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v3.19.1

Pension Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits [Abstract] |
Reconciliations of Plan Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension Plans | he following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans as of and for the years ended December 31, 2018 and 2017:
|  | 2018 |  | 2018 |  | 2018 |  | 2017 |  | 2017 |  | 2017 |
| In millions | U.K. |  | U.S./ other |  | Total |  | U.K. |  | U.S./ other |  | Total |
| Change in benefit obligations |  |  |  |  |  |  |  |  |  |  |  |
| Benefit obligation at January 1 | $ | 369.7 |  |  | $ | 53.1 |  |  | $ | 422.8 |  |  | $ | 334.8 |  |  | $ | 48.6 |  |  | $ | 383.4 |  |
| Service cost | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  | 0.1 |  |
| Interest cost | 8.6 |  |  | 1.8 |  |  | 10.4 |  |  | 8.9 |  |  | 1.9 |  |  | 10.8 |  |
| Actuarial (gain) / loss | (27.7 | ) |  | (5.9 | ) |  | (33.6 | ) |  | 10.1 |  |  | 4.3 |  |  | 14.4 |  |
| Exchange difference | (19.7 | ) |  | (0.1 | ) |  | (19.8 | ) |  | 32.0 |  |  | 0.3 |  |  | 32.3 |  |
| Benefits paid | (17.9 | ) |  | (2.2 | ) |  | (20.1 | ) |  | (16.1 | ) |  | (2.1 | ) |  | (18.2 | ) |
| Prior service cost | 2.2 |  |  | — |  |  | 2.2 |  |  | — |  |  | — |  |  | — |  |
| Benefit obligation at December 31 | $ | 315.2 |  |  | $ | 46.8 |  |  | $ | 362.0 |  |  | $ | 369.7 |  |  | $ | 53.1 |  |  | $ | 422.8 |  |
| Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |
| Fair value of plan assets at January 1 | $ | 326.3 |  |  | $ | 41.2 |  |  | $ | 367.5 |  |  | $ | 280.3 |  |  | $ | 36.6 |  |  | $ | 316.9 |  |
| Actual return on assets | (13.0 | ) |  | (2.5 | ) |  | (15.5 | ) |  | 27.7 |  |  | 4.8 |  |  | 32.5 |  |
| Exchange difference | (17.8 | ) |  | — |  |  | (17.8 | ) |  | 27.4 |  |  | — |  |  | 27.4 |  |
| Contributions from employer | 5.8 |  |  | 2.1 |  |  | 7.9 |  |  | 7.0 |  |  | 1.9 |  |  | 8.9 |  |
| Benefits paid | (17.9 | ) |  | (2.2 | ) |  | (20.1 | ) |  | (16.1 | ) |  | (2.1 | ) |  | (18.2 | ) |
| Fair value of plan assets at December 31 | $ | 283.4 |  |  | $ | 38.6 |  |  | $ | 322.0 |  |  | $ | 326.3 |  |  | $ | 41.2 |  |  | $ | 367.5 |  |
| Funded status |  |  |  |  |  |  |  |  |  |  |  |
| Benefit obligations in excess of the fair value of plan assets | $ | (31.8 | ) |  | $ | (8.2 | ) |  | $ | (40.0 | ) |  | $ | (43.4 | ) |  | $ | (11.9 | ) |  | $ | (55.3 | ) |
Schedule of Net Benefit Costs | The amounts recognized in the consolidated statements of income in respect of the pension plans were as follows:
|  | 2018 |  | 2018 |  | 2018 |  | 2017 |  | 2017 |  | 2017 |  | 2016 |  | 2016 |  | 2016 |
| In millions | U.K. |  | U.S. / other |  | Total |  | U.K. |  | U.S. / other |  | Total |  | U.K. |  | U.S. / other |  | Total |
| In respect of defined benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current service cost | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.1 |  |  | $ | 0.4 |  |
| Interest cost | 8.6 |  |  | 1.8 |  |  | 10.4 |  |  | 8.9 |  |  | 1.9 |  |  | 10.8 |  |  | 10.9 |  |  | 2.5 |  |  | 13.4 |  |
| Expected return on assets | (14.5 | ) |  | (2.2 | ) |  | (16.7 | ) |  | (14.8 | ) |  | (1.8 | ) |  | (16.6 | ) |  | (14.1 | ) |  | (2.3 | ) |  | (16.4 | ) |
| Settlement loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.3 |  |  | 4.3 |  |
| Amortization of net actuarial loss | 2.3 |  |  | 0.4 |  |  | 2.7 |  |  | 2.5 |  |  | 0.3 |  |  | 2.8 |  |  | 1.9 |  |  | 0.4 |  |  | 2.3 |  |
| Amortization of prior service credit | (0.5 | ) |  | — |  |  | (0.5 | ) |  | (0.5 | ) |  | — |  |  | (0.5 | ) |  | (0.5 | ) |  | — |  |  | (0.5 | ) |
| Total (credit) / charge for defined benefit plans | $ | (4.1 | ) |  | $ | 0.1 |  |  | $ | (4.0 | ) |  | $ | (3.9 | ) |  | $ | 0.5 |  |  | $ | (3.4 | ) |  | $ | (1.5 | ) |  | $ | 5.0 |  |  | $ | 3.5 |  |
| In respect of defined contribution plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total charge for defined contribution plans | $ | 2.1 |  |  | $ | 2.3 |  |  | $ | 4.4 |  |  | $ | 1.9 |  |  | $ | 2.1 |  |  | $ | 4.0 |  |  | $ | 1.6 |  |  | $ | 2.1 |  |  | $ | 3.7 |  |
| Total (credit) / charge for pension plans | $ | (2.0 | ) |  | $ | 2.4 |  |  | $ | 0.4 |  |  | $ | (2.0 | ) |  | $ | 2.6 |  |  | $ | 0.6 |  |  | $ | 0.1 |  |  | $ | 7.1 |  |  | $ | 7.2 |  |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following table shows other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) ("AOCI") during the years ended December 31:
| In millions | 2018 |  | 2017 |
| Net actuarial gain | $ | 1.4 |  |  | $ | 1.6 |  |
| Amortization of net gain | 2.7 |  |  | 2.8 |  |
| Prior service cost | (2.2 | ) |  | — |  |
| Amortization of prior service credit | (0.5 | ) |  | (0.5 | ) |
| Total recognized in other comprehensive income | 1.4 |  |  | 3.9 |  |
| Total credit recognized in net periodic benefit cost and other comprehensive income | $ | 5.4 |  |  | $ | 7.3 |  |
The following table shows the amounts included in AOCI that have not yet been recognized as components of net periodic benefit cost for the years ended December 31:
| In millions | 2018 |  | 2017 |
| Net actuarial loss | $ | (136.4 | ) |  | $ | (140.5 | ) |
| Net prior service credit | 12.7 |  |  | 15.5 |  |
| Total included in AOCI not yet recognized in the statement of income | $ | (123.7 | ) |  | $ | (125.0 | ) |
Schedule of Assumptions Used | The inflation rate is derived using a similar cash flow matched methodology as used for the discount rate but having regard to the difference between yields on fixed-interest and index-linked United Kingdom government gilts. The expected return on assets assumption is set having regard to the asset allocation and expected return on each asset class as at the balance sheet date.
|  | 2018 |  | 2017 |
| Other principal actuarial assumptions: | Years |  | Years |
| Life expectancy of male / female in the U.K. aged 65 at accounting date | 21.4 / 24.1 |  | 21.6 / 24.6 |
| Life expectancy of male / female in the U.K. aged 65 at 20 years after accounting date | 22.8 / 25.7 |  | 23.3 / 26.5 |
The financial assumptions used in the calculations were:
|  | Projected Unit Credit Valuation |
|  | U.K. |  | U.S. |
|  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |
|  | % |  | % |  | % |  | % |  | % |  | % |
| Discount rate | 2.90 |  | 2.40 |  | 2.60 |  | 4.20 |  | 3.60 |  | 4.20 |
| Expected return on assets | 4.90 |  | 4.80 |  | 5.20 |  | 6.20 |  | 6.00 |  | 6.30 |
| Retail price inflation | 3.30 |  | 3.10 |  | 3.20 |  | n/a |  | n/a |  | n/a |
| Inflation related assumptions: |  |  |  |  |  |  |  |  |  |  |  |
| Salary inflation | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |
| Consumer price inflation | 2.20 |  | 2.10 |  | 2.20 |  | n/a |  | n/a |  | n/a |
| Pension increases—pre April 6, 1997 | 2.00 |  | 1.90 |  | 2.00 |  | n/a |  | n/a |  | n/a |
| —1997 - 2005 | 2.20 |  | 2.10 |  | 2.20 |  | n/a |  | n/a |  | n/a |
| —post April 5, 2005 | 1.80 |  | 1.70 |  | 1.80 |  | n/a |  | n/a |  | n/a |
Schedule of Allocation of Plan Assets | The fair value of plan assets were:
|  | 2018 |  | 2018 |  | 2018 |  | 2017 |  | 2017 |  | 2017 |
| In millions | U.K. |  | U.S./ other |  | Total |  | U.K. |  | U.S./ other |  | Total |
| Assets in active markets: |  |  |  |  |  |  |  |  |  |  |  |
| Equities and growth funds | $ | 173.1 |  |  | $ | 20.6 |  |  | $ | 193.7 |  |  | $ | 203.4 |  |  | $ | 22.9 |  |  | $ | 226.3 |  |
| Government bonds | 46.7 |  |  | — |  |  | 46.7 |  |  | 49.9 |  |  | — |  |  | 49.9 |  |
| Corporate bonds | 63.6 |  |  | 18.0 |  |  | 81.6 |  |  | 72.7 |  |  | 18.3 |  |  | 91.0 |  |
| Cash | — |  |  | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |  |
| Total fair value of plan assets | $ | 283.4 |  |  | $ | 38.6 |  |  | $ | 322.0 |  |  | $ | 326.3 |  |  | $ | 41.2 |  |  | $ | 367.5 |  |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid by the plans for the years ended December 31 as follows:
| In millions | U.K. pension plans |  | U.S./ other pension plans
| 2019 | $ | 17.6 |  |  | $ | 2.3 |
| 2020 | 17.9 |  |  | 2.3 |
| 2021 | 18.3 |  |  | 2.3 |
| 2022 | 18.7 |  |  | 2.3 |
| 2023 | 19.1 |  |  | 2.3 |
| Thereafter | 102.2 |  |  | 11.7 |

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