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Retirement Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Pension Plan |
Defined Benefit Plan Disclosure [Line Items] |
Retirement Benefit Plans | Note 17 - Retirement Benefit Plans The Company and its subsidiaries sponsor a number of defined benefit pension plans, which cover eligible employees, including certain employees in foreign countries. These plans generally are noncontributory. Pension benefits earned generally are based on years of service and compensation during active employment. The cash contributions and payments for the Company’s defined benefit pension plans were $24.6 million, $27.1 million and $11.2 million in 2024, 2023 and 2022, respectively. The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
| U.S. Plans | International Plans
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Components of net periodic benefit cost: |  |  |  |  |  |
Service cost | $ | 0.7 |  | $ | 0.8 |  | $ | 6.9 |  | $ | 1.9 |  | $ | 1.6 |  | $ | 1.6 |
Interest cost | 17.1 |  | 17.9 |  | 17.7 |  | 10.2 |  | 10.4 |  | 5.7 |
Expected return on plan assets | (7.6) |  | (8.5) |  | (18.9) |  | (9.6) |  | (10.4) |  | (9.3) |
Amortization of prior service cost | 0.1 |  | 0.2 |  | 1.2 |  | 0.2 |  | 0.2 |  | 0.1 |
Recognition of net actuarial (gains) losses | (1.3) |  | 9.2 |  | 22.6 |  | 0.6 |  | 12.4 |  | (6.6) |
Curtailment gain | — |  | — |  | — |  | (0.1) |  | — |  | — |
Net periodic benefit cost (credit) | $ | 9.0 |  | $ | 19.6 |  | $ | 29.5 |  | $ | 3.2 |  | $ | 14.2 |  | $ | (8.5) |
Assumptions | 2024 | 2023 | 2022
U.S. Plans: |  |  |
Discount rate | 5.37% to 5.53% | 5.62% to 5.74% | 3.03% to 4.95%
Future compensation assumption | 3.25% | 2.50% to 3.50% | 2.50% to 3.50%
Expected long-term return on plan assets | 2.09% to 4.67% | 4.31% to 4.91% | 4.35% to 5.65%
International Plans: |  |  |
Discount rate | 3.15% to 11.70% | 3.70% to 10.70% | 1.00% to 9.50%
Future compensation assumption | 3.00% to 8.00% | 2.80% to 8.00% | 2.10% to 8.00%
Expected long-term return on plan assets | 2.50% to 8.90% | 2.50% to 8.90% | 2.00% to 8.90%
The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31:
Assumptions | 2024 | 2023
U.S. Plans: |  |
Discount rate | 5.78% to 5.84% | 5.37% to 5.53%
Future compensation assumption | 3.00% | 3.25 | %
International Plans: |  |
Discount rate | 3.35% to 11.40% | 3.15% to 11.70%
Future compensation assumption | 2.62% to 8.00% | 3.00% to 8.00%
Note 17 - Retirement Benefit Plans (continued) The Company recognized actuarial gains of $0.7 million during 2024 primarily due to the impact of a net increase in the discount rate used to measure its defined benefit pension obligations of $28.7 million, partially offset by lower than expected returns on plan assets of $26.8 million and experience losses of $1.2 million. The impact of the net increase in the discount rate used to measure the Company's defined benefit pension obligations was primarily driven by a 95 basis point increase in the discount rate used to measure its U.K. plan obligations, which increased from 4.48% in 2023 to 5.43% in 2024, and a 43 basis point increase in the weighted-average discount rate used to measure its U.S. plan obligations, which increased from 5.40% in 2023 to 5.83% in 2024. The Company recognized actuarial losses of $21.6 million during 2023 primarily due to the impact of a net reduction in the discount rate used to measure its defined benefit pension obligations of $17.6 million and the impact of experience losses of $10.3 million, partially offset by changes in mortality of $6.0 million primarily related to the U.K. plan obligations and other actuarial gains of $0.3 million. The impact of the net reduction in the discount rate used to measure the Company's defined benefit pension obligations was primarily driven by a 24 basis point reduction in the weighted-average discount rate used to measure its U.S. plan obligations, which decreased from 5.64% in 2022 to 5.40% in 2023, and a 33 basis point decrease in the discount rate used to measure its U.K. plan obligations, which decreased from 4.81% in 2022 to 4.48% in 2023. Returns on plan assets had no impact on actuarial losses for 2023. The Company recognized actuarial losses of $16.0 million during 2022 primarily due to the impact of lower than expected returns on plan assets of $220.6 million, the impact of experience losses of $33.0 million, the impact of inflation of $5.4 million and other actuarial losses of $0.2 million, partially offset by the favorable impact of a net increase in the discount rate used to measure its defined benefit pension obligations of $243.2 million. The impact of the net increase in the discount rate used to measure the Company's defined benefit pension obligations was primarily driven by a 257 basis point increase in the weighted-average discount rate used to measure its U.S. plan obligations, which increased from 3.07% in 2021 to 5.64% in 2022, and a 301 basis point increase in the discount rate used to measure its U.K. plan obligations, which increased from 1.80% in 2021 to 4.81% in 2022. For expense purposes in 2024, the Company applied a weighted-average discount rate of 5.40% to its U.S. defined benefit pension plans. For expense purposes in 2025, the Company will apply a weighted-average discount rate of 5.83% to its U.S. defined benefit pension plans. For expense purposes in 2024, the Company applied a weighted-average expected rate of return of 3.94% for the Company’s U.S. pension plan assets. For expense purposes in 2025, the Company will apply a weighted-average expected rate of return on plan assets of 4.30%. Note 17 - Retirement Benefit Plans (continued) The following tables set forth the change in the benefit obligation and plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans as of December 31, 2024 and 2023:
| U.S. Plans | International Plans
| 2024 | 2023 | 2024 | 2023
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year | $ | 333.2 |  | $ | 335.3 |  | $ | 242.3 |  | $ | 218.1 |
Service cost | 0.7 |  | 0.8 |  | 1.9 |  | 1.6 |
Interest cost | 17.1 |  | 17.9 |  | 10.2 |  | 10.4 |
Plan amendments | — |  | — |  | 0.3 |  | — |
Actuarial (gains) losses | (12.6) |  | 10.8 |  | (14.9) |  | 10.8 |
International plan exchange rate change | — |  | — |  | (6.9) |  | 10.4 |
Curtailments | — |  | — |  | (0.1) |  | — |
Benefits paid | (21.0) |  | (31.6) |  | (15.0) |  | (14.7) |
Acquisitions | — |  | — |  | — |  | 3.9 |
Other | — |  | — |  | 0.4 |  | 1.8 |
Benefit obligation at end of year | $ | 317.4 |  | $ | 333.2 |  | $ | 218.2 |  | $ | 242.3 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year | $ | 199.2 |  | $ | 201.6 |  | $ | 196.8 |  | $ | 185.5 |
Actual return on plan assets | (3.7) |  | 10.1 |  | (5.9) |  | 8.8 |
Company contributions / payments | 20.5 |  | 19.1 |  | 4.1 |  | 8.0 |
International plan exchange rate change | — |  | — |  | (4.1) |  | 9.2 |
Benefits paid | (21.0) |  | (31.6) |  | (15.0) |  | (14.7) |
Fair value of plan assets at end of year | 195.0 |  | 199.2 |  | 175.9 |  | 196.8 |
Funded status at end of year | $ | (122.4) |  | $ | (134.0) |  | $ | (42.3) |  | $ | (45.5) |
Amounts recognized on the Consolidated Balance Sheets: |  |  |  |
Current liabilities | $ | (4.9) |  | $ | (4.8) |  | $ | (2.1) |  | $ | (2.4) |
Non-current liabilities | (117.5) |  | (129.2) |  | (40.2) |  | (43.1) |
| $ | (122.4) |  | $ | (134.0) |  | $ | (42.3) |  | $ | (45.5) |
Amounts recognized in accumulated other comprehensive loss: |  |  |  |
Net prior service cost | $ | — |  | $ | 0.1 |  | $ | 3.6 |  | $ | 3.6 |
Accumulated other comprehensive loss | $ | — |  | $ | 0.1 |  | $ | 3.6 |  | $ | 3.6 |
Changes in prior service cost recognized in accumulated other comprehensive loss: |  |  |  |
Accumulated other comprehensive loss at beginning of year | $ | 0.1 |  | $ | 0.3 |  | $ | 3.6 |  | $ | 3.6 |
Prior service cost | — |  | — |  | 0.3 |  | — |
Recognized prior service cost | (0.1) |  | (0.2) |  | (0.2) |  | (0.2) |
Foreign currency impact | — |  | — |  | (0.1) |  | 0.2 |
Total recognized in accumulated other comprehensive loss at December 31 | $ | — |  | $ | 0.1 |  | $ | 3.6 |  | $ | 3.6 |
The presentation in the above tables for amounts recognized in accumulated other comprehensive loss on the Consolidated Balance Sheets is before the effect of income taxes. Note 17 - Retirement Benefit Plans (continued) No defined benefit pension plans were overfunded as of December 31, 2024 and 2023. The current portion of accrued pension benefits, which was included in salaries, wages and benefits on the Consolidated Balance Sheets, was $7.0 million and $7.2 million at December 31, 2024 and 2023, respectively. In 2024, the current portion of accrued pension benefits relates to unfunded plans and represents the actuarial present value of expected payments related to the plans to be made over the next 12 months. The four largest defined benefit pension plans, covering certain employees in the United States and U.K., represent 83% of the Company's projected benefit obligation at December 31, 2024 and 2023. These defined benefit pension plans are closed to new entrants and benefits have been frozen for three of these plans. The projected benefit obligation at December 31, 2024 exceeded the market value of plan assets for most of the Company's pension plans. For these plans, the projected benefit obligation was $534.9 million, the accumulated benefit obligation was $527.6 million and the fair value of plan assets was $370.3 million at December 31, 2024. The accumulated benefit obligation at December 31, 2024 exceeded the market value of plan assets for most of the Company’s pension plans. For these plans, the projected benefit obligation was $526.3 million, the accumulated benefit obligation was $521.4 million and the fair value of plan assets was $361.9 million at December 31, 2024. The total accumulated benefit obligation for all plans was $528.0 million and $567.0 million at December 31, 2024 and 2023, respectively. Investment performance decreased the value of the Company’s pension assets by 1.4% in 2024 largely due to increases in bond rates. As of December 31, 2024, 2023 and 2022, the Company’s defined benefit pension plans did not directly hold any of the Company’s common shares. Plan Assets: The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2024 and 2023, was as follows:
| Current Target Allocation | Percentage of Pension Plan Assets at December 31, |
Asset Category |  |  |  | 2024 | 2023 |
Equity securities | 10% | to | 14% | 13% | 13% |
Fixed income securities | 78% | to | 90% | 83% | 84% |
Other investments | 2% | to | 6% | 4% | 3% |
Total |  |  |  | 100% | 100% |
The Company recognizes its overall responsibility to ensure that the assets of its various defined benefit pension plans are managed effectively and prudently and in compliance with its policy guidelines and all applicable laws. Preservation of capital is important; however, the Company also recognizes that appropriate levels of risk are necessary to allow its investment managers to achieve satisfactory long-term results consistent with the objectives and the fiduciary character of the pension funds. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for various asset classes, and are reviewed regularly by management. The expected rate of return for the investment portfolio is based on expected rates of return for various asset classes, as well as historical asset class and fund performance. Note 17 - Retirement Benefit Plans (continued) Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy: Level 1 -Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 -Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 -Unobservable inputs for the asset or liability. The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis:
| December 31, 2024 | December 31, 2023
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 14.0 |  | $ | — |  | $ | — |  | $ | 14.0 |  | $ | 28.0 |  | $ | — |  | $ | — |  | $ | 28.0 |
Government and agency securities | 8.0 |  | — |  | — |  | 8.0 |  | 9.0 |  | — |  | — |  | 9.0 |
Equity securities - U.S. companies | 0.1 |  | — |  | — |  | 0.1 |  | 0.1 |  | — |  | — |  | 0.1 |
Common collective funds - fixed income | — |  | — |  | — |  | — |  | 31.0 |  | — |  | — |  | 31.0 |
Mutual funds - fixed income | 28.8 |  | — |  | — |  | 28.8 |  | 30.5 |  | — |  | — |  | 30.5 |
| $ | 50.9 |  | $ | — |  | $ | — |  | $ | 50.9 |  | $ | 98.6 |  | $ | — |  | $ | — |  | $ | 98.6 |
Investments measured at net asset value: |  |  |  |  |  |  |  |
Common collective funds - international equities |  |  |  | 47.3 |  |  |  |  | 45.8 |
Common collective funds - fixed income |  |  |  | 132.2 |  |  |  |  | 166.1 |
Limited partnerships |  |  |  | 4.2 |  |  |  |  | 5.4 |
Real estate partnerships |  |  |  | 2.3 |  |  |  |  | 3.5 |
Other liability-driven investments |  |  |  | 109.1 |  |  |  |  | 51.6 |
Other assets |  |  |  | 24.9 |  |  |  |  | 25.0 |
Total Assets |  |  |  | $ | 370.9 |  |  |  |  | $ | 396.0 |
International investments measured at net asset value totaled $173.5 million and $164.0 million at December 31, 2024 and 2023, respectively. Cash and cash equivalents are valued at redemption value. Government and agency securities are valued at the closing price reported in the active market in which the individual securities are traded. Certain corporate bonds are valued at the closing price reported in the active market in which the bond is traded. Equity securities (both common and preferred stock) are valued at the closing price reported in the active market in which the individual security is traded. Common collective funds are valued based on a net asset value per share. Mutual funds classified as Level 1 assets include investments in fixed income and international equities. These investments are comprised of securities listed on exchange, market, or automated quotation systems, for which active, quoted prices are available. Mutual funds are valued based on a net asset value per share for shares held at year end, as determined by the closing price reported on the active market on which the individual securities are traded, or a pricing vendor or the fund family if an active market is not available. Asset-backed securities are valued based on quoted prices for similar assets in active markets. When such prices are unavailable, the plan trustee determines a valuation from the market maker dealing in the particular security. Note 17 - Retirement Benefit Plans (continued) Limited partnerships include investments in funds that invest primarily in private equity, venture capital and distressed debt. Limited partnerships are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value, per the underlying investment fund, which is based upon the general partner's own assumptions about the assumptions a market participant would use in pricing the assets and liabilities of the partnership. Real estate investments include funds that invest in companies that primarily invest in commercial and residential properties, commercial mortgage-backed securities, debt and equity securities of real estate operating companies, and real estate investment trusts. Other real estate investments are valued based on the ownership interest in the net asset value of the investment, which is used as a practical expedient to fair value per the underlying investment fund, which is based on appraised values and current transaction prices. Other liability-driven investments mainly include investments in index-linked open-end swap funds. These funds invest in cash held deposits that reflect the index-linked deferred annuity with payment terms of specific years linked to UK inflation measures. The underlying assets in this investment are valued daily. Cash Flows:
Employer Contributions to Defined Benefit Plans |
2023 | $ | 27.1 |
2024 | 24.6 |
2025 (estimated) | 37.6 |
Estimated future benefit payments, including estimated lump sum distributions, are expected to be as follows:
Benefit Payments |
2025 | $ | 56.4 |
2026 | 48.5 |
2027 | 44.2 |
2028 | 42.6 |
2029 | 41.7 |
2030-2034 | 211.3 |
U.K. Pension Plan In January 2025, the Company entered into an insurance buy-in contract for its pension obligation for its U.K. defined benefit pension plan which was funded from existing pension plan assets without any adjustment to the benefit obligation. In addition, the Company contributed £6 million towards this insurance buy-in contract. The insurance buy-in contract will be classified as “Annuity Contracts” since the insurance buy-in contract is similar to an annuity contract. The insurance buy-in contract matches cash flows with future benefit payments for participants as of the contract date with the obligation remaining with the plan. Employee Savings Plans: The Company sponsors defined contribution retirement and savings plans covering substantially all employees in the United States and employees at certain non-U.S. locations. The Company made contributions to its defined contribution plans of $32.1 million, $35.6 million and $29.4 million in 2024, 2023 and 2022, respectively.

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