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Pension and Post-Employment Benefits
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Pension and Post-Employment Benefits

NOTE 6 – PENSION AND POST EMPLOYMENT BENEFITS

The Company previously maintained a defined benefit pension plan covering certain current and former employees in the United Kingdom (the “UK Plan”).

The UK Plan was bought out in the fourth quarter of 2024, therefore the company is no longer responsible for the future obligation for retirement benefits due to current and former employees. The remaining asset on the balance sheet of $1.3 million relates to cash held to cover the remaining expenses of the scheme and a negligible remaining Projected Benefit Obligation ("PBO") of $0.1 million, reflecting the UK Plan’s residual liabilities in respect of Guaranteed Minimum Pension equalization top-up payments due to former members of the UK Plan. Following the UK Plan buy-out, the Company is no longer required to make future cash contributions to the UK Plan. We expect the UK Plan to be fully wound up during 2025.

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. As at March 31, 2025, we have recorded a liability of $9.3 million (December 31, 2024 – $9.0 million).

 

The net periodic benefit of these plans is shown in the following table:

 

 

Three Months Ended
March 31,

 

(in millions)

 

2025

 

 

2024

 

Service credit/(cost)

 

$

(1.2

)

 

$

(0.8

)

Interest cost on projected benefit obligation

 

 

(0.1

)

 

 

(4.7

)

Expected return on plan assets

 

 

—

 

 

 

6.4

 

Amortization of prior service cost

 

 

—

 

 

 

(0.1

)

Amortization of actuarial net gains

 

 

—

 

 

 

0.1

 

Net periodic benefit

 

$

(1.3

)

 

$

0.9

 

 

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 March 31, 2025, we have recorded a liability of $3.6 million (December 31, 2024 – $4.1 million).