800 million Canadian dollars and $1.5 billion in July 2020.
We expect to fund these long-term debt repayments primarily with cash on hand, cash generated from our operating activities, proceeds from our divestiture in Canada, and potential new issuances of short-term or long-term debt.
See Note 19, Debt, in Item 8, Financial Statements and Supplementary Data, for additional information related to our long-term debt.
Off-Balance Sheet Arrangements and Aggregate Contractual Obligations Off-Balance Sheet Arrangements: We do not have guarantees or other off-balance sheet financing arrangements that we believe are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures, or capital resources.
We have utilized accounts receivable securitization and factoring programs globally for our working capital needs and to provide efficient liquidity.
During 2018, we had Programs in place in various countries across the globe.
In the second quarter of 2018, we unwound our U. S.  securitization program, which represented the majority of our Programs, using proceeds from the issuance of long-term debt in June 2018.
As of December 29, 2018, we have unwound all of our Programs.
See Note 17, Financing Arrangements, in Item 8, Financial Statements and Supplementary Data, for a discussion of our Programs and other financing arrangements.
Aggregate Contractual Obligations: The following table summarizes our contractual obligations at December 29, 2018 (in millions):
## Table 1 ##
(a) Amounts represent the expected cash payments of our long-term debt, including interest on variable and fixed rate long-term debt.
Interest on variable rate long-term debt is calculated based on interest rates at December 29, 2018.
(b) Amounts represent the expected cash payments of our capital leases, including expected cash payments of interest expense.
(c) Operating leases represent the minimum rental commitments under non-cancelable operating leases.
(d) We have purchase obligations for materials, supplies, property, plant and equipment, and co-packing, storage, and distribution services based on projected needs to be utilized in the normal course of business.
Other purchase obligations include commitments for marketing, advertising, capital expenditures, information technology, and professional services.
Arrangements are considered purchase obligations if a contract specifies all significant terms, including fixed or minimum quantities to be purchased, a pricing structure, and approximate timing of the transaction.
Several of these obligations are long-term and are based on minimum purchase requirements.
Certain purchase obligations contain variable pricing components, and, as a result, actual cash payments are expected to fluctuate based on changes in these variable components.
Due to the proprietary nature of some of our materials and processes, certain supply contracts contain penalty provisions for early terminations.
We do not believe that a material amount of penalties is reasonably likely to be incurred under these contracts based upon historical experience and current expectations.
We exclude amounts reflected on the consolidated balance sheet as accounts payable and accrued liabilities from the table above.
(e) Other long-term liabilities primarily consist of estimated payments for the one-time toll charge related to U. S.  Tax Reform, as well as postretirement benefit commitments.
Certain other long-term liabilities related to income taxes, insurance accruals, and other accruals included on the consolidated balance sheet are excluded from the above table as we are unable to estimate the timing of payments for these items.
(f) As part of the restatement described in Note 2, Restatement of Previously Issued Consolidated Financial Statements, in Item 8, Financial Statements and Supplementary Data, certain amounts in prior years, if presented, would have been recategorized between capital leases, operating leases, and purchase
Table of Contents plans (of which $227 million and $(57) million, respectively, relates to U. S.  pension plans) and are $4 million and $(65) million, respectively, for other postretirement benefit plans.
Actuarial Assumptions The Company reassesses its benefit plan assumptions on a regular basis.
The weighted average assumptions used in determining U. S.  pension and other postretirement benefit plan and international pension plan information are as follows:
## Table 2 ##
For both the pension and other postretirement benefit plans, the discount rate is evaluated on measurement dates and modified to reflect the prevailing market rate of a portfolio of high-quality fixed-income debt instruments that would provide the future cash flows needed to pay the benefits included in the benefit obligation as they come due.
The expected rate of return for both the pension and other postretirement benefit plans represents the average rate of return to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid and is determined on a plan basis.
In developing the expected rate of return within each plan, long-term historical returns data are considered as well as actual returns on the plan assets and other capital markets experience.
Using this reference information, the long-term return expectations for each asset category and a weighted average expected return for each plan’s target portfolio is developed, according to the allocation among those investment categories.
The expected portfolio performance reflects the contribution of active management as appropriate.
For 2015, the Company’s expected rate of return will range from 7.30% to 8.75%, the same range as in 2014 for its U. S.  pension and other postretirement benefit plans.
The health care cost trend rate assumptions for other postretirement benefit plans are as follows:
## Table 3 ##
A one percentage point change in the health care cost trend rate would have had the following effects:
## Table 4 ##
Savings Plans The Company also maintains defined contribution savings plans in the United States.
The Company matches a percentage of each employee’s contributions consistent with the provisions of the plan for which the employee is eligible.
Total employer contributions to these plans in 2014, 2013 and 2012 were $124 million, $138 million and $146 million, respectively
Our Japanese insurance operations use the yen as their functional currency, as it is the currency in which they conduct the majority of their operations.
Although the majority of the Japanese general account is invested in yen denominated investments, our Japanese insurance operations also hold significant investments denominated in U. S.  dollars.
As of December 31, 2010, our Japanese insurance operations had $18.2 billion, at fair value, of investments denominated in U. S.  dollars, including $0.7 billion that were hedged to yen through third party derivative contracts and $10.7 billion that support liabilities denominated in U. S.  dollars.
As of December 31, 2009, our Japanese insurance operations had $14.8 billion, at fair value, of investments denominated in U. S.  dollars, including $0.5 billion that were hedged to yen through third party derivative contracts and $7.9 billion that support liabilities denominated in U. S.  dollars.
For additional information regarding U. S.  dollar investments held in our Japanese insurance operations see, “—Results of Operations for Financial Services Businesses by Segment—International Insurance and Investments Division.
” Investment Results The following tables set forth the income yield and investment income, excluding realized investment gains (losses) and non-hedge accounting derivative results, for each major investment category of our general account for the periods indicated.
## Table 5 ##
Year Ended December 31, 2009

<table><tr><td></td><td>Severance and Other Benefits</td><td>Asset Actions</td><td>Contract Actions/Other</td><td>Total</td></tr><tr><td>2013 Charge</td><td>$71.9</td><td>$100.4</td><td>$59.3</td><td>$231.6</td></tr><tr><td>Amount reflected in pension liability</td><td>-6.9</td><td>—</td><td>—</td><td>-6.9</td></tr><tr><td>Noncash expenses</td><td>—</td><td>-100.4</td><td>—</td><td>-100.4</td></tr><tr><td>Cash expenditures</td><td>-3.0</td><td>—</td><td>-58.5</td><td>-61.5</td></tr><tr><td>Currency translation adjustment</td><td>.4</td><td>—</td><td>—</td><td>.4</td></tr><tr><td>30 September 2013</td><td>$62.4</td><td>$—</td><td>$.8</td><td>$63.2</td></tr><tr><td>Cash expenditures</td><td>-51.7</td><td>—</td><td>-.8</td><td>-52.5</td></tr><tr><td>Currency translation adjustment</td><td>-.6</td><td>—</td><td>—</td><td>-.6</td></tr><tr><td>30 September 2014</td><td>$10.1</td><td>$—</td><td>$—</td><td>$10.1</td></tr></table>
<table><tr><td></td><td colspan="5">Payments Due</td></tr><tr><td></td><td>2019</td><td>2020-2021</td><td>2022-2023</td><td>2024 and Thereafter</td><td>Total</td></tr><tr><td>Long-term debt<sup>(a)</sup></td><td>1,641</td><td>6,369</td><td>8,046</td><td>32,195</td><td>48,251</td></tr><tr><td>Capital leases<sup>(b)(f)</sup></td><td>27</td><td>98</td><td>27</td><td>85</td><td>237</td></tr><tr><td>Operating leases<sup>(c)(f)</sup></td><td>185</td><td>242</td><td>119</td><td>148</td><td>694</td></tr><tr><td>Purchase obligations<sup>(d)(f)</sup></td><td>1,569</td><td>1,162</td><td>497</td><td>217</td><td>3,445</td></tr><tr><td>Other long-term liabilities<sup>(e)</sup></td><td>41</td><td>83</td><td>98</td><td>203</td><td>425</td></tr><tr><td>Total</td><td>3,463</td><td>7,954</td><td>8,787</td><td>32,848</td><td>53,052</td></tr></table>
<table><tr><td></td><td colspan="3">U.S. Pension and OtherPostretirement Benefit Plans</td><td colspan="3">International Pension Plans</td></tr><tr><td>December 31</td><td>2014</td><td>2013</td><td>2012</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Net periodic benefit cost</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td>4.90%</td><td>4.10%</td><td>4.80%</td><td>3.80%</td><td>3.60%</td><td>4.60%</td></tr><tr><td>Expected rate of return on plan assets</td><td>8.50%</td><td>8.50%</td><td>8.70%</td><td>6.00%</td><td>5.80%</td><td>5.90%</td></tr><tr><td>Salary growth rate</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td>3.10%</td><td>3.30%</td><td>3.40%</td></tr><tr><td>Benefit obligation</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td>4.20%</td><td>5.10%</td><td>4.10%</td><td>2.70%</td><td>3.80%</td><td>3.60%</td></tr><tr><td>Salary growth rate</td><td>4.40%</td><td>4.50%</td><td>4.50%</td><td>2.90%</td><td>3.10%</td><td>3.30%</td></tr></table>
<table><tr><td>December 31</td><td>2014</td><td>2013</td></tr><tr><td>Health care cost trend rate assumed for next year</td><td>6.9%</td><td>7.1%</td></tr><tr><td>Rate to which the cost trend rate is assumed to decline</td><td>4.6%</td><td>4.6%</td></tr><tr><td>Year that the trend rate reaches the ultimate trend rate</td><td>2027</td><td>2027</td></tr></table>
<table><tr><td></td><td colspan="2">One Percentage Point</td></tr><tr><td></td><td>Increase</td><td>Decrease</td></tr><tr><td>Effect on total service and interest cost components</td><td>$32</td><td>$-27</td></tr><tr><td>Effect on benefit obligation</td><td>421</td><td>-339</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December 31, 2010</td></tr><tr><td></td><td colspan="2">Financial Services Businesses</td><td colspan="2">Closed Block Business</td><td colspan="2">Combined</td></tr><tr><td></td><td>Yield-1</td><td>Amount</td><td>Yield-1</td><td>Amount</td><td>Yield-1</td><td>Amount</td></tr><tr><td></td><td colspan="6">($ in millions)</td></tr><tr><td>Fixed maturities</td><td>4.33%</td><td>$5,927</td><td>5.91%</td><td>$2,326</td><td>4.69%</td><td>$8,253</td></tr><tr><td>Trading account assets supporting insurance liabilities</td><td>4.51</td><td>750</td><td>0.00</td><td>0</td><td>4.51</td><td>750</td></tr><tr><td>Equity securities</td><td>6.33</td><td>212</td><td>2.70</td><td>74</td><td>4.70</td><td>286</td></tr><tr><td>Commercial mortgage and other loans</td><td>6.01</td><td>1,256</td><td>6.61</td><td>536</td><td>6.18</td><td>1,792</td></tr><tr><td>Policy loans</td><td>5.00</td><td>243</td><td>6.38</td><td>334</td><td>5.71</td><td>577</td></tr><tr><td>Short-term investments and cash equivalents</td><td>0.32</td><td>36</td><td>0.56</td><td>5</td><td>0.33</td><td>41</td></tr><tr><td>Other investments</td><td>4.71</td><td>193</td><td>6.66</td><td>115</td><td>5.28</td><td>308</td></tr><tr><td>Gross investment income before investment expenses</td><td>4.39</td><td>8,617</td><td>5.88</td><td>3,390</td><td>4.73</td><td>12,007</td></tr><tr><td>Investment expenses</td><td>-0.13</td><td>-208</td><td>-0.24</td><td>-143</td><td>-0.15</td><td>-351</td></tr><tr><td>Investment income after investment expenses</td><td>4.26%</td><td>8,409</td><td>5.64%</td><td>3,247</td><td>4.58%</td><td>11,656</td></tr><tr><td>Investment results of other entities and operations-2</td><td></td><td>219</td><td></td><td>0</td><td></td><td>219</td></tr><tr><td>Total investment income</td><td></td><td>$8,628</td><td></td><td>$3,247</td><td></td><td>$11,875</td></tr></table>

Question: Which section is Fixed maturities the most Financial Services Businesses?