v3.24.0.1
Pension Plan, as restated
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Pension Plan, as restated

16. Pension Plan, as restated

 

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

 

Defined Benefit Pension Scheme

 

The defined benefit scheme 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 scheme as at March 31, 2021, determined that the statutory funding objective was not met, i.e., there were insufficient assets to cover the scheme’s technical provisions and there was a funding shortfall.

 

In June 2022, a recovery plan was put in place to eliminate the funding shortfall. The plan expects the shortfall to be eliminated by October 31, 2026. Deficit reduction contributions of $1.1 million and expense contributions of $0.3 million will be payable during the year ending December 31, 2023.

 

The total amount of employer contributions paid during the six months ended June 30, 2023 amounted to $0.7 million.

 

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

 

         
  

Six Months Ended

June 30,

 
   2023   2022 
   (in millions) 
Components of net periodic pension cost (benefit):          
Interest cost  $1.7   $1.1 
Expected return on plan assets   (1.9)   (1.7)
Amortization of net loss   0.5    0.2 
Net periodic cost (benefit)  $0.3   $(0.4)

 

The following table sets forth the estimate of the combined funded status of the pension plans and their reconciliation to the related amounts recognized in our consolidated financial statements at the respective measurement dates:

 

  

June 30,

2023

  

December 31,

2022

 
   (in millions) 
Change in benefit obligation:          
Benefit obligation at beginning of period  $71.2   $122.7 
Interest cost   1.7    2.2 
Actuarial gain   —    (39.0)
Benefits paid   (1.5)   (3.5)
Foreign currency translation adjustments   3.8    (11.2)
Benefit obligation at end of period  $75.2   $71.2 
Change in plan assets:          
Fair value of plan assets at beginning of period  $69.1   $125.7 
Actual return (loss) on plan assets   1.9    (42.4)
Employer contributions   0.7    1.4 
Benefits paid   (1.5)   (3.5)
Foreign currency translation adjustments   3.7    (12.1)
Fair value of assets at end of period  $73.9   $69.1 
Amount recognized in the consolidated balance sheets:          
Unfunded status (non-current)  $(1.3)  $(2.1)
Net amount recognized  $(1.3)  $(2.1)