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Pension Plan
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Pension Plan

19. Pension Plan

 

We operate a defined contribution plan in the US, and both defined benefit and defined contribution pension plans in the UK. The defined contribution plan assets are held separately from those of the Company in independently administered funds.

 

Defined Benefit Pension Plan

 

The defined benefit plan has been closed to new entrants since April 1, 1999 and closed to future accruals for services rendered to the Company for the entire financial statement periods presented. The actuarial valuation of the plan as at March 31, 2024, which was finalized in March 2025, determined that the statutory funding objective was not met, i.e., there were insufficient assets to cover the plan’s technical provisions and there was a funding shortfall.

 

In March 2025, a recovery plan was put in place to eliminate the funding shortfall. The recovery plan included a requirement for the plan actuary to assess the funding position of the plan at March 31, 2026 and if the funding level at that point was less than 100% the Company would pay a single lump sum contingent contribution calculated as the lower of the deficit calculated by the plan actuary at March 31, 2026 and £0.5 million ($0.7 million). The assessment has concluded that the funding position exceeded 100% at March 31, 2026 and consequently no contingent contribution will be payable.

 

The following table presents the components of our net periodic pension cost:

 

       
   Three Months Ended March 31, 
   2026   2025 
   (in millions) 
Components of net periodic pension cost:          
Interest cost  $0.9   $0.9 
Expected return on plan assets   (1.0)   (1.1)
Amortization of net loss   0.2    0.2 
Net periodic cost  $0.1   $—