v3.23.1
Pensions (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Reconciliation of Benefit Obligation and Plan Assets
A reconciliation of the changes in projected benefit obligations (“PBO”) for our pension plans are as follows:
As of December 31,
(In $ millions)20222021
Benefit obligation at beginning of period172.9 184.0 
Interest cost / (credit)0.7 (0.2)
Actuarial gain(54.3)(16.9)
Benefits paid(1.8)(1.7)
Foreign exchange rate changes(10.6)7.7 
Benefit obligation at end of period106.9 172.9 
A reconciliation of the changes in fair value of plan assets is as follows:
As of December 31,
(In $ millions)20222021
Fair value of plan assets at beginning of period172.9 184.0 
Actual return on plan assets(53.6)(17.1)
Benefits paid(1.8)(1.7)
Foreign exchange rate changes(10.6)7.7 
Fair value of plan assets at end of period106.9 172.9 
Benefit Cost
Benefit cost includes the following components:
 For the Years Ended December 31,
(In $ millions)20222021
Interest cost0.7 (0.2)
Expected return on plan assets(0.7)0.2 
Net benefit cost— — 
Defined Benefit Plans, Key Assumptions
The key assumptions for the plans are summarized below:
As of December 31,
Weighted Average Assumptions Used to Determine Benefit Obligations20222021
Discount rate
2.54% to 2.93%
0.39% to 0.43%
For the Years Ended December 31,
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost20222021
Discount rate
2.54% to 2.93%
0.39% to 0.43%
Expected long-term return on plan assets
2.54% to 2.93%
0.39% to 0.43%
Estimated Future Benefit Payments
The following table summarizes the benefit payments at December 31, 2022 estimated to be paid within the next ten years by the issuer of the guaranteed insurance contract:
Payments by Period
Total20232024202520262027Five Years Thereafter
Estimated benefit payments33.3 2.1 2.4 2.7 3.0 3.2 19.9