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Pension and Post-Employment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Plan Net Pension Credit | The service cost shown in the table below has been recognized in selling, general and administrative expenses within corporate costs and the other items recognized within other income, net.
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 3.4 |  |  | $ | 2.2 |  |  | $ | 1.6 |
Interest cost on PBO |  |  | 19.6 |  |  |  | 10.1 |  |  |  | 7.6 |
Expected return on plan assets |  |  | (25.2 | ) |  |  | (16.0 | ) |  |  | (15.5 | )
Amortization of prior service cost/(credit) |  |  | 0.5 |  |  |  | 0.5 |  |  |  | 0.3 |
Amortization of actuarial net losses |  |  | (1.6 | ) |  |  | — |  |  |  | 1.6 |
Settlement event |  |  | — |  |  |  | — |  |  |  | (0.3 | )
Net periodic benefit |  | $ | (3.3 | ) |  | $ | (3.2 | ) |  | $ | (4.7 | )
Plan assumptions at December 31, (%): |  | 2023 |  |  | 2022 |  |  | 2021 |
Discount rate |  |  | 4.59 |  |  |  | 4.91 |  |  |  | 1.84 |
Inflation rate |  |  | 2.70 |  |  |  | 2.85 |  |  |  | 3.55 |
Rate of return on plan assets – overall on bid-value |  |  | 4.25 |  |  |  | 4.00 |  |  |  | 2.30 |
Plan asset allocation by category (%): |  | 2023 |  |  | 2022 |  |  | 2021 |
Debt securities and insurance contracts |  |  | 96 |  |  |  | 96 |  |  |  | 82 |
Equity securities and real estate |  |  | — |  |  |  | — |  |  |  | 5 |
Cash |  |  | 4 |  |  |  | 4 |  |  |  | 13 |
|  |  | 100 |  |  |  | 100 |  |  |  | 100 |
Movements in PBO and Fair Value of Plan Assets | Movements in PBO and fair value of UK Plan assets are as follows:
(in millions) |  | 2023 |  |  | 2022 |
Change in PBO: |  |  |  |  |  |
Opening balance |  | $ | 404.0 |  |  | $ | 679.1 |
Interest cost |  |  | 19.6 |  |  |  | 10.1 |
Service cost |  |  | 3.5 |  |  |  | 2.2 |
Benefits paid |  |  | (35.6 | ) |  |  | (45.6 | )
Plan amendments |  |  | — |  |  |  | 0.4 |
Actuarial losses/(gains) |  |  | 10.1 |  |  |  | (174.2 | )
Exchange effect |  |  | 22.5 |  |  |  | (68.0 | )
Closing balance |  | $ | 424.1 |  |  | $ | 404.0 |
Fair value of plan assets: |  |  |  |  |  |
Opening balance |  | $ | 452.1 |  |  | $ | 838.9 |
Benefits paid |  |  | (35.6 | ) |  |  | (45.6 | )
Actual return on assets |  |  | 17.9 |  |  |  | (258.7 | )
Exchange effect |  |  | 24.8 |  |  |  | (82.5 | )
Closing balance |  | $ | 459.2 |  |  | $ | 452.1 |
Net pension asset |  | $ | 35.1 |  |  | $ | 48.1 |
Fair Value of Pension Assets | The fair values of pension assets by level of input were as follows:
(in millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
At December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities issued by non-U.S. governments and government agencies |  | $ | 4.7 |  |  |  |  |  |  |  |  | $ | 4.7 |
Corporate debt securities |  |  |  |  |  |  |  |  |  |  |  | — |
Equity backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivatives |  |  |  |  |  |  |  |  |  |  |  | — |
Other asset backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts |  |  |  |  |  |  |  |  | 438.7 |  |  |  | 438.7 |
Real estate |  |  |  |  |  |  |  |  |  |  |  | — |
Total assets at fair value |  |  | 4.7 |  |  |  | — |  |  |  | 438.7 |  |  |  | 443.4 |
Cash |  |  | 15.8 |  |  |  |  |  |  |  |  |  | 15.8 |
Total plan assets |  | $ | 20.5 |  |  | $ | — |  |  | $ | 438.7 |  |  | $ | 459.2 |
At December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities issued by non-U.S. governments and government agencies |  | $ | 4.3 |  |  |  |  |  |  |  |  | $ | 4.3 |
Corporate debt securities |  |  |  |  |  |  |  |  |  |  |  | — |
Equity backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivatives |  |  |  |  |  |  |  |  |  |  |  | — |
Other asset backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts |  |  |  |  |  |  |  |  | 431.8 |  |  |  | 431.8 |
Real estate |  |  |  |  |  |  |  |  |  |  |  | — |
Total assets at fair value |  |  | 4.3 |  |  |  | — |  |  |  | 431.8 |  |  |  | 436.1 |
Cash |  |  | 16.0 |  |  |  |  |  |  |  |  |  | 16.0 |
Total plan assets |  | $ | 20.3 |  |  | $ | — |  |  | $ | 431.8 |  |  | $ | 452.1 |
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been categorized in the fair value table with a hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.
Reconciliation of Fair Value of Plan Assets Measured Using Significant Unobservable Inputs | The reconciliation of the fair value of the UK Plan assets measured using significant unobservable inputs was as follows:
(in millions) |  | Other Assets |
Balance at December 31, 2021 |  | $ | 162.2 |
Realized/unrealized gains/(losses): |  |  |
Relating to assets still held at the reporting date |  |  | (206.6 | )
Purchases, issuances and settlements |  |  | 502.8 |
Exchange effect |  |  | (26.6 | )
Balance at December 31, 2022 |  | $ | 431.8 |
Realized/unrealized gains/(losses): |  |  |
Relating to assets still held at the reporting date |  |  | 16.9 |
Purchases, issuances and settlements |  |  | (33.7 | )
Exchange effect |  |  | 23.7 |
Balance at December 31, 2023 |  | $ | 438.7 |
Plan Net Pension Credit | The projected net periodic benefit for the year ending December 31, 2024 is as follows:
(in millions) |  |  |
Service cost |  | $ | 3.3 |
Interest cost on PBO |  |  | 18.5 |
Expected return on plan assets |  |  | (25.7 | )
Amortization of prior service credit |  |  | 0.5 |
Amortization of actuarial net losses |  |  | — |
Net periodic benefit |  | $ | (3.4 | )
Expected Benefit Payments | The following benefit payments are expected to be made:
(in millions) |  |  |
2024 |  | $ | 34.9 |
2025 |  | $ | 34.8 |
2026 |  | $ | 34.3 |
2027 |  | $ | 34.0 |
2028 |  | $ | 33.5 |
2029-2033 |  | $ | 161.6 |
German Plan [Member] |
Plan Net Pension Credit | The service cost shown in the table below has been recognized in selling, general and administrative expenses within corporate costs and the other items recognized within other income, net.
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost on PBO |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 0.1 |
Amortization of actuarial net loss/(gain) |  |  | (0.5 | ) |  |  | 0.5 |  |  |  | 1.0 |
Net periodic cost/(benefit) |  | $ | (0.1 | ) |  | $ | 0.7 |  |  | $ | 1.2 |
Plan assumptions at December 31, (%):
Discount rate |  |  | 3.70 |  |  |  | 3.70 |  |  |  | 0.90 |
Inflation rate |  |  | 2.25 |  |  |  | 2.25 |  |  |  | 2.00 |
Rate of increase in compensation levels |  |  | 2.75 |  |  |  | 2.75 |  |  |  | 2.75 |
Movements in PBO and Fair Value of Plan Assets | Movements in PBO of the German plan are as follows:
(in millions) |  | 2023 |  |  | 2022 |
Change in PBO: |  |  |  |  |  |
Opening balance |  | $ | 8.2 |  |  | $ | 13.2 |
Service cost |  |  | 0.1 |  |  |  | 0.1 |
Interest cost |  |  | 0.3 |  |  |  | 0.1 |
Benefits paid |  |  | (0.3 | ) |  |  | (0.3 | )
Actuarial losses/(gains) |  |  | 0.6 |  |  |  | (4.0 | )
Exchange effect |  |  | 0.2 |  |  |  | (0.9 | )
Closing balance |  | $ | 9.1 |  |  | $ | 8.2 |

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