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Pension and Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Plan Net Pension Credit

(in millions)		2024				2023				2022
Service cost/(credit)		$	(4.9	)		$	3.4			$	2.2
Interest cost on PBO			18.6				19.6				10.1
Expected return on plan assets			(25.9	)			(25.2	)			(16.0	)
Amortization of prior service cost			16.8				0.5				0.5
Amortization of actuarial net losses			—				(1.6	)			—
Recycling of residual reserves			138.8				—				—
Net periodic cost/(benefit)		$	143.4			$	(3.3	)		$	(3.2	)

The income statement captions are shown here:

Selling, general and administrative		2024				2023				2022
Service cost/(credit)		$	(4.9	)		$	3.4			$	2.2
Other expense/(income), net		2024				2023				2022
Interest cost on PBO		$	18.6				19.6				10.1
Expected return on plan assets			(25.9	)			(25.2	)			(16.0	)
Amortization of prior service cost			—				0.5				0.5
Amortization of actuarial net losses			—				(1.6	)			—
		$	(7.3	)		$	(6.7	)		$	(5.4	)
Pension scheme settlement charge		2024				2023				2022
Amortization of prior service cost		$	16.8				—				—
Recycling of residual reserves			138.8				—				—
			155.6				—				—
Tax relating to the amortization of prior service cost			(4.2	)			—				—
Tax relating to the recycling of residual reserves			(34.7	)			—				—
		$	116.7			$	—			$	—

The other financial statement captions relating to the buy-out settlement are shown here:

Recognized in Other Comprehensive Income		2024				2023				2022
Recycling of residual reserves		$	138.8				—				—
Release of historic cumulative translation adjustments			(0.7	)			—				—
			138.1				—				—
Tax relating to the recycling of residual reserves			(34.7	)			—				—
Tax relating to historic cumulative translation adjustments			(11.0	)			—				—
		$	92.4			$	—			$	—
Recognized in Reclassifications out of Accumulated Other Comprehensive Loss		2024				2023				2022
Recycling of residual reserves		$	138.8				—				—
Release of historic cumulative translation adjustments			(0.7	)			—				—
			138.1				—				—
Tax relating to the recycling of residual reserves			(34.7	)			—				—
Tax relating to historic cumulative translation adjustments			(11.0	)			—				—
		$	92.4			$	—			$	—

Plan assumptions at December 31, (%):		2024				2023				2022
Discount rate			5.18				4.59				4.91
Inflation rate			2.85				2.70				2.85
Rate of return on plan assets – overall on bid-value			4.20				4.25				4.00

Plan asset allocation by category (%):		2024				2023				2022
Debt securities and insurance contracts			—				96				96
Cash			100				4				4
			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)		2024				2023
Change in PBO:
Opening balance		$	424.1			$	404.0
Interest cost			18.6				19.6
Service cost			(4.9	)			3.5
Benefits paid			(32.9	)			(35.6	)
Plan amendments			8.4				—
Actuarial losses/(gains)			3.7				10.1
Settlements			(419.2	)			—
Exchange effect			2.3				22.5
Closing balance		$	0.1			$	424.1
Fair value of plan assets:
Opening balance		$	459.2			$	452.1
Return of Funds to Cover Historic Expenses			(8.4	)			—
Benefits paid			(32.9	)			(35.6	)
Actual return on assets			1.5				17.9
Settlements			(419.2	)			—
Exchange effect			2.3				24.8
Closing balance		$	2.5			$	459.2
Net pension asset		$	2.4			$	35.1

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, 2024
Cash			2.5												2.5
Total plan assets		$	2.5			$	—			$	—			$	2.5
At December 31, 2023
Debt securities:
Debt securities issued by non-U.S.    governments and government agencies		$	4.7											$	4.7
Other asset backed securities:
Insurance contracts											438.7				438.7
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

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, 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
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			(2.2	)
Purchases, issuances and settlements			(438.8	)
Exchange effect			2.3
Balance at December 31, 2024		$	—

Plan Net Pension Credit

The projected net periodic cost for the year ending December 31, 2025 is as follows:

(in millions)
Service cost		$	2.4
Interest cost on PBO			—
Expected return on plan assets			—
Amortization of prior service credit			—
Amortization of actuarial net losses			—
Net periodic cost		$	2.4

Expected Benefit Payments

The following benefit payments are expected to be made:

(in millions)
2025		$	0.1
2026		$	—
2027		$	—
2028		$	—
2029		$	—
2030-2034		$	—

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)		2024				2023				2022
Service cost		$	0.0			$	0.1			$	0.1
Interest cost on PBO			0.3				0.3				0.1
Amortization of actuarial net loss/(gain)			(0.2	)			(0.5	)			0.5
Net periodic cost/(benefit)		$	0.1			$	(0.1	)		$	0.7

Plan assumptions at December 31, (%):

Discount rate			3.20				3.70				3.70
Inflation rate			2.25				2.25				2.25
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)		2024				2023
Change in PBO:
Opening balance		$	9.1			$	8.2
Service cost			—				0.1
Interest cost			0.3				0.3
Benefits paid			(0.4	)			(0.3	)
Actuarial losses/(gains)			0.5				0.6
Exchange effect			(0.5	)			0.2
Closing balance		$	9.0			$	9.1

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