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Pension and Post-Employment Benefits | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Pension and Post-Employment Benefits | NOTE 6 – PENSION AND POST EMPLOYMENT BENEFITS The Company maintains a defined benefit pension plan covering certain current and former employees in the United Kingdom (the “UK Plan”). The UK Plan is closed to future service accrual and has a large number of deferred and current pensioners. The assets of the UK Plan are predominantly insurance policies, operating as investment assets, covering all liabilities. This reduces the UK Plan’s potential reliance on the Company for future cash funding requirements. On September 9, 2024, the Company entered into a Deed of Alteration and Agreement (the "Pension Deed") with the trustees of the UK Plan, covering a number of aspects including the Company notice to terminate the UK Plan and commencement of winding up and move to buy-out. The Company currently expects the trigger for final settlement accounting of the UK Plan to occur during the fourth quarter of 2024. As a consequence of the Pension Deed, the trustees have repaid $8.4 million of historical costs which the Company had incurred in relation to the UK Plan. The recovered costs have been included within the service credit in the table below. The Company also maintains an unfunded defined benefit pension plan covering certain current and former employees in Germany (the “German plan”). The German plan is closed to new entrants and has no assets. The net periodic benefit of these plans is shown in the following table:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service credit/(cost) |  | $ | 7.6 |  |  | $ | (0.9 | ) |  | $ | 5.9 |  |  | $ | (2.7 | )
Interest cost on projected benefit obligation |  |  | (4.8 | ) |  |  | (5.1 | ) |  |  | (14.1 | ) |  |  | (15.0 | )
Expected return on plan assets |  |  | 6.5 |  |  |  | 6.5 |  |  |  | 19.3 |  |  |  | 19.0 |
Amortization of prior service cost |  |  | (0.1 | ) |  |  | (0.2 | ) |  |  | (0.4 | ) |  |  | (0.4 | )
Amortization of actuarial net gains |  |  | 0.1 |  |  |  | 0.6 |  |  |  | 0.2 |  |  |  | 1.6 |
Net periodic benefit |  | $ | 9.3 |  |  | $ | 0.9 |  |  | $ | 10.9 |  |  | $ | 2.5 |
The service cost has been recognized in selling, general and administrative expenses. All other items have been recognized within other income and expense. The amortization of prior service cost and actuarial net gains are a reclassification out of accumulated other comprehensive loss into other income and expense. In addition, we have obligations for post-employment benefits in some of our other European businesses. As at September 30, 2024, we have recorded a liability of $4.2 million (December 31, 2023 – $4.2 million).

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