Pension and Post-Employment Benefits

3 Months Ended

Mar. 31, 2023

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.

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 March 31,
(in millions)	2023			2022
Service cost	$	(0.9	)	$	(0.6	)
Interest cost on projected benefit obligation		(4.9	)		(2.8	)
Expected return on plan assets		6.2			4.3
Amortization of prior service cost		(0.1	)		(0.1	)
Amortization of actuarial net gains/(losses)		0.5			(0.1	)
Net periodic benefit	$	0.8		$	0.7

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 losses 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, 2023, we have recorded a liability of $4.2 million (December 31, 2022 – $4.1 million).