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RETIREMENT BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits, Description [Abstract]  
Schedule of defined benefit plan obligations and assets
The amounts included in the Consolidated Balance Sheets arising from the company's obligations and plan assets in respect of its defined benefit retirement plans are as follows:
Retirement Plans
$ in millions20212020
Benefit obligation(512.8)(587.1)
Fair value of plan assets577.0 585.0 
Funded status64.2 (2.1)
Amounts recognized in the Consolidated Balance Sheets:
Other assets82.8 30.4 
Accrued compensation and benefits(18.6)(32.5)
Funded status64.2 (2.1)
Changes in defined benefit plan obligations
Changes in the benefit obligations were as follows:

Retirement Plans
$ in millions20212020
January 1587.1 551.7 
Service cost0.6 2.4 
Interest cost8.9 9.2 
Actuarial (gains)/losses(37.0)40.6 
Exchange difference(11.2)21.4 
Benefits paid(10.2)(11.5)
Curtailment (gains)/losses(0.3)— 
Settlement(25.1)(26.7)
December 31512.8 587.1 
Schedule of assumptions used to determine defined benefit obligations The weighted average assumptions used to determine defined benefit obligations at December 31, 2021, and 2020 are as follows:
Retirement Plans
20212020
Discount rate1.91 %1.83 %
Expected rate of salary increases3.10 %2.85 %
Future pension trend rate increases3.29 %2.64 %
Changes in the fair value of plan assets
Changes in the fair value of plan assets in the current period were as follows:

Retirement Plans
$ in millions20212020
January 1585.0 524.5 
Actual return on plan assets26.4 55.2 
Foreign currency changes(7.9)20.1 
Contributions from the company13.8 25.5 
Benefits paid(10.1)(11.5)
Settlement and other(30.2)(28.8)
December 31577.0 585.0 
Breakdown of amount recognized in accumulated other comprehensive income
The components of the amount recognized in accumulated other comprehensive income at December 31, 2021 and 2020 are as follows:
Retirement Plans
$ in millions20212020
Prior service cost/(credit)6.6 7.4 
Net actuarial loss/(gain)96.8 144.4 
Total103.4 151.8 
Breakdown of amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost
The amounts in accumulated other comprehensive income expected to be amortized into the Consolidated Income Statement during the year ending December 31, 2022 are as follows:

$ in millionsRetirement Plans
Prior service cost/(credit)0.2 
Net actuarial loss/(gain)0.9 
Total1.1 
Schedule of benefit obligations in excess of plan assets
The total accumulated and projected benefit obligation and fair value of plan assets for plans with accumulated and projected benefit obligations in excess of plan assets are as follows:

Retirement Plans
$ in millions20212020
Plans with accumulated and projected benefit obligation in excess of plan assets:
Accumulated and projected benefit obligation64.8 574.2 
Fair value of plan assets46.2 572.3 
Schedule of defined benefit plans
The components of net periodic benefit cost in respect of these defined benefit plans are as follows:

Retirement Plans
$ in millions202120202019
Service cost0.6 2.4 1.1 
Interest cost8.9 9.2 13.4 
Expected return on plan assets(16.8)(23.7)(22.1)
Amortization of prior service cost/(credit)0.2 0.2 0.3 
Amortization of net actuarial (gain)/loss2.7 3.6 2.9 
Settlement4.4 8.0 (0.2)
Curtailment (gain)/loss(0.3)— 0.4 
Net periodic benefit cost/(credit)(0.3)(0.3)(4.2)
Schedule of assumptions used to determine net periodic benefit cost
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019 are:

Retirement Plans
202120202019
Discount rate1.83 %1.93 %2.82 %
Expected return on plan assets3.01 %4.69 %5.00 %
Expected rate of salary increases2.85 %2.95 %3.24 %
Future pension rate increases2.64 %2.74 %3.04 %
Analysis of plan assets
The analysis of the plan assets as of December 31, 2021 was as follows:

$ in millionsRetirement Plans% of Plan Assets
Cash and cash equivalents27.7 4.8 %
Fund investments296.8 51.4 %
Equity securities23.9 4.1 %
Government debt securities13.1 2.3 %
Guaranteed investments contracts9.8 1.7 %
Other assets205.7 35.7 %
Total577.0 100.0 %

The analysis of the plan assets as of December 31, 2020 was as follows:

$ in millionsRetirement Plans% of Plan Assets
Cash and cash equivalents22.4 3.8 %
Fund investments224.2 38.3 %
Equity securities193.6 33.1 %
Government debt securities15.0 2.6 %
Guaranteed investments contracts22.2 3.8 %
Other assets107.6 18.4 %
Total585.0 100.0 %
Schedule of benefits expected to be paid in next five fiscal years and the five fiscal years thereafter
The benefits expected to be paid in each of the next five fiscal years and in the five fiscal years thereafter are as follows:

$ in millionsRetirement Plans
Expected benefit payments:
20228.9 
20239.3 
20249.5 
20259.9 
202610.3 
Thereafter in the succeeding five years58.2