Pension Plan (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Pension Plans and their Reconciliation

The following table sets forth 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:

	December 31, 2021			December 31, 2020
	(in millions)
Change in benefit obligation:
Benefit obligation at beginning of period	$	127.8		$	110.4
Interest cost		1.6			2.2
Prior service cost		—			—
Actuarial (gain) loss		(9.8	)		14.5
Benefits paid		(3.5	)		(4.1	)
Foreign currency translation adjustments		(1.4	)		4.8
Benefit obligation at end of period	$	114.7		$	127.8
Change in plan assets:
Fair value of plan assets at beginning of period	$	118.7		$	107.3
Actual gain on plan assets		2.5			9.8
Employer contributions		1.5			1.6
Benefits paid		(3.5	)		(4.1	)
Foreign currency translation adjustments		(1.5	)		4.1
Fair value of assets at end of period	$	117.7		$	118.7
Amount recognized in the consolidated balance sheets:
Overfunded (Unfunded) status (non-current)	$	3.0		$	(9.1	)
Net amount recognized	$	3.0		$	(9.1	)

Schedule of Periodic Pension (Benefit) Cost

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

	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
	(in millions)
Components of net periodic pension (benefit) cost:
Interest cost	$	1.6		$	2.2		$	2.7
Expected return on plan assets		(2.7	)		(3.1	)		(3.5	)
Amortization of net loss		0.9			0.6			0.3
Net periodic (benefit) cost	$	(0.2	)	$	(0.3	)	$	(0.5	)

Schedule of Fair Value of Plan Assets

The fair value of the plan assets at December 31, 2021 by asset category is presented below:

	Level 1		Level 2		Level 3		Total
	(in millions)
Diversified fund	$	—	$	79.1	$	—	$	79.1
Buy-in contract		—		—		38.1		38.1
Cash and other current assets		0.5		—		—		0.5
Total	$	0.5	$	79.1	$	38.1	$	117.7

INSPIRED ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 AND 2020, AND FOR THE YEARS ENDED

DECEMBER 31, 2021, 2020 AND 2019

The fair value of the plan assets at December 31, 2020 by asset category is presented below:

	Level 1		Level 2		Level 3		Total
	(in millions)
Diversified fund	$	—	$	75.1	$	—	$	75.1
Buy-in contract		—		—		42.9		42.9
Cash		0.7		—		—		0.7
Total	$	0.7	$	75.1	$	42.9	$	118.7

Schedule of Benefit Obligation and Net Periodic Benefit Cost for Plan

The table below presents the weighted-average actuarial assumptions used to determine the benefit obligation and net periodic benefit cost for the Plan.

	December 31, 2021			December 31, 2020
Discount rate		2.00	%		1.30	%
Expected return on assets		3.00	%		2.30	%
RPI inflation		3.25	%		2.90	%
CPI inflation – pre 2030		2.25	%		1.90	%
CPI inflation – post 2030		3.05	%		2.70	%
Pension increases – pre-2006 service		3.15	%		2.90	%
Pension increases – post-2006 service		2.20	%		2.10	%
Pension increases – post 1988 GMP – pre 2030		2.10	%		1.80	%
Pension increases – post 1988 GMP – post 2030		2.60	%		2.40	%

Schedule of Benefit Payments are Expected to Be Paid

The following benefit payments are expected to be paid:

	(in millions)
2022	$	3.1
2023	$	3.1
2024	$	3.1
2025	$	3.4
2026	$	3.6
2027 to 2031	$	21.0