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Retirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2017
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Defined Benefit Plans - Amounts Recognised as Administrative Expenses | In respect of the defined benefit plans, the amounts recognised in the Group income statement, in ‘administrative expenses’, are:
|  | Pension plans |  |  |  |
|  | UK |  |  | US |  |  | US Post-employment benefits |  |  | Total |
|  | 2017 $m |  |  | 2016 $m |  |  | 2015 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2015 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2015 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2015 $m |
Net interest expense |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 3 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 4 |  |  |  | 4 |  |  |  | 5 |
Administration costs |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | 2 |
Settlement gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Operating profit |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 3 |  |  |  | 2 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 5 |  |  |  | 5 |  |  |  | 5 |
Defined Benefit Plans - Amounts Recognised in Other Comprehensive Income | Re-measurement gains and losses recognised in the Group statement of comprehensive income are:
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | Plan assets $m |  |  | Plan obligations $m |  |  | Total $m |  |  | Plan assets $m |  |  | Plan obligations $m |  |  | Total $m |  |  | Plan assets $m |  |  | Plan obligations $m |  |  | Total $m |
Return on plan assets (excluding amounts included in interest) |  |  | 9 |  |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | — |  |  |  | (7 | )
Actuarial gains and losses arising from changes in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demographic assumptions |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | 6 |  |  |  | 6 |  |  |  | — |  |  |  | 5 |  |  |  | 5 |
Financial assumptions |  |  | — |  |  |  | (9 | ) |  |  | (9 | ) |  |  | — |  |  |  | (11 | ) |  |  | (11 | ) |  |  | — |  |  |  | 10 |  |  |  | 10 |
Experience adjustments |  |  | — |  |  |  | (2 | ) |  |  | (2 | ) |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | 2 |  |  |  | 2 |
Change in asset restriction (excluding amounts included in interest) |  |  | (3 | ) |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 3 |
Other comprehensive income |  |  | 6 |  |  |  | (10 | ) |  |  | (4 | ) |  |  | — |  |  |  | (4 | ) |  |  | (4 | ) |  |  | (4 | ) |  |  | 17 |  |  |  | 13 |
Defined Benefit Plans - Summary of Amounts Recognised on the Balance Sheet | The assets and liabilities of the schemes and the amounts recognised in the Group statement of financial position are:
|  | Pension plans |  |  |  |  |  |  |
|  | UK |  |  | US |  |  | US Post-employment benefits |  |  | Total |
|  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |
Retirement benefit assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets |  |  | — |  |  |  | — |  |  |  | 152 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 152 |  |  |  | — |
Present value of benefit obligations |  |  | — |  |  |  | — |  |  |  | (146 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (146 | ) |  |  | — |
Surplus in schemes |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |
Asset restriction |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | — |
Total retirement benefit assets |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |
Retirement benefit obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 148 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 148 |
Present value of benefit obligations |  |  | (29 | ) |  |  | (27 | ) |  |  | (51 | ) |  |  | (195 | ) |  |  | (24 | ) |  |  | (22 | ) |  |  | (104 | ) |  |  | (244 | )
Total retirement benefit obligations |  |  | (29 | ) |  |  | (27 | ) |  |  | (51 | ) |  |  | (47 | ) |  |  | (24 | ) |  |  | (22 | ) |  |  | (104 | ) |  |  | (96 | )
Total fair value of plan assets |  |  | — |  |  |  | — |  |  |  | 152 |  |  |  | 148 |  |  |  | — |  |  |  | — |  |  |  | 152 |  |  |  | 148 |
Total present value of benefit obligations |  |  | (29 | ) |  |  | (27 | ) |  |  | (197 | ) |  |  | (195 | ) |  |  | (24 | ) |  |  | (22 | ) |  |  | (250 | ) |  |  | (244 | )
Summary of Principal Financial Assumptions Used to Determine Benefit Obligations | The principal financial assumptions used by the actuaries to determine the benefit obligations are:
|  | Pension plans |
|  | UK |  |  | US |  |  | US Post-employment benefits |
|  | 2017 % |  |  | 2016 % |  |  | 2015 % |  |  | 2017 % |  |  | 2016 % |  |  | 2015 % |  |  | 2017 % |  |  | 2016 % |  |  | 2015 % |
Pensions increases |  |  | 3.2 |  |  |  | 3.3 |  |  |  | 3.2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Discount rate |  |  | 2.6 |  |  |  | 2.7 |  |  |  | 4.0 |  |  |  | 3.3 |  |  |  | 3.7 |  |  |  | 3.9 |  |  |  | 3.3 |  |  |  | 3.8 |  |  |  | 3.9 |
Inflation rate |  |  | 3.2 |  |  |  | 3.3 |  |  |  | 3.2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Healthcare cost trend rate assumed for next year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-65 (ultimate rate reached in 2025) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.7 |  |  |  | 7.0 |  |  |  | 7.5 |
Post-65 (ultimate rate reached in 2024) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.7 |  |  |  | 8.3 |  |  |  | 9.0 |
Ultimate rate that the cost trend rate trends to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 4.5 |
Defined Benefit Plans - Life Expectancy Assumptions at Retirement Age | In both the UK and US, the assumptions have been revised during the year to reflect life expectancy at retirement age as follows:
|  | Pension plans |
|  | UK |  |  | US |
|  | 2017 Years |  |  | 2016 Years |  |  | 2015 Years |  |  | 2017 Years |  |  | 2016 Years |  |  | 2015 Years |
Current pensioners at 65a — male |  |  | 24 |  |  |  | 24 |  |  |  | 26 |  |  |  | 21 |  |  |  | 21 |  |  |  | 21 |
— female |  |  | 26 |  |  |  | 26 |  |  |  | 29 |  |  |  | 23 |  |  |  | 23 |  |  |  | 23 |
Future pensioners at 65b — male |  |  | 25 |  |  |  | 25 |  |  |  | 28 |  |  |  | 22 |  |  |  | 22 |  |  |  | 23 |
— female |  |  | 28 |  |  |  | 28 |  |  |  | 31 |  |  |  | 24 |  |  |  | 24 |  |  |  | 25 |
a | Relates to assumptions based on longevity (in years) following retirement at the end of the reporting period.
b | Relates to assumptions based on longevity (in years) relating to an employee retiring in 2037.
Defined Benefit Plans - Sensitivity Analysis of Actuarial Assumptions | The sensitivity analysis below is based on extrapolating reasonable changes in these assumptions, using year-end conditions and assuming no interdependency between the assumptions.
|  |  |  | UK |  |  | US |
|  |  |  | Higher/ (lower) pension cost $m |  |  | Increase/ (decrease) in liabilities $m |  |  | Higher/ (lower) pension cost $m |  |  | Increase/ (decrease) in liabilities $m |
Pensions increases |  | — 0.25% decrease |  |  | (0.1 | ) |  |  | (1.1 | ) |  |  | — |  |  |  | — |
|  | — 0.25% increase |  |  | — |  |  |  | 1.4 |  |  |  | — |  |  |  | — |
Discount rate |  | — 0.25% decrease |  |  | (0.1 | ) |  |  | 1.5 |  |  |  | (0.1 | ) |  |  | 2.9 |
|  | — 0.25% increase |  |  | — |  |  |  | (1.4 | ) |  |  | — |  |  |  | (2.7 | )
Inflation rate |  | — 0.25% increase |  |  | — |  |  |  | 1.4 |  |  |  | — |  |  |  | — |
|  | — 0.25% decrease |  |  | (0.1 | ) |  |  | (1.1 | ) |  |  | — |  |  |  | — |
Mortality rate |  | — One year increase |  |  | — |  |  |  | 0.8 |  |  |  | 0.2 |  |  |  | 9.7 |
Summary of Movement in Benefit Obligation | Movement in benefit obligation
|  | Pension plans |  |  | US Post-employment |  |  |  |
|  | UK |  |  | US |  |  | benefits |  |  | Total |
|  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |
Benefit obligation at 1 January |  |  | 27 |  |  |  | 27 |  |  |  | 195 |  |  |  | 202 |  |  |  | 22 |  |  |  | 21 |  |  |  | 244 |  |  |  | 250 |
Interest expense |  |  | 1 |  |  |  | 1 |  |  |  | 7 |  |  |  | 7 |  |  |  | 1 |  |  |  | 1 |  |  |  | 9 |  |  |  | 9 |
Benefits paid |  |  | (1 | ) |  |  | — |  |  |  | (13 | ) |  |  | (13 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | (15 | ) |  |  | (14 | )
Re-measurement losses |  |  | — |  |  |  | 4 |  |  |  | 8 |  |  |  | (1 | ) |  |  | 2 |  |  |  | 1 |  |  |  | 10 |  |  |  | 4 |
Exchange adjustments |  |  | 2 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | (5 | )
Benefit obligation at 31 December |  |  | 29 |  |  |  | 27 |  |  |  | 197 |  |  |  | 195 |  |  |  | 24 |  |  |  | 22 |  |  |  | 250 |  |  |  | 244 |
Comprising: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded plans |  |  | — |  |  |  | — |  |  |  | 146 |  |  |  | 145 |  |  |  | — |  |  |  | — |  |  |  | 146 |  |  |  | 145 |
Unfunded plans |  |  | 29 |  |  |  | 27 |  |  |  | 51 |  |  |  | 50 |  |  |  | 24 |  |  |  | 22 |  |  |  | 104 |  |  |  | 99 |
|  |  | 29 |  |  |  | 27 |  |  |  | 197 |  |  |  | 195 |  |  |  | 24 |  |  |  | 22 |  |  |  | 250 |  |  |  | 244 |
Movement in plan assets
|  | Pension plans |  |  |  |
|  | UK |  |  | US |  |  | US Post-employment benefits |  |  | Total |
|  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |
Fair value of plan assets at 1 January |  |  | — |  |  |  | — |  |  |  | 148 |  |  |  | 121 |  |  |  | — |  |  |  | — |  |  |  | 148 |  |  |  | 121 |
Company contributions |  |  | 1 |  |  |  | — |  |  |  | 4 |  |  |  | 36 |  |  |  | 1 |  |  |  | 1 |  |  |  | 6 |  |  |  | 37 |
Benefits paid |  |  | (1 | ) |  |  | — |  |  |  | (13 | ) |  |  | (13 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | (15 | ) |  |  | (14 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |
Re-measurement gains |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | — |
Administration costs |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Fair value of plan assets at 31 December |  |  | — |  |  |  | — |  |  |  | 152 |  |  |  | 148 |  |  |  | — |  |  |  | — |  |  |  | 152 |  |  |  | 148 |
Summary of Plan Assets Measured at Fair Value | The plan assets are measured at fair value and comprise the following:
|  | US |
|  | 2017 $m |  |  | 2016 $m |
Investments quoted in active markets |  |  |  |  |  |  |  |
Investment funds: fixed income securities |  |  | 150 |  |  |  | 146 |
Unquoted investments |  |  |  |  |  |  |  |
Cash |  |  | 2 |  |  |  | 2 |
|  |  | 152 |  |  |  | 148 |
Summary of Movement in Asset Restriction |
|  | Pension plans |  |  | US Post-employment benefits |  |  |  |  |  |  |
|  | UK |  |  | US |  |  |  | Total |
|  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |
Movement in asset restriction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at 1 January |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Re-measurement losses |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |
Balance at 31 December |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |
Summary of Estimated Future Benefit Payments | Estimated future benefit payments
|  | Pension plans |  |  | US Post-employment |
|  | UK |  |  | US |  |  | benefits |  |  | Total |
|  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |  |  | 2017 $m |  |  | 2016 $m |
Within one year |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | 14 |  |  |  | 1 |  |  |  | 1 |  |  |  | 15 |  |  |  | 15 |
Between one and five years |  |  | 3 |  |  |  | 2 |  |  |  | 53 |  |  |  | 54 |  |  |  | 6 |  |  |  | 5 |  |  |  | 61 |  |  |  | 61 |
After five years |  |  | 17 |  |  |  | 13 |  |  |  | 62 |  |  |  | 63 |  |  |  | 7 |  |  |  | 7 |  |  |  | 82 |  |  |  | 83 |
|  |  | 20 |  |  |  | 15 |  |  |  | 129 |  |  |  | 131 |  |  |  | 14 |  |  |  | 13 |  |  |  | 158 |  |  |  | 159 |
Average duration of obligation (years) |  |  | 20.5 |  |  |  | 21.0 |  |  |  | 10.3 |  |  |  | 10.3 |  |  |  | 10.4 |  |  |  | 10.2 |  |  |  |  |  |  |  |  |

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- Definition The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Paragraph 142 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=para_142&doctype=Standard -URIDate 2017-03-09 + Details
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- Definition The disclosure of information about the maturity profile of a defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments. [Refer: Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Paragraph 147 -Subparagraph c -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=para_147_c&doctype=Standard -URIDate 2017-03-09 + Details
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- Definition The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Paragraph 140 -Subparagraph a -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=para_140_a&doctype=Standard -URIDate 2017-03-09 + Details
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- Definition The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Paragraph 145 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=para_145&doctype=Standard -URIDate 2017-03-09 + Details
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- Definition Analysis of defined benefit amounts included in the Group income statements. + References No definition available. + Details
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- Definition Analysis of defined benefit amounts included in the Group statement of comprehensive income. + References No definition available. + Details
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- Definition Summary of defined benefit amounts included in the Group statement of financial position. + References No definition available. + Details
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- Definition Disclosure of defined benefit plans life expectancy assumptions at retirement age explanatory. + References No definition available. + Details
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