Net actuarial loss due to assumption changes

[Table of Contents](#i36695dc5143241f795c32e47bf5f4b3d_7)CBRE GROUP, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)Pension PlansWe have 2 major non-U.S. contributory defined benefit pension plans, both based in the U.K. Our subsidiaries maintain these plans to provide retirement benefits to existing and former employees participating in these plans. With respect to these plans, our historical policy has been to contribute annually to the plans, an amount to fund pension liabilities as actuarially determined and as required by applicable laws and regulations. Our contributions to these plans are invested by the plan trustee and, if these investments do not perform well in the future, we may be required to provide additional contributions to cover any pension underfunding. Effective July 1, 2007, we reached agreements with the active members of these plans to freeze future pension plan benefits. In return, the active members became eligible to enroll in a defined contribution plan. For these plans, as of December 31, 2021 and 2020, the fair values of pension plan assets were $411.1 million and $378.9 million, and the fair values of projected benefit obligations were $437.5 million and $470.1 million, respectively. As a result, these plans were underfunded by approximately $26.4 million and $91.2 million at December 31, 2021 and 2020.As of December 31, 2021, inclusive of individually immaterial plans not shown in the above table, for plans where total projected benefit obligations exceed plan assets, projected benefit obligations and the fair value of plan assets were $524.3 million and $438.2 million as of December 31, 2021, respectively, and $558.4 million and $403.5 million as of December 31, 2020, respectively.For plans where the accumulated benefit obligation exceeds plan assets, such obligations are the same as the projected benefit obligations.Items not yet recognized as a component of net periodic pension cost (benefit) for the major plans were $119.9 million and $165.9 million as of December 31, 2021 and 2020, respectively, and were included in accumulated other comprehensive loss in the accompanying consolidated balance sheets. During 2021, there were gains on plan obligations of $22.1 million as a result of changes in actuarial assumptions. During 2020, there were losses on plan obligations of $27.7 million primarily as a result of changes in assumptions resulting in a loss of $37.1 million which was partially offset by $9.5 million in net gains due to plan experience. Net periodic pension benefit was $8.9 million for the year ended December 31, 2021, and not material for the years ended December 31, 2020 and 2019.The following table provides amounts recognized related to our defined benefit pension plans within the following captions on our consolidated balance sheets (dollars in thousands): 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2021 |  | 2020 |
| Other assets, net | $ | 73,990  |  |  | $ | 58,410  |  |
| Other current liabilities | 19,788  |  |  | 19,432  |  |
| Other liabilities | 69,478  |  |  | 135,440  |  |

The following table presents estimated future benefit payments over the next ten years, as of December 31, 2021. We will fund these obligations from the assets held by these plans. If the assets these plans hold are not sufficient to fund these payments, the company will fund the remaining obligations (dollars in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027-2031 |
| Estimated future benefit payments for   defined benefit plans | $ | 39,377  |  |  | $ | 39,103  |  |  | $ | 40,432  |  |  | $ | 42,190  |  |  | $ | 43,004  |  |  | $ | 231,643  |  |

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