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Financial risk management and derivative financial instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure [Abstract]  
Summary of Derivative Financial Instruments
Derivatives are recorded in the Group statement of financial position at fair value (see note 24) as follows:
 
Derivatives
      
    2024
$m
        
    2023
$m
  
Currency swaps
    
(78
) 
    
(20
) 
Currency forwards
    
4
   
15
   
(74
) 
    
(5
) 
                     
Analysed as:
    
   
Non-current
assets
    
4
   
20
Current liabilities
    
–
   
(25
) 
Non-current
liabilities
    
(78
) 
    
–
   
(74
) 
    
(5
) 
Disclosure of Detailed Information About Hedging Instruments
Currency swaps and forwards have been transacted as follows:
 
Date of
designation
      
Hedge
type
  
Pay
leg
  
Interest 
rate
  
Receive 
leg
  
Interest  
rate
  
Maturity
  
Risk
  
Hedged item
November 2018
    
Cash flow 
  
£436m 
  
3.5%
  
€
500m
  
2.125%
  
May 2027
  
Foreign exchange 
   €500m 2.125% bonds 2027
October 2020
    
Cash flow
  
£454m
  
2.7%
  
€
500m
  
1.625%
  
October 2024
  
Foreign exchange
   €500m 1.625% bonds 2024
November 2023
    
Cash flow
  
$657m
  
6.0%
  
€
600m
  
4.375%
  
November 2029
  
Foreign exchange
   €600m 4.375% bonds 2029
September 2024
    
Cash flow
  
$834m
  
4.9%
  
€
750m
  
3.625%
  
September 2031 
  
Foreign exchange
   €750m 3.625% bonds 2031
October 2023
     Net
investment		  
$425m
  
n/a
  
£344m
  
n/a
  
October 2028
   Spot foreign
exchange		   Net assets of specified
subsidiaries with US dollar
foreign currency
Summary of Interest and Foreign Exchange Risk Sensitivities
            
    2024
$m
           
    2023
$m
           
    2022
$m
  
(Decrease)/increase in profit before tax
                                  
Sterling: US dollar exchange rate
   
$0.05 fall
        
(38
) 
       
(14
) 
       
(3
) 
Euro: US dollar exchange rate
   
$0.05 fall
        
(7
) 
       
(3
) 
       
–
  
US dollar interest rates
   
1% increase
        
4
         
2
         
4
  
Sterling interest rates
   
1% increase
        
3
         
9
         
4
  
Decrease/(increase) in net liabilities
                                  
Sterling: US dollar exchange rate
   
$0.05 fall
        
3
         
(12
) 
       
27
  
Euro: US dollar exchange rate
   
$0.05 fall
        
25
         
49
         
50
  
Sterling: euro exchange rate
   
€
0.05 fall
        
31
         
64
         
60
  
Summary of amended covenant test levels for syndicated and bilateral facilities
       
31 December
2024
 
a
 
Covenant test levels for RCF
          
Leverage
      
<
4.0x
  
Interest cover
      
>3.5x
  
Summary of covenant tests
        
     2024
        
     2023
          
     2022
  
Covenant measures
                              
Covenant EBITDA ($m)
      
1,195
        
1,086
        
896
  
Covenant net debt ($m)
      
2,804
        
2,328
        
1,898
  
Covenant interest payable ($m)
      
123
        
88
        
109
  
Leverage
      
2.35
        
2.14
        
2.12
  
Interest cover
      
9.72
        
12.34
        
8.22
  
Summary of Undiscounted Contractual Cash Flows of Financial Liabilities
       
Less than
1 year
    
Between
1 and 2
years
    
Between
2 and 5
years
    
More than
5 years
    
Total
  
31 December 2024
      
     $m
    
     $m
    
     $m
    
    $m
    
     $m
  
Non-derivative
financial liabilities:
                                          
Bank overdrafts
    
17
 
–
 
–
 
–
 
17
Bonds
    
482
 
531
 
1,859
 
837
 
3,709
Lease liabilities
    
52
 
50
 
139
 
3,125
 
3,366
Trade and other payables (excluding deferred and contingent purchase consideration)
    
589
 
1
 
1
 
3
 
594
Contingent purchase consideration
    
–
 
39
 
42
 
–
 
81
Financial guarantee contracts
    
31
 
–
 
–
 
–
 
31
Derivative financial instruments:
                                          
Currency swaps hedging bonds inflows
    
(66
) 
  
(66
) 
  
(1,324
) 
  
(837
) 
  
(2,293
) 
Currency swaps hedging bonds outflows
    
101
 
100
 
1,457
 
916
 
2,574
Forward currency contract inflows
    
–
 
–
 
(431
) 
  
–
 
(431
) 
Forward currency contract outflows
    
–
 
–
 
425
 
–
 
425
 
       
Less than
1 year
    
Between
1 and 2
years
    
Between
2 and 5
years
    
More than
5 years
    
Total
  
31 December 2023
      
      $m
    
     $m
    
     $m
    
    $m
    
     $m
  
Non-derivative
financial liabilities:
                                          
Bank overdrafts
    
44
 
–
 
–
 
–
 
44
Bonds
    
644
 
464
 
1,681
 
694
 
3,483
Lease liabilities
    
57
 
52
 
130
 
3,164
 
3,403
Trade and other payables (excluding deferred and contingent purchase consideration)
    
651
 
1
 
3
 
2
 
657
Deferred and contingent purchase consideration
    
13
 
–
 
81
 
–
 
94
Financial guarantee contracts
    
50
 
–
 
–
 
–
 
50
Derivative financial instruments:
                                          
Currency swaps hedging bonds inflows
    
(604
) 
  
(41
) 
  
(664
) 
  
(694
) 
  
(2,003
) 
Currency swaps hedging bonds outflows
    
653
 
59
 
704
 
696
 
2,112
Forward currency contract inflows
    
–
 
–
 
(438
) 
  
–
 
(438
) 
Forward currency contract outflows
    
–
 
–
 
425
 
–
 
425
Disclosure of Short-term Deposits by Counterparty Credit Rating
The table below analyses the Group’s short-term deposits, money market funds and repurchase agreement collateral classified as cash and cash equivalents by counterparty credit rating:
 
31 December 2024
      
AAA
    $m
    
AA+
    $m
    
AA
    $m
    
AA-
    $m
    
A+
    $m
    
A
    $m
    
A-
    $m
    
BBB+ and
below
    $m
    
Total
    $m
  
Short-term deposits
    
–
 
–
 
–
 
41
 
107
 
249
 
–
 
14
 
411
Money market funds
    
415
 
–
 
–
 
–
 
–
 
–
 
–
 
–
 
415
Repurchase agreement collateral
    
26
 
9
 
2
 
3
 
–
 
–
 
–
 
–
 
40
 
31 December 2023
      
AAA
     $m
    
AA+
    $m
    
AA
    $m
    
AA-
    $m
    
A+
    $m
    
A
    $m
    
A-
    $m
    
BBB+ and
below
    $m
    
Total
     $m
  
Short-term deposits
    
–
 
–
 
–
 
129
 
147
 
258
 
77
 
21
 
632
Money market funds
    
375
 
–
 
–
 
–
 
–
 
–
 
–
 
–
 
375
Repurchase agreement collateral
    
110
 
6
 
–
 
20
 
–
 
–
 
–
 
–
 
136