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Retirement Plans | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Retirement Plans | 7. RETIREMENT PLANS Defined Contribution Plans We have a qualified profit sharing plan subject to United States Internal Revenue Code Section 401(k) for eligible U.S. employees. A plan participant is allowed to contribute between 1% to 50% of their compensation to the 401(k) plan, subject to limits imposed by the IRS. We make employer matching contributions under this qualified profit sharing plan that are reflected in Compensation and benefits in the accompanying Consolidated Statements of Comprehensive Income. For 2024, 2023 and 2022 we matched 100% on the first 3% of annual compensation contributed to the plan and 50% on the next 2%. The related trust assets of this plan are managed by trustees and are excluded from the accompanying Consolidated Financial Statements. In addition, we maintain several defined contribution retirement plans for eligible non-U.S. employees. The table below provides detail of employer contributions for these plans.
| Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
Employer contributions (U.S. employees) | $ | 54.8 |  | 52.1 |  | 50.1 |
Employer contributions (non-U.S. employees) | 56.8 |  | 46.9 |  | 43.2 |
Defined Benefit Plans We maintain five defined benefit pension plans across Europe. It is our policy to fund at least the minimum annual contributions as actuarially determined and as required by applicable laws and regulations. Our contributions to these plans are invested by the plan trustee and, if the investment performance is not sufficient, we may be required to provide additional contributions to cover any pension underfunding. Our largest plan has been closed to new entrants since 2013. The following table provides the projected benefit obligation and plan assets, the net of which represents our funded status, as well as the accumulated benefit obligations of our defined benefit pension plans.
| December 31,
(in millions) | 2024 | 2023
Projected benefit obligation | $ | 244.9 |  | 277.4 |
Fair value of plan assets | 285.7 |  | 315.3 |
Funded status and net amount recognized | 40.8 |  | 37.9 |
Accumulated benefit obligation | $ | 244.9 |  | 277.4 |
The primary driver for the year-over-year change in projected benefit obligation was an actuarial gain driven by an increase in discount rate assumptions. Defined benefit pension plan amounts recorded in the Consolidated Balance Sheets are presented in the below table.
| December 31,
(in millions) | 2024 | 2023
Pension assets (included in Other assets) | $ | 42.8 |  | 41.8 |
Pension liabilities (included in Other liabilities) | (2.0) |  | (3.9) |
Net asset recognized | $ | 40.8 |  | 37.9 |
Accumulated other comprehensive loss | $ | 94.2 |  | 100.4 |
Net periodic pension cost (benefit) was not material during the three-year period ended December 31, 2024

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