XML 80 R45.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Retirement Plans and Postretirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of SERP | The following is a summary related to our SERP:
| Year Ended December 31,
($ in millions) | 2024 |  | 2023 |  | 2022
Compensation expense | $ | 1.2 |  |  | $ | 1.3 |  |  | $ | 1.1 |
Total discretionary contribution | $ | 1.4 |  |  | $ | 1.7 |  |  | $ | 1.0 |
Guaranteed annual return | 5.15 | % |  | 5.00 | % |  | 5.00 | %
Schedule of Defined Benefit Plans Disclosures | The following table shows the changes in the benefit obligation, plan assets, and funded status for the pension benefit plans:
| Year Ended December 31,
($ in millions) | 2024 |  | 2023
Change in projected benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 170.0 |  |  | $ | — |
Interest cost | 29.3 |  |  | 6.2 |
Benefit payments | (31.8) |  |  | (6.6) |
Net transfer in (including the effect of any business combinations/divestitures) | 465.7 |  |  | 172.8 |
Actuarial gain | (44.5) |  |  | (3.3) |
Exchange rate changes | 33.2 |  |  | 0.9 |
Benefit obligation at end of year | $ | 621.9 |  |  | $ | 170.0 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 185.3 |  |  | $ | — |
Actual return on plan assets | (10.3) |  |  | (2.2) |
Employer contributions | 18.9 |  |  | 35.6 |
Benefit payments | (31.8) |  |  | (6.6) |
Net transfer in (including effect of any business combinations/divestitures) | 466.4 |  |  | 157.5 |
Exchange rate changes | 34.3 |  |  | 1.0 |
Fair value of plan assets at end of year | 662.8 |  |  | 185.3 |
Funded status at end of year | $ | 40.9 |  |  | $ | 15.3 |
Amounts recognized in Consolidated Balance Sheets: |  |  |
Other non-current assets | $ | 40.9 |  |  | $ | 15.3 |
Net amount recognized | $ | 40.9 |  |  | $ | 15.3 |
Amounts recognized in accumulated other comprehensive income (loss) (pre-tax): |  |  |
Net actuarial loss | $ | (5.7) |  |  | $ | (7.6) |
Schedule of Net Benefit Costs | The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return.
| Year Ended December 31,
($ in millions) | 2024 |  | 2023 |  |
Interest cost | $ | 29.3 |  |  | $ | 6.2 |  |  |
Expected return on plan assets | (31.9) |  |  | (8.8) |  |  |
Net periodic (benefit) cost | $ | (2.6) |  |  | $ | (2.6) |  |  |
Schedule of Defined Benefit Plan, Assumptions | The weighted-average assumptions used to determine the benefit obligation and net periodic pension cost of our pension plan were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  |
Actuarial assumption used to determine benefit obligation: |  |  |  |  |
Discount rate | 5.50 | % |  | 4.78 | % |  |
Actuarial assumption used to determine net periodic pension cost: |  |  |  |  |
Jardine Motors Group UK Pension Scheme |  |  |  |  |
Discount rate | 4.78 | % |  | 4.86 | % |  |
Expected return on plan assets | 5.42 | % |  | 6.79 | % |  |
Pendragon Group Pension Scheme |  |  |  |  |
Discount rate | 4.85 | % |  | N/A |  |
Expected return on plan assets | 4.85 | % |  | N/A |  |
Schedule of Investments Within Plan Assets | The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company-sponsored defined benefit pension plans:
| As of December 31,
| 2024 |  | 2023
($ in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Diversified Growth Funds | $ | — |  |  | $ | 84.5 |  |  | $ | — |  |  | $ | 84.5 |  |  | $ | — |  |  | $ | 32.4 |  |  | $ | — |  |  | $ | 32.4 |
Liability Driven Instrument | — |  |  | 226.4 |  |  | — |  |  | 226.4 |  |  | — |  |  | 113.7 |  |  | — |  |  | 113.7 |
Property | — |  |  | — |  |  | 28.1 |  |  | 28.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Credit | — |  |  | 92.3 |  |  | — |  |  | 92.3 |  |  | — |  |  | — |  |  | — |  |  | — |
Private Markets | — |  |  | — |  |  | 37.8 |  |  | 37.8 |  |  | — |  |  | — |  |  | — |  |  | — |
Equity | — |  |  | 26.1 |  |  | — |  |  | 26.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Fixed Income Funds | — |  |  | — |  |  | 17.4 |  |  | 17.4 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash and Cash Equivalents | 109.6 |  |  | 40.6 |  |  | — |  |  | 150.2 |  |  | 39.2 |  |  | — |  |  | — |  |  | 39.2 |
Total | $ | 109.6 |  |  | $ | 469.9 |  |  | $ | 83.3 |  |  | $ | 662.8 |  |  | $ | 39.2 |  |  | $ | 146.1 |  |  | $ | — |  |  | $ | 185.3 |
Schedule of Allocation of Plan Assets | The long-term asset allocation targets adopted by the Fiduciary Managers are set out below:
| Pendragon Group Pension Scheme |  | Jardine Motors Group UK Pension Scheme
Credit | 19 | % |  | — | %
Diversified | 5 | % |  | 54 | %
Equities | 5 | % |  | — | %
Illiquids | 10 | % |  | — | %
Liability matching | 57 | % |  | 38 | %
Secure income | — | % |  | 8 | %
Special purpose investment vehicle | 5 | % |  | — | %
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows for the years indicated:
($ in millions) | Pension Benefit Plans
2025 | $ | 36.1 |
2026 | 37.8 |
2027 | 39.2 |
2028 | 40.2 |
2029 | 40.6 |
2030 - 2034 | 213.6 |
Total estimated future benefit payments | 407.5 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of defined benefit plan asset investment. Includes, but is not limited to, fair value of category of plan asset and its level within fair value hierarchy. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(ii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(01) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_DefinedBenefitPlanPlanAssetsCategoryTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of arrangements with individual employees that are not equity-based payments or pensions and other postretirement benefits, which are generally employment contracts between the entity and selected officers or key employees containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Examples may include profit sharing, deferred bonuses or certain split-dollar life insurance arrangements. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 30 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483043/710-10-30-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 25 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483070/710-10-25-11 + Details
Name: | us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTitleOfIndividualAndByTypeOfDeferredCompensationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-2 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration