v3.26.1
Pension and Post-Employment Benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension and Post-Employment Benefits

NOTE 6 – PENSION AND POST EMPLOYMENT BENEFITS

The Company 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. As at June 30, 2026, we have recorded a liability of $9.1 million (December 31, 2025 $9.4 million).

 

The net periodic benefit/(cost) is shown in the following table:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in millions)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service credit/(cost)

 

$

—

 

 

$

(1.2

)

 

$

—

 

 

$

(2.4

)

Interest cost on projected benefit obligation

 

 

(0.1

)

 

 

—

 

 

 

(0.2

)

 

 

(0.1

)

Net periodic benefit/(cost)

 

$

(0.1

)

 

$

(1.2

)

 

$

(0.2

)

 

$

(2.5

)

 

The prior year includes a service cost related to the now closed United Kingdom defined benefit pension scheme. The service cost has been recognized in selling, general and administrative expenses. All other items have been recognized within other income and expense.

In addition, we have obligations for post-employment benefits in some of our other European businesses. As at June 30, 2026, we have recorded a liability of $3.7 million (December 31, 2025 $3.8 million).