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Classification and measurement of financial instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Text Block [Abstract]  
Summary of Carrying Amounts and Fair Values of Financial Assets and Liabilities
Accounting classification and fair value hierarchy
 
                                  
2021
                             
2020
  
 
  
 
Hierarchy of
fair value
measurement
 
 
 
          
Fair value
a
$m 
   
 
    Amortised
cost
$m
 
 
 
  
Not
categorised
    as a financial
instrument
$m
   
 
            Total
$m
 
 
          
Fair value
a
$m 
   
 
    Amortised
cost
$m
 
 
 
  
Not
categorised
    as a financial
instrument
$m
   
 
            Total
$m
 
 
Financial assets
  
 
 
 
          
 
   
 
 
 
  
 
   
 
 
 
          
 
   
 
 
 
  
 
   
 
 
 
Other financial assets
  
 
1,3
b
 
          
114 
   
 
61
 
  
– 
   
 
175
 
          
103 
   
 
66
 
  
– 
   
 
169
 
Cash and cash equivalents
  
 
1
 
          
1,025 
   
 
425
 
  
– 
   
 
1,450
 
          
892 
   
 
783
 
  
– 
   
 
1,675
 
Derivative financial instruments
  
 
2,3
c
 
          
– 
   
 
–
 
  
– 
   
 
–
 
          
5 
   
 
–
 
  
– 
   
 
5
 
Deferred compensation plan investments
  
 
1
 
          
256 
   
 
–
 
  
– 
   
 
256
 
          
236 
   
 
–
 
  
– 
   
 
236
 
Trade and other receivables
  
 
–
 
          
– 
   
 
501
 
  
73 
   
 
574
 
          
– 
   
 
438
 
  
76 
   
 
514
 
                       
Financial liabilities
  
 
 
 
          
 
   
 
 
 
  
 
   
 
 
 
          
 
   
 
 
 
  
 
   
 
 
 
Derivative financial instruments
  
 
2
 
          
(62)
   
 
–
 
  
– 
   
 
(62
) 
          
(18)
   
 
–
 
  
– 
   
 
(18
) 
Deferred compensation plan liabilities
  
 
1
 
          
(256)
   
 
–
 
  
– 
   
 
(256
) 
          
(236)
   
 
–
 
  
– 
   
 
(236
) 
Loans and other borrowings
  
 
–
 
          
– 
   
 
(2,845
) 
  
– 
   
 
(2,845
) 
          
– 
   
 
(3,767
) 
  
– 
   
 
(3,767
) 
Trade and other payables
  
 
3
 
          
(73)
   
 
(566
) 
  
(29)
   
 
(668
) 
          
(79)
   
 
(444
) 
  
(37)
   
 
(560
) 
 
a
 
With the exception of equity securities, which are 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, $8m (2020: $15m) are Level 1 and $106m (2020: $88m) are Level 3.
 
c
 
In 2020, $1m were Level 2 and $4m were 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:
 
   
Hierarchy of
                 
2021
                
2020
  
    
fair value
measurement
           
Carrying value 
$m 
   
        Fair value
$m
          
Carrying value 
$m 
   
        Fair value
$m
  
Deferred purchase consideration
  
 
2
 
           
(12)
   
 
(13
) 
          
(24)
   
 
(26
) 
£173m 3.875% bonds 2022
  
 
1
 
           
(233)
   
 
(239
) 
          
(235)
   
 
(248
) 
€
500m 1.625% bonds 2024
  
 
1
 
           
(565)
   
 
(585
) 
          
(611)
   
 
(630
) 
£300m 3.75% bonds 2025
  
 
1
 
           
(408)
   
 
(428
) 
          
(413)
   
 
(448
) 
£350m 2.125% bonds 2026
  
 
1
 
           
(473)
   
 
(471
) 
          
(479)
   
 
(489
) 
€
500m 2.125% bonds 2027
  
 
1
 
           
(570)
   
 
(601
) 
          
(618)
   
 
(650
) 
£400m 3.375% bonds 2028
  
 
1
 
           
(537)
   
 
(566
) 
          
(542)
   
 
(603
) 
Summary of Reconciliation of Movements in the Fair Values of Financial Instruments Classified as Level 3
Level 3 reconciliation
 
            
                Other financial
assets
$m
    
            Derivative financial
instruments
$m
    
            Contingent purchase
consideration
$m
  
At 1 January 2020
            
 
128
 
  
 
–
 
  
 
(91
) 
Additions
            
 
5
 
  
 
–
 
  
 
–
 
Transfers into Level 3
            
 
8
 
  
 
–
 
  
 
–
 
Repayments and disposals
            
 
(5
) 
  
 
–
 
  
 
–
 
Valuation losses recognised in other comprehensive income
            
 
(47
) 
  
 
–
 
  
 
–
 
Unrealised changes in fair value
a
           
 
–
 
  
 
4
 
  
 
13
 
Exchange and other adjustments
            
 
(1
) 
  
 
–
 
  
 
(1
) 
At 31 December 2020
            
 
88
 
  
 
4
 
  
 
(79
) 
Additions
            
 
3
 
  
 
–
 
  
 
–
 
Valuation gains recognised in other comprehensive income
            
 
15
 
  
 
–
 
  
 
–
 
Unrealised changes in fair value
b
           
 
–
 
  
 
(4
) 
  
 
6
 
At 31 December 2021
            
 
106
 
  
 
–
 
  
 
(73
) 
 
a
 
$21m fair value gain on contingent purchase consideration and $4m gain on derivative financial instruments were presented as exceptional items in the Group income statement. The remaining $8m fair value loss on contingent purchase consideration related to Regent.
 
b
 
The change in the fair value of derivative financial instruments is recognised within other impairment charges in the Group income statement and is presented as an exceptional item.