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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Reconciliations of Plan Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension Plans

The 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, 2020 and 2019:

						2020						2020						2020						2019						2019						2019
			In millions			U.K.						U.S./ other						Total						U.K.						U.S./ other						Total
			Change in benefit obligations
			Benefit obligation at January 1			$	359.2					$	47.1					$	406.3					$	315.2					$	46.8					$	362
			Service cost			—						—						—						—						0.1						0.1
			Interest cost			7.0						1.4						8.4						9.2						1.9						11.1
			Curtailment gain			—						—						—						—						(1.8)						(1.8)
			Settlement gain			—						—						—						—						(2.7)						(2.7)
			Actuarial loss			39.7						4.7						44.4						38.4						5.0						43.4
			Exchange difference			12.7						—						12.7						10.0						—						10
			Benefits paid			(14.7)						(2.5)						(17.2)						(13.6)						(2.2)						(15.8)
			Prior service cost			0.1						—						0.1						—						—						—
			Benefit obligation at December 31			$	404.0					$	50.7					$	454.7					$	359.2					$	47.1					$	406.3
			Change in plan assets
			Fair value of plan assets at January 1			$	328.7					$	42.4					$	371.1					$	283.4					$	38.6					$	322.0
			Actual return on assets			27.9						5.1						33.0						45.4						6.7						52.1
			Exchange difference			11.2						—						11.2						7.6						—						7.6
			Contributions from employer			5.8						—						5.8						5.9						2.0						7.9
			Benefits paid			(14.7)						(2.5)						(17.2)						(13.6)						(2.2)						(15.8)
			Settlement loss			—						—						—						—						(2.7)						(2.7)
			Fair value of plan assets at December 31			$	358.9					$	45.0					$	403.9					$	328.7					$	42.4					$	371.1
			Funded status
			Benefit obligations in excess of the fair value of plan assets			$	(45.1)					$	(5.7)					$	(50.8)					$	(30.5)					$	(4.7)					$	(35.2)

Schedule of Net Benefit Costs

The amounts recognized in the consolidated statements of income in respect of the pension plans were as follows:

						2020						2020						2020						2019						2019						2019						2018						2018						2018
			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
			Interest cost			7.0						1.4						8.4						9.2						1.9						11.1						8.6						1.8						10.4
			Expected return on assets			(12.2)						(2.3)						(14.5)						(13.4)						(2.3)						(15.7)						(14.5)						(2.2)						(16.7)
			Curtailment gain			—						—						—						—						(1.8)						(1.8)						—						—						—
			Settlement loss			—						—						—						—						0.8						0.8						—						—						—
			Amortization of net actuarial loss			2.3						0.3						2.6						2.5						0.6						3.1						2.3						0.4						2.7
			Amortization of prior service credit			(0.4)						—						(0.4)						(0.4)						—						(0.4)						(0.5)						—						(0.5)
			Total (credit) / charge for defined benefit plans			$	(3.3)					$	(0.6)					$	(3.9)					$	(2.1)					$	(0.7)					$	(2.8)					$	(4.1)					$	0.1					$	(4.0)
			In respect of defined contribution plans:
			Total charge for defined contribution plans			$	1.5					$	1.9					$	3.4					$	2.1					$	2.1					$	4.2					$	2.1					$	2.3					$	4.4
			Total charge / (credit) for pension plans			$	(1.8)					$	1.3					$	(0.5)					$	—					$	1.4					$	1.4					$	(2.0)					$	2.4					$	0.4

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 loss ("AOCI") during the years ended December 31:

			In millions			2020						2019						2018
			Net actuarial (loss)			$	(26.9)					$	(7.5)					$	1.4
			Amortization of actuarial loss			2.6						3.1						2.7
			Prior service cost			(0.1)						—						(2.2)
			Amortization of prior service credit			(0.4)						(0.4)						(0.5)
			Total recognized in other comprehensive loss			(24.8)						(4.8)						1.4
			Total credit recognized in net periodic benefit cost and other comprehensive income			$	(20.9)					$	(2.0)					$	5.4

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			2020						2019
			Net actuarial loss			$	(165.1)					$	(140.8)
			Net prior service credit			11.8						12.3
			Total included in AOCI not yet recognized in the statement of loss			$	(153.3)					$	(128.5)

Schedule of Assumptions Used

The financial assumptions used in the calculations were:

						Projected Unit Credit Valuation
						U.K.																		U.S.
						2020						2019						2018						2020						2019						2018
						%						%						%						%						%						%
			Discount rate			1.40						2.10						2.90						2.30						3.10						4.20
			Expected return on assets			3.00						4.10						4.90						5.00						6.20						6.20
			Pre-2030
			Retail Price Inflation			2.90						2.90						3.30						n/a						n/a						n/a
			Consumer Price Inflation			1.80						2.00						2.20						n/a						n/a						n/a
			Pension increases
			Pre 6 April 1997			1.70						1.80						2.00						n/a						n/a						n/a
			1997 - 2005			1.90						2.10						2.20						n/a						n/a						n/a
			Post 5 April 2005			1.60						1.70						1.80						n/a						n/a						n/a
			Post-2030
			Retail Price Inflation			2.70						2.90						3.30						n/a						n/a						n/a
			Consumer Price Inflation			2.60						2.00						2.20						n/a						n/a						n/a
			Pension increases
			Pre 6 April 1997			2.20						1.80						2.00						n/a						n/a						n/a
			1997 - 2005			2.60						2.10						2.20						n/a						n/a						n/a
			Post 5 April 2005			2.00						1.70						1.80						n/a						n/a						n/a

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.

2020

2019

Other principal actuarial assumptions:

Years

Years

Life expectancy of male / female in the U.K. aged 65 at accounting date

21.5 / 24.3

21.5 / 24.2

Life expectancy of male / female in the U.K. aged 65 at 20 years after accounting date

22.9 / 25.8

22.8 / 25.7

Schedule of Allocation of Plan Assets

The fair value of plan assets were:

						2020						2020						2020						2019						2019						2019
			In millions			U.K.						U.S./ other						Total						U.K.						U.S./ other						Total
			Assets in active markets:
			Equities and growth funds			$	152.3					$	26.9					$	179.2					$	146.8					$	26.2					$	173.0
			Government bonds			63.1						—						63.1						52.7						—						52.7
			Corporate bonds			141.6						18.1						159.7						129.1						16.2						145.3
			Cash			1.9						—						1.9						0.1						—						0.1
			Total fair value of plan assets			$	358.9					$	45.0					$	403.9					$	328.7					$	42.4					$	371.1

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
			2021			$	15.0					$	2.5
			2022			15.3						2.5
			2023			15.6						2.5
			2024			15.8						2.5
			2025			16.1						2.5
			Thereafter			84.5						12.3

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