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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)202420232022
Compensation expense$1.2 $1.3 $1.1 
Total discretionary contribution$1.4 $1.7 $1.0 
Guaranteed annual return5.15 %5.00 %5.00 %
Schedule of Defined Benefit Plans Disclosures
The following table shows the changes in the benefit obligation, plan assets, and funded status for the pension benefit plans:
Year Ended December 31,
($ in millions)20242023
Change in projected benefit obligation:
Benefit obligation at beginning of year$170.0 $— 
Interest cost29.3 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 changes33.2 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 contributions18.9 35.6 
Benefit payments(31.8)(6.6)
Net transfer in (including effect of any business combinations/divestitures)466.4 157.5 
Exchange rate changes34.3 1.0 
Fair value of plan assets at end of year662.8 185.3 
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)20242023
Interest cost$29.3 $6.2 
Expected return on plan assets(31.9)(8.8)
Net periodic (benefit) cost$(2.6)$(2.6)
Schedule of Defined Benefit Plan, Assumptions
The weighted-average assumptions used to determine the benefit obligation and net periodic pension cost of our pension plan were as follows:
Year Ended December 31,
20242023
Actuarial assumption used to determine benefit obligation:
Discount rate5.50 %4.78 %
Actuarial assumption used to determine net periodic pension cost:
Jardine Motors Group UK Pension Scheme
Discount rate4.78 %4.86 %
Expected return on plan assets5.42 %6.79 %
Pendragon Group Pension Scheme
Discount rate4.85 %N/A
Expected return on plan assets4.85 %N/A
Schedule of Investments Within Plan Assets
The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company-sponsored defined benefit pension plans:
As of December 31,
20242023
($ in millions)Level 1
Level 2
Level 3
TotalLevel 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 $— $185.3 
Schedule of Allocation of Plan Assets The long-term asset allocation targets adopted by the Fiduciary Managers are set out below:
Pendragon Group Pension SchemeJardine Motors Group UK Pension Scheme
Credit19 %— %
Diversified5 %54 %
Equities5 %— %
Illiquids10 %— %
Liability matching57 %38 %
Secure income— %8 %
Special purpose investment vehicle5 %— %
Schedule of Expected Benefit Payments
Estimated future benefit payments are as follows for the years indicated:
($ in millions)
Pension Benefit Plans
2025$36.1 
202637.8 
202739.2 
202840.2 
202940.6 
2030 - 2034213.6 
Total estimated future benefit payments
407.5