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Employee benefit obligations (Tables)

12 Months Ended

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

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	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)

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*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.

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**Net obligation of ‘Other’ defined benefit schemes at December 31, 2024 is $7 million (2023: $6 million).

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Summary of amounts recognized in the combined income statement

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​	​	​	​	​	​	​
​	​	​
​	​	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

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​	​	​	​	​	​	​
​	​	​
​	​	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

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​	​	​	​	​	​	​	​	​
​	​	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

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​	​	​	​	​	​	​	​	​
​	​	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

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Germany

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UK

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U.S.

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2024

​

2023

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2024

​

2023

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2024

​

2023

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%

%

%

%

%

%

Rate of inflation

2.00

​

2.00

3.00

2.95

2.20

2.20

Rate of increase in salaries

3.00

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3.20

2.60

2.50

3.00

3.00

Discount rate

3.57

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3.45

5.55

4.80

5.87

5.37

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Summary of mortality assumptions for the countries with the most significant defined benefit plans

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Germany

UK

U.S.

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2024

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2023

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2024

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2023

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2024

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2023

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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

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​	​	​	​	​	​	​
​	​	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

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*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

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Subsequent

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2025

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2026

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2027

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2028

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2029

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five years

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$’m

$’m

$’m

$’m

$’m

$’m

Benefits

22

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18

​

20

​

20

​

21

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111

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The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [domain]]

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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