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Employee benefit obligations (Tables) | 12 Months Ended
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Dec. 31, 2024
Employee benefit obligations. |
Summary of employee obligations and assets of the defined benefit schemes included in the combined statement of financial position | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Germany | ​ | UK* | ​ | U.S and Other** | ​ | Total
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
​ |  | $'m |  | $'m |  | $'m |  | $'m |  | $'m |  | $'m |  | $'m |  | $'m
Obligations |  | (98) |  | (103) |  | (133) |  | (145) |  | (74) |  | (76) | ​ | (305) |  | (324)
Assets |  | — |  | — |  | 143 |  | 167 |  | 58 |  | 52 |  | 201 |  | 219
Net (obligations)/assets |  | (98) |  | (103) |  | 10 |  | 22 |  | (16) |  | (24) |  | (104) |  | (105)
​ *The net employee benefit asset in the UK as at December 31, 2024 and 2023 is included within non-current assets on the statement of financial position. ​ **Net obligation of ‘Other’ defined benefit schemes at December 31, 2024 is $7 million (2023: $6 million). ​ ​ ​ ​
Summary of amounts recognized in the combined income statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | Year ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
​ |  | $’m |  | $’m |  | $’m
Current service cost and administration costs: |  |  |  |  |  |
Cost of sales – current service cost (note 9) |  | (8) |  | (8) |  | (11)
SG&A – current service cost (note 9) |  | (3) |  | (2) |  | (2)
​ |  | (11) |  | (10) |  | (13)
Cost of sales - Exceptional past service charge | ​ | — | ​ | (4) | ​ | —
Finance expense (note 6) |  | (5) |  | (5) |  | (3)
​ |  | (16) |  | (19) |  | (16)
Summary of amounts recognized in the combined statement of comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | Year ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
​ |  | $’m |  | $’m |  | $’m
Remeasurement of defined benefit obligation: |  |  |  |  |  |
Actuarial gain arising from changes in demographic assumptions |  | 4 |  | 4 |  | 1
Actuarial gain/(loss) arising from changes in financial assumptions |  | 19 |  | (12) |  | 157
Actuarial loss arising from changes in experience |  | (9) |  | (2) |  | (13)
​ |  | 14 |  | (10) |  | 145
Remeasurement of plan assets: |  | ​ |  |  |  |
Actual return less expected return on plan assets |  | (21) |  | (5) |  | (121)
Actuarial (loss)/gain for the year on defined benefit pension schemes |  | (7) |  | (15) |  | 24
Actuarial gain/(loss) on other long term and end of service employee benefits |  | 4 |  | (1) |  | 11
​ |  | (3) |  | (16) |  | 35
Summary of movement in the defined benefit obligations and assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Obligations | ​ | Assets
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
​ |  | $’m |  | $’m |  | $’m |  | $’m
At January 1, |  | (324) |  | (287) |  | 219 |  | 202
Acquired (note 11) | ​ | — | ​ | (1) | ​ | — | ​ | —
Transfer | ​ | — | ​ | — | ​ | — | ​ | 1
Interest income |  | — |  | — |  | 10 |  | 10
Current service cost |  | (6) |  | (7) |  | — |  | —
Exceptional past service charge |  | — |  | (3) |  | — |  | —
Interest cost |  | (13) |  | (13) |  | — |  | —
Administration expenses paid | ​ | — | ​ | — | ​ | — | ​ | (1)
Remeasurements |  | 14 |  | (10) |  | (21) |  | (5)
Employer contributions |  | — |  | — |  | 11 |  | 10
Employee contributions |  | (1) |  | (1) |  | 1 |  | 1
Benefits paid |  | 16 |  | 10 |  | (16) |  | (10)
Exchange |  | 9 |  | (12) |  | (3) |  | 11
At December 31, |  | (305) |  | (324) |  | 201 |  | 219
Summary of plan assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ | ​ | 2024 | ​ | 2024 | ​ | 2023 | ​ | 2023
​ |  | $’m |  | % | ​ | $’m |  | %
Target return funds |  | 93 |  | 47 | ​ | 92 |  | 42
Bonds |  | 49 |  | 24 | ​ | 73 |  | 33
Cash/other |  | 59 |  | 29 | ​ | 54 |  | 25
​ |  | 201 |  | 100 | ​ | 219 |  | 100
Summary of ranges of the principal assumptions applied in estimating defined benefit obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Germany | ​ | UK | ​ | U.S.
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
​ |  | % |  | % |  | % |  | % |  | % |  | %
Rate of inflation |  | 2.00 | ​ | 2.00 |  | 3.00 |  | 2.95 |  | 2.20 |  | 2.20
Rate of increase in salaries |  | 3.00 | ​ | 3.20 |  | 2.60 |  | 2.50 |  | 3.00 |  | 3.00
Discount rate |  | 3.57 | ​ | 3.45 |  | 5.55 |  | 4.80 |  | 5.87 |  | 5.37
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Summary of mortality assumptions for the countries with the most significant defined benefit plans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Germany |  | UK |  | U.S.
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
​ |  | Years |  | Years |  | Years |  | Years |  | Years |  | Years
Life expectancy, current pensioners |  | 23 |  | 22 |  | 21 |  | 22 |  | 21 |  | 21
Life expectancy, future pensioners |  | 25 |  | 25 |  | 23 |  | 23 |  | 23 |  | 22
Summary of principal defined benefit schemes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Europe | ​ | Europe | ​ | North
​ | ​ | UK | ​ | Germany | ​ | America
Nature of the schemes |  | Funded* |  | Unfunded |  | Funded
2024 | ​ | ​ | ​ | ​ | ​ | ​
Active members |  | — | ​ | 643 | ​ | 656
Deferred members |  | 491 | ​ | 298 | ​ | 129
Pensioners including dependents |  | 573 | ​ | 202 | ​ | 153
Weighted average duration (years) |  | 12 | ​ | 15 | ​ | 14
2023 | ​ | ​ | ​ | ​ | ​ | ​
Active members |  | — | ​ | 723 | ​ | 699
Deferred members |  | 589 | ​ | 244 | ​ | 113
Pensioners including dependents |  | 531 | ​ | 181 | ​ | 135
Weighted average duration (years) |  | 13 | ​ | 16 | ​ | 14
​ *Census data is updated every 3 years as part of the full valuation for purpose of the UK pension regulator.
Summary of expected total benefit payments over the next five years | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Subsequent
​ | ​ | 2025 | ​ | 2026 | ​ | 2027 | ​ | 2028 | ​ | 2029 | ​ | five years
​ |  | $’m |  | $’m |  | $’m |  | $’m |  | $’m |  | $’m
Benefits |  | 22 | ​ | 18 | ​ | 20 | ​ | 20 | ​ | 21 | ​ | 111

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