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v3.19.3.a.u2

Retirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Disclosure of defined benefit plans [abstract] |
Defined Benefit Plan |
|  | Defined benefit obligation |  |  | Fair value of plan assets |  |  | Net defined benefit liability/(asset) |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
|  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |
At 1 January |  |  | 91 |  |  |  | 250 |  |  |  | 244 |  |  |  | — |  |  |  | (152 | ) |  |  | (148 | ) |  |  | 91 |  |  |  | 98 |  |  |  | 96 |
Recognised in profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense/(income) |  |  | 3 |  |  |  | 6 |  |  |  | 9 |  |  |  | — |  |  |  | (2 | ) |  |  | (5 | ) |  |  | 3 |  |  |  | 4 |  |  |  | 4 |
Administration costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Exceptional item: settlement loss |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | — |
|  |  | 3 |  |  |  | 20 |  |  |  | 9 |  |  |  | — |  |  |  | (1 | ) |  |  | (4 | ) |  |  | 3 |  |  |  | 19 |  |  |  | 5 |
Recognised in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss/(gain) arising from changes in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demographic assumptions |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Financial assumptions |  |  | 9 |  |  |  | (14 | ) |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | (14 | ) |  |  | 9 |
Experience adjustments |  |  | (1 | ) |  |  | (3 | ) |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (3 | ) |  |  | 2 |
Return on plan assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | (9 | ) |  |  | — |  |  |  | 8 |  |  |  | (9 | )
Re-measurement loss/(gain) |  |  | 7 |  |  |  | (17 | ) |  |  | 10 |  |  |  | — |  |  |  | 8 |  |  |  | (9 | ) |  |  | 7 |  |  |  | (9 | ) |  |  | 1 |
Exchange adjustments |  |  | 1 |  |  |  | (1 | ) |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | (1 | ) |  |  | 2 |
|  |  | 8 |  |  |  | (18 | ) |  |  | 12 |  |  |  | — |  |  |  | 8 |  |  |  | (9 | ) |  |  | 8 |  |  |  | (10 | ) |  |  | 3 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | (16 | ) |  |  | (6 | ) |  |  | (6 | ) |  |  | (16 | ) |  |  | (6 | )
Benefits paid |  |  | (6 | ) |  |  | (11 | ) |  |  | (15 | ) |  |  | 6 |  |  |  | 11 |  |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | — |
Settlement payments |  |  | — |  |  |  | (150 | ) |  |  | — |  |  |  | — |  |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (6 | ) |  |  | (161 | ) |  |  | (15 | ) |  |  | — |  |  |  | 145 |  |  |  | 9 |  |  |  | (6 | ) |  |  | (16 | ) |  |  | (6 | )
At 31 December |  |  | 96 |  |  |  | 91 |  |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | (152 | ) |  |  | 96 |  |  |  | 91 |  |  |  | 98 |
Comprising: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UK unfunded plan |  |  | 26 |  |  |  | 24 |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | 24 |  |  |  | 29 |
US unfunded plans |  |  | 48 |  |  |  | 45 |  |  |  | 51 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48 |  |  |  | 45 |  |  |  | 51 |
US funded plan |  |  | — |  |  |  | — |  |  |  | 146 |  |  |  | — |  |  |  | — |  |  |  | (152 | ) |  |  | — |  |  |  | — |  |  |  | (6 | )
US unfunded post-retirement plans |  |  | 22 |  |  |  | 22 |  |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | 22 |  |  |  | 24 |
|  |  | 96 |  |  |  | 91 |  |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | (152 | ) |  |  | 96 |  |  |  | 91 |  |  |  | 98 |
|  | Defined benefit obligation |  |  | Fair value of plan assets |  |  | Net defined benefit liability/(asset) |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
|  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |
Movement in asset restriction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At 1 January |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |
Recognised in other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | 3 |  |  |  | — |  |  |  | (3 | ) |  |  | 3 |
At 31 December |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 3 |
Summary of Principal Financial Assumptions Used to Determine Benefit Obligations | The principal financial assumptions used by the actuaries to determine the defined benefit obligations are:
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | % |  |  | % |  |  | % |
UK plan only: |  |  |  |  |  |  |  |  |  |  |  |
Pension increases |  |  | 2.7 |  |  |  | 3.2 |  |  |  | 3.2 |
Inflation rate |  |  | 2.7 |  |  |  | 3.2 |  |  |  | 3.2 |
Discount rate: |  |  |  |  |  |  |  |  |  |  |  |
UK plan |  |  | 2.1 |  |  |  | 3.0 |  |  |  | 2.6 |
US plan s |  |  | 2.9 |  |  |  | 3.9 |  |  |  | 3.3 |
US post-retirement plan |  |  | 2.9 |  |  |  | 4.0 |  |  |  | 3.3 |
US Healthcare cost trend rate assumed for the next year: |  |  |  |  |  |  |  |  |  |  |  |
Pre-65 (ultimate rate reached in 2028) |  |  | 6.7 |  |  |  | 7.1 |  |  |  | 7.7 |
Post - 65 (ultimate rate reached in 2028) |  |  | 7.1 |  |  |  | 7.6 |  |  |  | 8.7 |
Ultimate rate that the cost rate trends to |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 4.5 |
Defined Benefit Plans - Life Expectancy Assumptions at Retirement Age | The assumptions used for life expectancy at retirement age are as follows:
|  |  |  | UK |  |  | US |
|  |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
|  |  |  | Years |  |  | Years |  |  | Years |  |  | Years |  |  | Years |  |  | Years |
Current pensioners at 65 a |  | – male |  |  | 24 |  |  |  | 24 |  |  |  | 24 |  |  |  | 21 |  |  |  | 21 |  |  |  | 21 |
|  | – female |  |  | 26 |  |  |  | 26 |  |  |  | 26 |  |  |  | 23 |  |  |  | 23 |  |  |  | 23 |
Future pensioners at 65 b |  | – male |  |  | 25 |  |  |  | 25 |  |  |  | 25 |  |  |  | 22 |  |  |  | 22 |  |  |  | 22 |
|  | – female |  |  | 28 |  |  |  | 28 |  |  |  | 28 |  |  |  | 24 |  |  |  | 24 |  |  |  | 24 |
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 203 7 .
Summary of Estimated Future Benefit Payments |
|  | 2019 |  |  | 2018 |
|  | $m |  |  | $m |
Within one year |  |  | 6 |  |  |  | 5 |
Between one and five years |  |  | 22 |  |  |  | 23 |
More than five years |  |  | 36 |  |  |  | 38 |
|  |  | 64 |  |  |  | 66 |
|  | 2019 |  |  | 2018 |
|  | Years |  |  | Years |
UK plan |  |  | 18.0 |  |  |  | 19.5 |
US plans |  |  | 9.3 |  |  |  | 9.2 |
US post-retirement plan |  |  | 9.8 |  |  |  | 9.6 |

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- Definition The disclosure of defined benefit plans. [Refer: Defined benefit plans [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2019-01-01 -Paragraph 138 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2019-en-r&anchor=para_138&doctype=Standard -URIDate 2019-03-27 + 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 2019-01-01 -Paragraph 147 -Subparagraph c -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2019-en-r&anchor=para_147_c&doctype=Standard -URIDate 2019-03-27 + Details
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