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Retirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of defined benefit plans [abstract] |
Defined Benefit Plan |
|  |  |  |  | Defined benefit obligation |  |  |  |  |  | Fair value of plan assets |  |  |  |  |  | Net defined benefit obligation |
|  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |  |  |  |  |  | 2020 $m |  |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |  |  |  |  |  | 2020 $m |  |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |  |  |  |  |  | 2020 $m |
At 1 January |  |  |  |  |  |  | 92 |  |  |  |  |  |  |  | 103 |  |  |  |  |  |  |  | 96 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 92 |  |  |  |  |  |  |  | 103 |  |  |  |  |  |  |  | 96 |
Recognised in profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 3 |
|  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 3 |
Recognised in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial (gain)/loss arising from changes in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demographic assumptions |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  | (3 | ) |  |  |  |  |  |  | (3 | ) |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  | (3 | ) |  |  |  |  |  |  | (3 | )
Financial assumptions |  |  |  |  |  |  | (22 | ) |  |  |  |  |  |  | (3 | ) |  |  |  |  |  |  | 10 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (22 | ) |  |  |  |  |  |  | (3 | ) |  |  |  |  |  |  | 10 |
Experience adjustments |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  | 1 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  | 1 |
Re-measurement (gain)/loss |  |  |  |  |  |  | (21 | ) |  |  |  |  |  |  | (7 | ) |  |  |  |  |  |  | 8 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (21 | ) |  |  |  |  |  |  | (7 | ) |  |  |  |  |  |  | 8 |
Exchange adjustments |  |  |  |  |  |  | (2 | ) |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (2 | ) |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  | 2 |
|  |  |  |  |  |  | (23 | ) |  |  |  |  |  |  | (8 | ) |  |  |  |  |  |  | 10 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (23 | ) |  |  |  |  |  |  | (8 | ) |  |  |  |  |  |  | 10 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Group contributions |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (6 | ) |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (6 | )
Benefits paid |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (6 | ) |  |  |  |  |  |  | 5 |  |  |  |  |  |  |  | 5 |  |  |  |  |  |  |  | 6 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |
|  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (6 | ) |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (6 | )
At 31 December |  |  |  |  |  |  | 66 |  |  |  |  |  |  |  | 92 |  |  |  |  |  |  |  | 103 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 66 |  |  |  |  |  |  |  | 92 |  |  |  |  |  |  |  | 103 |
Comprising: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UK plan |  |  |  |  |  |  | 18 |  |  |  |  |  |  |  | 30 |  |  |  |  |  |  |  | 31 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 18 |  |  |  |  |  |  |  | 30 |  |  |  |  |  |  |  | 31 |
US plans |  |  |  |  |  |  | 35 |  |  |  |  |  |  |  | 45 |  |  |  |  |  |  |  | 50 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 35 |  |  |  |  |  |  |  | 45 |  |  |  |  |  |  |  | 50 |
US post-retirement plan |  |  |  |  |  |  | 13 |  |  |  |  |  |  |  | 17 |  |  |  |  |  |  |  | 22 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 13 |  |  |  |  |  |  |  | 17 |  |  |  |  |  |  |  | 22 |
|  |  |  |  |  |  | 66 |  |  |  |  |  |  |  | 92 |  |  |  |  |  |  |  | 103 |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 66 |  |  |  |  |  |  |  | 92 |  |  |  |  |  |  |  | 103 |
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:
|  |  |  |  | 2022 % |  |  |  |  |  | 2021 % |  |  |  |  |  | 2020 % |
UK plan only: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension increases |  |  |  |  |  |  | 3.2 |  |  |  |  |  |  |  | 3.4 |  |  |  |  |  |  |  | 3.0 |
Inflation rate |  |  |  |  |  |  | 3.2 |  |  |  |  |  |  |  | 3.4 |  |  |  |  |  |  |  | 3.0 |
Discount rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UK plan |  |  |  |  |  |  | 5.0 |  |  |  |  |  |  |  | 1.8 |  |  |  |  |  |  |  | 1.4 |
US plans |  |  |  |  |  |  | 4.9 |  |  |  |  |  |  |  | 2.4 |  |  |  |  |  |  |  | 1.9 |
US post-retirement plan |  |  |  |  |  |  | 4.9 |  |  |  |  |  |  |  | 2.4 |  |  |  |  |  |  |  | 2.0 |
US healthcare cost trend rate assumed for the next year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-65 (ultimate rate reached in 2032) |  |  |  |  |  |  | 6.9 |  |  |  |  |  |  |  | 6.2 |  |  |  |  |  |  |  | 6.4 |
Post-65 (ultimate rate reached in 2032) |  |  |  |  |  |  | 7.3 |  |  |  |  |  |  |  | 6.5 |  |  |  |  |  |  |  | 6.8 |
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 applied to the UK plan and US plans for life expectancy at retirement age are as follows:
|  |  |  |  |  |  | UK |  |  |  |  |  | US |
|  |  |  |  |  |  | 2022 years |  |  |  |  |  | 2021 years |  |  |  |  |  | 2020 years |  |  |  |  |  | 2022 years |  |  |  |  |  | 2021 years |  |  |  |  |  | 2020 years |
Current pensioners at 65 a |  | – male |  |  |  |  |  |  | 24 |  |  |  |  |  |  |  | 24 |  |  |  |  |  |  |  | 24 |  |  |  |  |  |  |  | 22 |  |  |  |  |  |  |  | 22 |  |  |  |  |  |  |  | 22 |
|  | – female |  |  |  |  |  |  | 26 |  |  |  |  |  |  |  | 26 |  |  |  |  |  |  |  | 26 |  |  |  |  |  |  |  | 23 |  |  |  |  |  |  |  | 23 |  |  |  |  |  |  |  | 23 |
Future pensioners at 65 b |  | – male |  |  |  |  |  |  | 25 |  |  |  |  |  |  |  | 25 |  |  |  |  |  |  |  | 25 |  |  |  |  |  |  |  | 23 |  |  |  |  |  |  |  | 23 |  |  |  |  |  |  |  | 23 |
|  | – female |  |  |  |  |  |  | 27 |  |  |  |  |  |  |  | 28 |  |  |  |  |  |  |  | 28 |  |  |  |  |  |  |  | 25 |  |  |  |  |  |  |  | 25 |  |  |  |  |  |  |  | 24 |
a | Relates to assumptions based on longevity following retirement at the end of the reporting period.
b | Relates to assumptions based on longevity relating to an employee retiring in 2042.
Defined Benefit Plans - Sensitivity Analysis of Actuarial Assumptions | The sensitivity analysis below relates to the increase/(decrease) in the benefit obligation and is based on extrapolating reasonable changes in these assumptions, using year-end conditions and assuming no interdependency between the assumptions:
|  |  |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 a $m |
Discount rate |  | 1% decrease |  |  |  |  |  |  | 6.6 |  |  |  |  |  |  |  | 11.4 |
|  | 1% increase |  |  |  |  |  |  | (5.4 | ) |  |  |  |  |  |  | (11.2 | )
Inflation rate |  | 0.25% decrease |  |  |  |  |  |  | (0.5 | ) |  |  |  |  |  |  | (1.2 | )
|  | 0.25% increase |  |  |  |  |  |  | 0.6 |  |  |  |  |  |  |  | 1.3 |
Mortality rate |  | One-year increase |  |  |  |  |  |  | 2.5 |  |  |  |  |  |  |  | 5.1 |
Healthcare costs trend rate |  | 1% decrease |  |  |  |  |  |  | (0.8 | ) |  |  |  |  |  |  | (1.2 | )
|  | 1% increase |  |  |  |  |  |  | 0.8 |  |  |  |  |  |  |  | 1.3 |
a | 2021 sensitivities have been re-presented to show the effect of a 1% change in discount rate, consistent with 2022.
Summary of Estimated Future Benefit Payments |
|  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |
Within one year |  |  |  |  |  |  | 5 |  |  |  |  |  |  |  | 5 |
Between one and five years |  |  |  |  |  |  | 20 |  |  |  |  |  |  |  | 21 |
More than five years |  |  |  |  |  |  | 89 |  |  |  |  |  |  |  | 96 |
|  |  |  |  |  |  | 114 |  |  |  |  |  |  |  | 122 |
|  |  |  |  | 2022 years |  |  |  |  |  | 2021 years |
UK plan |  |  |  |  |  |  | 14.0 |  |  |  |  |  |  |  | 19.0 |
US plans |  |  |  |  |  |  | 7.6 |  |  |  |  |  |  |  | 9.0 |
US post-retirement plan |  |  |  |  |  |  | 8.0 |  |  |  |  |  |  |  | 9.4 |

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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 2022-03-24 -Paragraph 138 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2022-en-r&anchor=para_138&doctype=Standard -URIDate 2022-03-24 + 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 2022-03-24 -Paragraph 147 -Subparagraph c -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2022-en-r&anchor=para_147_c&doctype=Standard -URIDate 2022-03-24 + 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 2022-03-24 -Paragraph 145 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2022-en-r&anchor=para_145&doctype=Standard -URIDate 2022-03-24 + 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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