XML 81 R44.htm IDEA: XBRL DOCUMENT
v3.22.4

Pension Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
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 pension benefit obligations, fair value of plan assets and the funded status of pension plans as of and for the years ended December 31, 2022 and 2021:
|  | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |
| In millions | U.K. |  | U.S. / other |  | Total |  | U.K. |  | U.S. / other |  | Total |
| Change in benefit obligations |  |  |  |  |  |  |  |  |  |  |  |
| Benefit obligation at January 1 | $ | 362.9 |  |  | $ | 48.7 |  |  | $ | 411.6 |  |  | $ | 404.0 |  |  | $ | 50.7 |  |  | $ | 454.7 |  |
| Interest cost | 6.2 |  |  | 1.3 |  |  | 7.5 |  |  | 5.6 |  |  | 1.1 |  |  | 6.7 |  |
| Settlement gain | — |  |  | (5.9) |  |  | (5.9) |  |  | — |  |  | — |  |  | — |  |
| Actuarial gains | (93.7) |  |  | (9.0) |  |  | (102.7) |  |  | (29.6) |  |  | (0.8) |  |  | (30.4) |  |
| Exchange difference | (37.0) |  |  | — |  |  | (37.0) |  |  | (4.0) |  |  | — |  |  | (4.0) |  |
| Benefits paid | (12.8) |  |  | (2.5) |  |  | (15.3) |  |  | (13.1) |  |  | (2.3) |  |  | (15.4) |  |
| Benefit obligation at December 31 | $ | 225.6 |  |  | $ | 32.6 |  |  | $ | 258.2 |  |  | $ | 362.9 |  |  | $ | 48.7 |  |  | $ | 411.6 |  |
| Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |
| Fair value of plan assets at January 1 | $ | 376.6 |  |  | $ | 46.8 |  |  | $ | 423.4 |  |  | $ | 358.9 |  |  | $ | 45.0 |  |  | $ | 403.9 |  |
| Actual return on assets | (71.2) |  |  | (10.4) |  |  | (81.6) |  |  | 16.3 |  |  | 4.1 |  |  | 20.4 |  |
| Exchange difference | (40.4) |  |  | — |  |  | (40.4) |  |  | (3.7) |  |  | — |  |  | (3.7) |  |
| Contributions from employer | 0.4 |  |  | — |  |  | 0.4 |  |  | 18.2 |  |  | — |  |  | 18.2 |  |
| Benefits paid | (12.8) |  |  | (2.4) |  |  | (15.2) |  |  | (13.1) |  |  | (2.3) |  |  | (15.4) |  |
| Settlement loss | — |  |  | (5.9) |  |  | (5.9) |  |  | — |  |  | — |  |  | — |  |
| Fair value of plan assets at December 31 | $ | 252.6 |  |  | $ | 28.1 |  |  | $ | 280.7 |  |  | $ | 376.6 |  |  | $ | 46.8 |  |  | $ | 423.4 |  |
| Funded status |  |  |  |  |  |  |  |  |  |  |  |
| Net benefit surplus / (obligation) | $ | 27.0 |  |  | $ | (4.5) |  |  | $ | 22.5 |  |  | $ | 13.7 |  |  | $ | (1.9) |  |  | $ | 11.8 |  |
Schedule of Net Benefit Costs | The amounts recognized in the Consolidated Statements of Income in respect of the pension plans were as follows:
|  | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020 |
| 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Interest cost | 6.2 |  |  | 1.3 |  |  | 7.5 |  |  | 5.6 |  |  | 1.1 |  |  | 6.7 |  |  | 7.0 |  |  | 1.4 |  |  | 8.4 |  |
| Expected return on assets | (10.4) |  |  | (0.7) |  |  | (11.1) |  |  | (10.2) |  |  | (1.8) |  |  | (12.0) |  |  | (12.2) |  |  | (2.3) |  |  | (14.5) |  |
| Curtailment gain | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| Settlement loss | — |  |  | 2.0 |  |  | 2.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| Amortization of net actuarial loss | 1.8 |  |  | 0.3 |  |  | 2.1 |  |  | 3.4 |  |  | 0.4 |  |  | 3.8 |  |  | 2.3 |  |  | 0.3 |  |  | 2.6 |  |
| Amortization of prior service credit | (0.4) |  |  | — |  |  | (0.4) |  |  | (0.4) |  |  | — |  |  | (0.4) |  |  | (0.4) |  |  | — |  |  | (0.4) |  |
| Total (credit) / expense for defined benefit plans | $ | (2.8) |  |  | $ | 2.9 |  |  | $ | 0.1 |  |  | $ | (1.6) |  |  | $ | (0.3) |  |  | $ | (1.9) |  |  | $ | (3.3) |  |  | $ | (0.6) |  |  | $ | (3.9) |  |
| In respect of defined contribution plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total charge for defined contribution plans | $ | 2.0 |  |  | $ | 1.7 |  |  | $ | 3.7 |  |  | $ | 2.1 |  |  | $ | 1.5 |  |  | $ | 3.6 |  |  | $ | 1.5 |  |  | $ | 1.9 |  |  | $ | 3.4 |  |
| Total charge / (credit) for benefit plans | $ | (0.8) |  |  | $ | 4.6 |  |  | $ | 3.8 |  |  | $ | 0.5 |  |  | $ | 1.2 |  |  | $ | 1.7 |  |  | $ | (1.8) |  |  | $ | 1.3 |  |  | $ | (0.5) |  |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income | The following table shows other changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended December 31:
| In millions | 2022 |  | 2021 |  | 2020 |
| Net actuarial gain / (loss) | $ | 8.2 |  |  | $ | 38.8 |  |  | $ | (26.9) |  |
| Amortization of actuarial loss | 2.1 |  |  | 3.8 |  |  | 2.6 |  |
| Actuarial loss recognized due to settlement event | 2.0 |  |  | — |  |  | — |  |
| Prior service cost | — |  |  | — |  |  | (0.1) |  |
| Amortization of prior service credit | (0.4) |  |  | (0.4) |  |  | (0.4) |  |
| Total recognized in other comprehensive income / (loss) | 11.9 |  |  | 42.2 |  |  | (24.8) |  |
| Total recognized in net periodic benefit cost and other comprehensive income / (loss) | $ | 11.8 |  |  | $ | 44.1 |  |  | $ | (20.9) |  |
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 | 2022 |  | 2021 |
| Gross actuarial loss | $ | (110.2) |  |  | $ | (122.5) |  |
| Gross prior service credit | 11.0 |  |  | 11.4 |  |
| Total included in AOCI not yet recognized in the statement of income | $ | (99.2) |  |  | $ | (111.1) |  |
Schedule of Assumptions Used | The financial assumptions used in the calculations were:
|  | Projected Unit Credit Valuation |
|  | U.K. |  | U.S. |
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |
|  | % |  | % |  | % |  | % |  | % |  | % |
| Discount rate | 4.80 |  |  | 1.90 |  |  | 1.40 |  |  | 5.10 |  |  | 2.70 |  |  | 2.30 |  |
| Expected return on assets | 5.60 |  |  | 3.30 |  |  | 3.00 |  |  | 4.70 |  |  | 2.50 |  |  | 5.00 |  |
| Pre-2030 |  |  |  |  |  |  |  |  |  |  |  |
| Retail Price Inflation | 3.20 |  |  | 3.30 |  |  | 2.90 |  |  | n/a |  | n/a |  | n/a |
| Consumer Price Inflation | 2.10 |  |  | 2.20 |  |  | 1.80 |  |  | n/a |  | n/a |  | n/a |
| Pension increases |  |  |  |  |  |  |  |  |  |  |  |
| Pre 6 April 1997 | 1.90 |  |  | 2.00 |  |  | 1.70 |  |  | n/a |  | n/a |  | n/a |
| 1997 - 2005 | 2.10 |  |  | 2.20 |  |  | 1.90 |  |  | n/a |  | n/a |  | n/a |
| Post 5 April 2005 | 1.70 |  |  | 1.80 |  |  | 1.60 |  |  | n/a |  | n/a |  | n/a |
| Post-2030 |  |  |  |  |  |  |  |  |  |  |  |
| Retail Price Inflation | 3.20 |  |  | 3.30 |  |  | 2.70 |  |  | n/a |  | n/a |  | n/a |
| Consumer Price Inflation | 3.10 |  |  | 3.20 |  |  | 2.60 |  |  | n/a |  | n/a |  | n/a |
| Pension increases |  |  |  |  |  |  |  |  |  |  |  |
| Pre 6 April 1997 | 2.40 |  |  | 2.50 |  |  | 2.20 |  |  | n/a |  | n/a |  | n/a |
| 1997 - 2005 | 3.00 |  |  | 3.10 |  |  | 2.60 |  |  | n/a |  | n/a |  | n/a |
| Post 5 April 2005 | 2.20 |  |  | 2.20 |  |  | 2.00 |  |  | n/a |  | n/a |  | n/a |
|  | 2022 |  | 2021 |
| Other principal actuarial assumptions: | Years |  | Years |
| Life expectancy of male / female in the U.K. aged 65 at accounting date | 21.2 / 23.0 |  | 21.1 / 22.9 |
| Life expectancy of male / female in the U.K. aged 65 at 20 years after accounting date | 22.5 / 24.5 |  | 22.4 / 24.4 |
Schedule of Allocation of Plan Assets | The fair value of plan assets were:
|  | 2022 |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021 |
| In millions | U.K. |  | U.S. / other |  | Total |  | U.K. |  | U.S. / other |  | Total |
| Assets in active markets: |  |  |  |  |  |  |  |  |  |  |  |
| Equities and growth funds | $ | 78.3 |  |  | $ | — |  |  | $ | 78.3 |  |  | $ | 149.9 |  |  | $ | — |  |  | $ | 149.9 |  |
| Government bonds | 65.7 |  |  | — |  |  | 65.7 |  |  | 64.6 |  |  | — |  |  | 64.6 |  |
| Corporate bonds | 106.1 |  |  | 27.5 |  |  | 133.6 |  |  | 147.5 |  |  | 46.6 |  |  | 194.1 |  |
| Cash | 2.5 |  |  | 0.6 |  |  | 3.1 |  |  | 14.6 |  |  | 0.2 |  |  | 14.8 |  |
| Total fair value of plan assets | $ | 252.6 |  |  | $ | 28.1 |  |  | $ | 280.7 |  |  | $ | 376.6 |  |  | $ | 46.8 |  |  | $ | 423.4 |  |
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 (1)
| 2023 | $ | 13.1 |  |  | $ | 0.7 |
| 2024 | 13.4 |  |  | — |
| 2025 | 13.6 |  |  | — |
| 2026 | 13.9 |  |  | — |
| 2027 | 14.2 |  |  | — |
| Thereafter | 74.8 |  |  | — |
(1) The expected payments reflect the current projection of benefits due to be paid. Upon completion of the d buyout this will be a nil value. The expected buyout completion date is in quarter one of 2023.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration