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Post employment benefits (Tables) | 12 Months Ended
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Jun. 30, 2022
Disclosure of defined benefit plans [abstract] |
Schedule of funding valuations of the significant defined benefit plans | The most recent funding valuations of the significant defined benefit plans were carried out as follows:
Principal plans | Date of valuation
United Kingdom(1) | 1 April 2021
Ireland(2) | 31 December 2018
United States | 1 January 2021
(1) The Diageo Pension Scheme (DPS) closed to new members in November 2005. Employees who joined Diageo in the United Kingdom between November 2005 and January 2018, had been eligible to become members of the Diageo Lifestyle Plan (a cash balance defined benefit plan). Since then, new employees have been eligible to become members of a Diageo administered defined contribution plan. (2) The Irish scheme closed to new members in May 2013. Employees who have joined Diageo in Ireland since the defined benefit scheme closed have been eligible to become members of Diageo administered defined contribution plans. The triennial valuation of the Guinness Ireland Group Pension Scheme in Ireland (the Irish Scheme) is in progress and the results of this valuation are expected to be agreed by Diageo and the trustee later in calendar year 2022.
Schedule of amounts charged to consolidated income statement for group's defined benefit post employment plans and consolidated statement of comprehensive income | The amounts charged to the consolidated income statement and statement of comprehensive income for the group’s defined benefit plans for the three years ended 30 June 2022 are as follows:
| 2022 £ million | 2021 £ million | 2020 £ million
Current service cost and administrative expenses | (107) |  | (105) |  | (109) |
Past service gains – ordinary activities | 34 |  | — |  | 50 |
Past service losses – exceptional | — |  | (5) |  | — |
Gains on curtailments and settlements | 34 |  | 18 |  | 12 |
Charge to operating profit | (39) |  | (92) |  | (47) |
Net finance gain in respect of post employment plans | 10 |  | 5 |  | 9 |
Charge before taxation(1) | (29) |  | (87) |  | (38) |
Actual returns less amounts included in finance income | (1,432) |  | (6) |  | 774 |
Experience (losses)/gains | (35) |  | 80 |  | 34 |
Changes in financial assumptions | 2,133 |  | 125 |  | (754) |
Changes in demographic assumptions | (40) |  | (183) |  | (14) |
Other comprehensive income | 626 |  | 16 |  | 40 |
Changes in the surplus restriction | (11) |  | — |  | (2) |
Total other comprehensive income | 615 |  | 16 |  | 38 |
(i) The year ended 30 June 2022 includes settlement gains of £27 million in respect of the Enhanced Transfer Values exercise carried out in the Irish Schemes and past service gains of £28 million as a result of the changes of the benefits in the Irish Scheme. In the year ended 30 June 2021, the exceptional past service loss of £5 million is in respect of the equalisation of Guaranteed Minimum Pension (GMP) benefits for men and women). The year ended 30 June 2020 includes a past service gain of £47 million in respect of the Irish Scheme following communications to the deferred members in respect of changing their expectations of a full pension prior to reaching the age of 65 and to pensioners in respect of future pension increases.
Schedule of charge before taxation | (1) The (charge)/income before taxation is in respect of the following countries:
| 2022 £ million | 2021 £ million | 2020 £ million
United Kingdom | (27) |  | (46) |  | (23) |
Ireland | 45 |  | 4 |  | 34 |
United States | (31) |  | (28) |  | (30) |
Other | (16) |  | (17) |  | (19) |
| (29) |  | (87) |  | (38) |
Schedule of movement in net deficit | The movement in the net surplus for the two years ended 30 June 2022 is set out below:
| Plan assets £ million | Plan liabilities £ million | Net surplus £ million
At 30 June 2020 | 10,422 |  | (10,057) |  | 365 |
Exchange differences | (214) |  | 245 |  | 31 |
Charge before taxation(1) | 149 |  | (236) |  | (87) |
Other comprehensive income/(loss)(2) | (6) |  | 22 |  | 16 |
Contributions by the group | 122 |  | — |  | 122 |
Settlements paid(3) | (169) |  | 169 |  | — |
Employee contributions | 4 |  | (4) |  | — |
Benefits paid | (416) |  | 416 |  | — |
At 30 June 2021 | 9,892 |  | (9,445) |  | 447 |
Exchange differences | 93 |  | (100) |  | (7) |
Charge before taxation(1) | 176 |  | (205) |  | (29) |
Other comprehensive income/(loss)(2) | (1,432) |  | 2,058 |  | 626 |
Contributions by the group | 128 |  | — |  | 128 |
Settlements paid(3) | (52) |  | 52 |  | — |
Employee contributions | 5 |  | (5) |  | — |
Benefits paid | (411) |  | 411 |  | — |
At 30 June 2022 | 8,399 |  | (7,234) |  | 1,165 |
(1) Includes net settlement gain of £27 million (F21 - £14 million) and past service gain of £28 million. (2) Excludes surplus restriction. (3) Includes settlement payment of £52 million on ETV exercise in Ireland (F21 – £151 million in respect of a settlement in the US Cash Balance plan).
Schedule of plan assets and liabilities by type of post employment benefit and country | The plan assets and liabilities by type of post employment benefit and country is as follows:
| 2022 | 2021
| Plan assets £ million | Plan liabilities £ million | Plan assets £ million | Plan liabilities £ million
Pensions |  |  |  |
United Kingdom | 6,041 |  | (4,897) |  | 7,341 |  | (6,580) |
Ireland | 1,645 |  | (1,409) |  | 1,826 |  | (1,926) |
United States | 453 |  | (408) |  | 470 |  | (373) |
Other | 191 |  | (212) |  | 186 |  | (225) |
Post employment medical | 2 |  | (225) |  | 2 |  | (262) |
Other post employment | 67 |  | (83) |  | 67 |  | (79) |
| 8,399 |  | (7,234) |  | 9,892 |  | (9,445) |
Schedule of balance sheet analysis of post employment plans | The balance sheet analysis of the post employment plans is as follows:
| 2022 | 2021
| Non- current assets(1) £ million | Non- current liabilities £ million | Non- current assets(1) £ million | Non- current liabilities £ million
Funded plans | 1,553 |  | (144) |  | 1,018 |  | (279) |
Unfunded plans | — |  | (258) |  | — |  | (295) |
| 1,553 |  | (402) |  | 1,018 |  | (574) |
(1) Includes surplus restriction of £14 million (2021 – £3 million).
Schedule of weighted average assumptions used to determine group's deficit/surplus in main post employment plans | The following weighted average assumptions were used to determine the group’s deficit/surplus in the main post employment plans at 30 June in the relevant year. The assumptions used to calculate the charge/credit in the consolidated income statement for the year ending 30 June are based on the assumptions disclosed as at the previous 30 June.
| United Kingdom | Ireland | United States(1)
| 2022% | 2021% | 2020% | 2022% | 2021% | 2020% | 2022% | 2021% | 2020%
Rate of general increase in salaries(2) | 3.6 |  | 3.4 |  | 3.2 |  | 3.8 |  | 3.0 |  | 2.6 |  | — |  | — |  | — |
Rate of increase to pensions in payment | 2.9 |  | 3.1 |  | 3.0 |  | 2.2 |  | 1.7 |  | 1.4 |  | — |  | — |  | — |
Rate of increase to deferred pensions | 2.6 |  | 2.5 |  | 2.1 |  | 2.3 |  | 1.6 |  | 1.2 |  | — |  | — |  | — |
Discount rate for plan liabilities | 3.8 |  | 1.9 |  | 1.5 |  | 3.2 |  | 1.0 |  | 1.2 |  | 4.4 |  | 2.7 |  | 2.6 |
Inflation – CPI | 2.6 |  | 2.5 |  | 2.1 |  | 2.4 |  | 1.6 |  | 1.2 |  | 2.3 |  | 2.3 |  | 1.4 |
Inflation - RPI | 3.1 |  | 3.0 |  | 2.8 |  | — |  | — |  | — |  | — |  | — |  | — |
(1) The salary increase assumption in the United States is not a significant assumption as only a minimal amount of members’ pension entitlement is dependent on a member’s projected final salary. (2) The salary increase assumptions include an allowance for age-related promotional salary increases.
Schedule of expected age at death of an average worker who retires currently at age of 65, and one who is currently aged 45 and subsequently retires at the age of 65 | For the principal UK and Irish pension funds, the table below illustrates the expected age at death of an average worker who retires currently at the age of 65, and one who is currently aged 45 and subsequently retires at the age of 65:
| United Kingdom(1) | Ireland(2) | United States
| 2022 Age | 2021 Age | 2020 Age | 2022 Age | 2021 Age | 2020 Age | 2022 Age | 2021 Age | 2020 Age
Retiring currently at age 65 |  |  |  |  |  |  |  |  |
Male | 87.1 | 87.2 | 86.4 | 87.7 | 86.9 | 86.6 | 85.5 | 85.4 | 85.6
Female | 88.7 | 88.7 | 88.7 | 90.0 | 89.3 | 89.3 | 87.2 | 87.1 | 87.3
Currently aged 45, retiring at age 65 |  |  |  |  |  |  |  |  |
Male | 88.5 | 88.6 | 88.5 | 89.3 | 88.6 | 89.6 | 87.0 | 86.9 | 87.2
Female | 90.7 | 90.8 | 90.8 | 91.7 | 91.1 | 92.3 | 88.6 | 88.5 | 88.9
(1) Based on the CMI’s S3 mortality tables with scaling factors based on the experience of the plan and where people live, with suitable future improvements. (2) Based on the CMI's S3 mortality tables with scaling factors based on the experience of the plan, with suitable future improvements.
Schedule of sensitivity analyses of potential impacts on consolidated income statement and on plan liabilities | For the significant assumptions, the following sensitivity analyses estimate the potential impacts on the consolidated income statement for the year ending 30 June 2023 and on the plan liabilities at 30 June 2022:
| United Kingdom | Ireland | United States
Benefit/(cost) | Operating profit £ million | Profit after taxation £ million | Plan liabilities(1) £ million | Operating profit £ million | Profit after taxation £ million | Plan liabilities(1) £ million | Operating profit £ million | Profit after taxation £ million | Plan liabilities(1) £ million
Effect of 0.5% increase in discount rate | 2 |  | 19 |  | 336 |  | 1 |  | 4 |  | 96 |  | 1 |  | 3 |  | 22 |
Effect of 0.5% decrease in discount rate | (3) |  | (17) |  | (374) |  | (1) |  | (4) |  | (108) |  | (1) |  | (3) |  | (23) |
Effect of 0.5% increase in inflation | (2) |  | (9) |  | (246) |  | (1) |  | (3) |  | (59) |  | — |  | (1) |  | (10) |
Effect of 0.5% decrease in inflation | 2 |  | 10 |  | 260 |  | 1 |  | 3 |  | 57 |  | — |  | 1 |  | 9 |
Effect of one year increase in life expectancy | — |  | (6) |  | (171) |  | — |  | (2) |  | (56) |  | — |  | (1) |  | (17) |
(1) The estimated effect on the liabilities excludes the impact of any interest rate and inflation swaps held by the pension plans. (i) The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions and may not be representative of the actual change. Each sensitivity is calculated on a change in the key assumption while holding all other assumptions constant. The sensitivity to inflation includes the impact on all inflation linked assumptions (e.g. pension increases and salary increases where appropriate).
Schedule of analysis of fair value of plan assets | An analysis of the fair value of the plan assets is as follows:
| 2022
| United Kingdom £ million | Ireland £ million | United States and other £ million | Total £ million
| Quoted | Unquoted | Quoted | Unquoted | Quoted | Unquoted | Quoted | Unquoted | Total
Equities | 23 |  | 1,218 |  | — |  | 319 |  | 70 |  | 105 |  | 93 |  | 1,642 |  | 1,735 |
Bonds |  |  |  |  |  |  |  |  |
Fixed-interest government | 2 |  | 86 |  | — |  | 30 |  | 49 |  | 152 |  | 51 |  | 268 |  | 319 |
Inflation-linked government | — |  | — |  | — |  | 199 |  | 1 |  | 1 |  | 1 |  | 200 |  | 201 |
Investment grade corporate | — |  | 68 |  | — |  | 388 |  | 25 |  | 222 |  | 25 |  | 678 |  | 703 |
Non-investment grade | 44 |  | 557 |  | 2 |  | 200 |  | 1 |  | 1 |  | 47 |  | 758 |  | 805 |
Loan securities | 11 |  | 1,271 |  | — |  | 98 |  | — |  | — |  | 11 |  | 1,369 |  | 1,380 |
Repurchase agreements | 2,400 |  | (215) |  | — |  | — |  | — |  | — |  | 2,400 |  | (215) |  | 2,185 |
Liability Driven Investment (LDI) | — |  | 119 |  | — |  | 46 |  | — |  | — |  | — |  | 165 |  | 165 |
Property | 28 |  | 716 |  | — |  | 74 |  | — |  | 1 |  | 28 |  | 791 |  | 819 |
Hedge funds | — |  | 107 |  | — |  | 92 |  | — |  | 5 |  | — |  | 204 |  | 204 |
Interest rate and inflation swaps | — |  | (900) |  | — |  | 37 |  | — |  | — |  | — |  | (863) |  | (863) |
Cash and other | 24 |  | 481 |  | 7 |  | 154 |  | — |  | 80 |  | 31 |  | 715 |  | 746 |
Total bid value of assets | 2,532 |  | 3,508 |  | 9 |  | 1,637 |  | 146 |  | 567 |  | 2,687 |  | 5,712 |  | 8,399 |
| 2021
| United Kingdom £ million | Ireland £ million | United States and other £ million | Total £ million
| Quoted | Unquoted | Quoted | Unquoted | Quoted | Unquoted | Quoted | Unquoted | Total
Equities | — |  | 604 |  | 2 |  | 306 |  | 70 |  | 106 |  | 72 |  | 1,016 |  | 1,088 |
Bonds |  |  |  |  |  |  |  |  |
Fixed-interest government | 86 |  | 61 |  | — |  | 81 |  | 47 |  | 4 |  | 133 |  | 146 |  | 279 |
Inflation-linked government | — |  | — |  | — |  | 239 |  | — |  | — |  | — |  | 239 |  | 239 |
Investment grade corporate | 13 |  | 499 |  | — |  | 355 |  | 24 |  | 367 |  | 37 |  | 1,221 |  | 1,258 |
Non-investment grade | 17 |  | 134 |  | 2 |  | 115 |  | 2 |  | 10 |  | 21 |  | 259 |  | 280 |
Loan securities | 58 |  | 1,731 |  | 1 |  | 278 |  | — |  | — |  | 59 |  | 2,009 |  | 2,068 |
Repurchase agreements | 4,512 |  | (904) |  | — |  | — |  | — |  | — |  | 4,512 |  | (904) |  | 3,608 |
Liability Driven Investment (LDI) | 2 |  | 210 |  | — |  | 66 |  | — |  | — |  | 2 |  | 276 |  | 278 |
Property | — |  | 685 |  | — |  | 72 |  | — |  | 1 |  | — |  | 758 |  | 758 |
Hedge funds | — |  | 101 |  | — |  | 139 |  | — |  | 4 |  | — |  | 244 |  | 244 |
Interest rate and inflation swaps | — |  | (994) |  | — |  | 108 |  | — |  | — |  | — |  | (886) |  | (886) |
Cash and other | 12 |  | 514 |  | 2 |  | 60 |  | — |  | 90 |  | 14 |  | 664 |  | 678 |
Total bid value of assets | 4,700 |  | 2,641 |  | 7 |  | 1,819 |  | 143 |  | 582 |  | 4,850 |  | 5,042 |  | 9,892 |
(i) The asset classes include some cash holdings that are temporary. This cash is likely to be invested imminently and so has been included in the asset class where it is anticipated to be invested in the long-term.
Schedule of timing of benefit payments | The following table provides information on the timing of the benefit payments and the average duration of the defined benefit obligations and the distribution of the timing of benefit payments:
| United Kingdom | Ireland | United States
| 2022 £ million | 2021 £ million | 2022 £ million | 2021 £ million | 2022 £ million | 2021 £ million
Maturity analysis of benefits expected to be paid |  |  |  |  |  |
Within one year | 295 |  | 288 |  | 70 |  | 84 |  | 58 |  | 52 |
Between 1 to 5 years | 1,082 |  | 1,112 |  | 353 |  | 338 |  | 187 |  | 145 |
Between 6 to 15 years | 2,556 |  | 2,606 |  | 704 |  | 656 |  | 310 |  | 247 |
Between 16 to 25 years | 2,252 |  | 2,314 |  | 634 |  | 588 |  | 183 |  | 145 |
Beyond 25 years | 2,787 |  | 2,840 |  | 768 |  | 746 |  | 174 |  | 138 |
Total | 8,972 |  | 9,160 |  | 2,529 |  | 2,412 |  | 912 |  | 727 |
| years | years | years | years | years | years
Average duration of the defined benefit obligation | 15 | 18 | 15 | 18 | 9 | 11

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