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Classification and measurement of financial instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure [Abstract]  
Summary of Carrying Amounts and Fair Values of Financial Assets and Liabilities
Accounting classification and fair value hierarchy
 
           
2024
          
2023
  
   
Hierarchy 
of fair value 
measurement 
    
 
Fair

value
    $m
 

a
 
 
  
 
Amortised

cost
     $m
 

 
 
  
 
Not

categorised
as a
financial
instrument
    $m
 

 
 
 
 
 
  
 
Total

    $m
 

 
    
 
Fair

value
   $m
 

a
 
 
  
 
Amortised

cost
    $m
 

 
 
  
 
Not

categorised
as a
financial
instrument
    $m
 

 
 
 
 
 
  
 
Total

    $m
 

 
Financial assets
                                                                        
Other financial assets
  
1,3
b
   
169
 
50
 
–
 
219
   
124
 
68
 
–
 
192
Cash and cash
equivalents
  
1  
    
415
 
593
 
–
 
1,008
   
375
 
947
 
–
 
1,322
Derivative financial instruments
  
2  
    
4
 
–
 
–
 
4
   
20
 
–
 
–
 
20
Deferred compensation
plan investments
  
1  
    
286
 
–
 
–
 
286
   
250
 
–
 
–
 
250
Trade and other receivables
  
–  
    
–
 
697
 
123
 
820
   
–
 
651
 
102
 
753
Financial liabilities
                                                                        
Derivative financial instruments
  
2  
    
(78
) 
  
–
 
–
 
(78
) 
    
(25
) 
  
–
 
–
 
(25
) 
Deferred compensation
plan liabilities
  
1  
    
(286
) 
  
–
 
–
 
(286
) 
    
(250
) 
  
–
 
–
 
(250
) 
Loans and other
borrowings
  
–  
    
–
 
(3,274
) 
  
–
 
(3,274
) 
    
–
 
(3,166
) 
  
–
 
(3,166
) 
Trade and other payables
  
3  
    
(73
) 
  
(594
) 
  
(61
) 
  
(728
) 
    
(69
) 
  
(670
) 
  
(47
) 
  
(786
) 
 
a.
With the exception of equity securities of $89m (2023: $87m) measured at fair value through other comprehensive income, all are measured at fair value through profit or loss. Of those, the financial assets related to the deferred compensation plan investments were designated as such upon initial recognition.
 
b.
Of those measured at fair value, $43m (2023: $14m) are Level 1 and $126m (2023: $110m) are Level 3.
Summary of Fair Value Measurement Hierarchy of Assets and Liabilities
Financial assets and liabilities measured at amortised cost whose carrying amount is not a reasonable approximation of fair value are as follows:
 
             
2024
          
2023
  
   
Hierarchy of
fair value
        
  Carrying
value
    
  Fair value
          
Carrying value
    
  Fair value
  
    
measurement
        
$m
    
$m
          
$m
    
$m
  
€
500m 1.625% bonds 2024
    
1
        
–
      
–
        
555
      
545
  
£300m 3.75% bonds 2025
    
1
        
381
      
373
        
387
      
373
  
£350m 2.125% bonds 2026
    
1
        
441
      
418
        
449
      
416
  
€
500m 2.125% bonds 2027
    
1
        
526
      
513
        
559
      
535
  
£400m 3.375% bonds 2028
    
1
        
502
      
471
        
509
      
476
  
€
600m 4.375% bonds 2029
    
1
        
623
      
658
        
663
      
689
  
€
750m 3.625% bonds 2031
    
1
        
784
      
786
        
–
      
–
  
Summary of Reconciliation of Movements in the Fair Values of Financial Instruments Classified as Level 3
        
Other
   financial
assets
$m
    
Other
  payables
$m
    
Contingent
purchase
consideration
$m
  
At 1 January 2023       103       (18 )      (65 ) 
Valuation losses recognised in other comprehensive income       (2 )      –       –  
Additions       8       –       –  
Unrealised changes in fair value
a
      –       18       (4 ) 
Exchange and other adjustments       1       –       –  
At 31 December 2023       110       –       (69 ) 
Additions      
20
      
–
      
–
  
Unrealised changes in fair value      
–
      
–
      
(4
) 
Repayments and disposals      
(4
) 
    
–
      
–
  
At 31 December 2024
      
126
      
–
      
(73
) 
 
a.
The change in the fair value of other payables was recognised within share of profits/(losses) from associates and joint ventures in the Group income statement and was presented as an exceptional item (see note 6).