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Pension and Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Plan Net Pension Credit

The service cost shown in the table below has been recognized in selling, general and administrative expenses within corporate costs and the other items recognized within other income, net.

 

(in millions)		2022				2021				2020
Service cost		$	2.2			$	1.6			$	1.2
Interest cost on PBO			10.1				7.6				11.2
Expected return on plan assets			(16.0	)			(15.5	)			(17.8	)
Amortization of prior service cost/(credit)			0.5				0.3				(0.5	)
Amortization of actuarial net losses			—				1.6				0.9
Settlement event			—				(0.3	)			—
Net periodic benefit		$	(3.2	)		$	(4.7	)		$	(5.0	)
Plan assumptions at December 31, (%):			2022				2021				2020
Discount rate			4.91				1.84				1.36
Inflation rate			2.85				3.55				2.35
Rate of return on plan assets – overall on bid-value			4.00				2.30				2.00
Plan asset allocation by category (%):			2022				2021				2020
Debt securities and insurance contracts			96				82				86
Equity securities and real estate			—				5				10
Cash			4				13				4
			100				100				100

Movements in PBO and Fair Value of Plan Assets

Movements in PBO and fair value of UK Plan assets are as follows:

(in millions)		2022				2021
Change in PBO:
Opening balance		$	679.1			$	758.7
Interest cost			10.1				7.6
Service cost			2.2				1.6
Benefits paid			(45.6	)			(37.3	)
Settlements			—				(10.6	)
Plan amendments			0.4				5.4
Actuarial losses/(gains)			(174.2	)			(40.5	)
Exchange effect			(68.0	)			(5.8	)
Closing balance		$	404.0			$	679.1
Fair value of plan assets:
Opening balance		$	838.9			$	876.7
Benefits paid			(45.6	)			(37.3	)
Settlements			—				(10.6	)
Actual return on assets			(258.7	)			17.5
Exchange effect			(82.5	)			(7.4	)
Closing balance		$	452.1			$	838.9
Net pension asset		$	48.1			$	159.8

Fair Value of Pension Assets

The fair values of pension assets by level of input were as follows:

 

(in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
At December 31, 2022
Debt securities:
Debt securities issued by non-U.S. governments and government agencies		$	4.3			$				$				$	4.3
Corporate debt securities															—
Equity backed securities:
Other financial derivatives															—
Other asset backed securities:
Insurance contracts											431.8				431.8
Real estate
Total assets at fair value			4.3				—				431.8				436.1
Cash			16.0												16.0
Total plan assets		$	20.3			$	—			$	431.8			$	452.1

(in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
At December 31, 2021
Debt securities:
Debt securities issued by non-U.S. governments and government agencies		$	80.3			$				$				$	80.3
Corporate debt securities							445.7								445.7
Equity backed securities:
Other financial derivatives							(1.5	)							(1.5	)
Other asset backed securities:
Insurance contracts											162.2				162.2
Real estate			47.0												47.0
Total assets at fair value			127.3				444.2				162.2				733.7
Cash			105.2												105.2
Total plan assets		$	232.5			$	444.2			$	162.2			$	838.9

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been categorized in the fair value table with a hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

Reconciliation of Fair Value of Plan Assets Measured Using Significant Unobservable Inputs

The reconciliation of the fair value of the UK Plan assets measured using significant unobservable inputs was as follows:

(in millions)		Other Assets
Balance at December 31, 2020		$	167.4
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			3.3
Purchases, issuances and settlements			(7.0	)
Exchange effect			(1.5	)
Balance at December 31, 2021		$	162.2
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			(206.6	)
Purchases, issuances and settlements			502.8
Exchange effect			(26.6	)
Balance at December 31, 2022		$	431.8

Plan Net Pension Credit

The projected net periodic benefit for the year ending December 31, 2023 is as follows:

(in millions)
Service cost		$	3.4
Interest cost on PBO			19.1
Expected return on plan assets			(24.5	)
Amortization of prior service credit			0.5
Amortization of actuarial net losses			(1.6	)
Net periodic benefit		$	(3.1	)

Expected Benefit Payments

The following benefit payments are expected to be made:

(in millions)
2023		$	33.5
2024		$	33.4
2025		$	33.3
2026		$	32.8
2027		$	32.6
2028-2032		$	157.2

German Plan [Member]

Movements in PBO and Fair Value of Plan Assets

Movements in PBO of the German plan are as follows:

(in millions)		2022				2021
Change in PBO:
Opening balance		$	13.2			$	15.2
Service cost			0.1				0.1
Interest cost			0.1				0.1
Benefits paid			(0.3	)			(0.4	)
Actuarial losses/(gains)			(4.0	)			(0.7	)
Exchange effect			(0.9	)			(1.1	)
Closing balance		$	8.2			$	13.2

Plan Net Pension Credit

The service cost shown in the table below has been recognized in selling, general and administrative expenses within corporate costs and the other items recognized within other income, net.

(in millions)		2022				2021				2020
Service cost		$	0.1			$	0.1			$	0.1
Interest cost on PBO			0.1				0.1				0.1
Amortization of actuarial net loss			0.5				1.0				0.8
Net periodic cost		$	0.7			$	1.2			$	1.0

Plan assumptions at December 31, (%):

Discount rate			3.70				0.90				0.40
Inflation rate			2.25				2.00				1.50
Rate of increase in compensation levels			2.75				2.75				2.75

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