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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosure
The net asset for the U.K. defined benefit plans is presented within Other non-current assets and is comprised of the following (in millions):
As of December 31,
20242023
Present value of benefit obligations
$(124.5)$(142.3)
Fair value of defined benefit plan assets126.3 144.8 
Net asset$1.8 $2.5 
Schedule of Changes in Net Liability for Defined Benefit Plans
Changes in the net asset/liability for the U.K. defined benefit plans were as follows (in millions):
As of December 31,
20242023
Change in pension benefit obligations:
Balance at beginning of year$(142.3)$(135.6)
Service cost(0.1)(0.2)
Interest cost(5.7)(5.7)
Actuarial gain (loss)
12.8 (1.1)
Benefits paid8.5 7.8 
Foreign exchange movement2.3 (7.5)
Balance at end of year$(124.5)$(142.3)
Change in pension plan assets:
Balance at beginning of year$144.8 $138.4 
Actual return on plan assets(7.9)6.4 
Benefits paid(8.5)(7.8)
Foreign exchange movement(2.1)7.8 
Balance at end of year$126.3 $144.8 
Net asset balance at end of year$1.8 $2.5 
Schedule of Net Periodic Benefit Costs
Total amounts recognized in the Consolidated Statements of Operations for the U.K. defined benefit plans were as follows (in millions):
Year Ended December 31,
202420232022
Service and other cost$(0.1)$(0.2)$(0.5)
Interest cost(5.7)(5.7)(3.4)
Expected return on assets5.1 5.7 3.3 
Amortization of net loss(0.9)(0.8)(0.1)
Net periodic pension cost
$(1.6)$(1.0)$(0.7)
Schedule of Actuarial Gains and Losses Recognized in Accumulated other Comprehensive Loss
Total amounts recognized in Accumulated other comprehensive loss for the U.K. defined benefit plans were as follows (in millions):
Year Ended December 31,
202420232022
Cumulative actuarial (loss) gain at beginning of year
$(29.8)$(28.1)$2.9 
Actuarial loss recognized during the period
(0.1)(0.4)(30.9)
Amortization of net loss0.9 0.8 0.1 
Foreign exchange movement0.7 (2.1)(0.2)
Cumulative actuarial loss at end of year
$(28.3)$(29.8)$(28.1)
Schedule of Assumptions Used
Year Ended December 31,
Principal actuarial assumptions202420232022
Discount rate5.0%4.1%4.2%
The Company evaluates these assumptions on a regular basis taking into consideration current market conditions and historical market data. A lower discount rate would increase the present value of the benefit obligation. Other changes in actuarial assumptions, such as plan participants’ life expectancy or expected return on plan assets, can also have an impact on the net benefit obligation.
The investment strategies are set by the independent trustees of the plans and are established to achieve a reasonable balance between risk and return and to cover administrative expenses, as well as to maintain funds at a level to meet any applicable minimum funding requirements. As of December 31, 2024 and 2023, the primary assets of the plans were bulk annuity insurance policies. The weighted average plan asset allocations as of December 31, 2024 and 2023 by asset category for the U.K. defined benefit plans were as follows:
Major categories of plan assets:20242023
Bulk annuity insurance policy98%97%
Cash and other instruments
2%3%
Total
100%100%
Schedule of Expected Benefit Payments
Expected future benefit payments for the U.K. defined benefit pension plans are as follows (in millions):
Payment
2025$8.4 
20268.1 
20278.6 
20288.6 
20298.4 
From 2030 to 203442.4