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Equity
 12 Months Ended
Dec. 31, 2022
Text Block [Abstract]  
Equity
28. Equity
Equity share
capital
 
Allotted, called up and fully paid
          
Number
of shares
millions
           
    Nominal
value
$m
    
Share
    premium
$m
    
Equity
share
    capital
$m
  
At 1 January 2020 (ordinary shares of 20
340
/
399
p each)
            
 
187
 
           
 
52
 
  
 
99
 
  
 
151
 
Exchange adjustments
            
 
–
 
           
 
1
 
  
 
4
 
  
 
5
 
At 31 December 2020 (ordinary shares of 20
340
/
399
p each)
            
 
187
 
           
 
53
 
  
 
103
 
  
 
156
 
Exchange adjustments
            
 
–
 
           
 
–
 
  
 
(2
) 
  
 
(2
) 
At 31 December 2021 (ordinary shares of 20
340
/
399
p each)
            
 
187
 
           
 
53
 
  
 
101
 
  
 
154
 
Repurchased and cancelled under share repurchase programme
            
 
(4
) 
           
 
(1
) 
  
 
–
 
  
 
(1
) 
Exchange adjustments
            
 
–
 
           
 
(6
) 
  
 
(10
) 
  
 
(16
) 
At 31 December 2022 (ordinary shares of 20
340
/
399
p each)
            
 
183
 
           
 
46
 
  
 
91
 
  
 
137
 
Under the authority given to the Company by shareholders at the AGM held on 6 May 2022 to purchase its own shares, on 9 August 2022 the Company announced a $500m return of funds via a share repurchase programme. In the year ended 31 December 2022, 9.1m shares were repurchased for total consideration of $482m including $2m transaction costs, 4.5m are held as treasury shares and 4.6m were cancelled. The cost of treasury shares and related transaction costs have been deducted from retained earnings. A liability, reflecting outstanding amounts payable under the repurchase plan and associated transaction costs, is recognised within current other payables (see note 19). The share repurchase programme was completed on 31 January 2023.
When approving shareholder returns in 2022 and 2023, the Board first reviewed the Parent Company Financial Statements to confirm availability of sufficient distributable reserves.
The authority to repurchase shares remains valid and, in February 2023, the Board approved a further $750m share buyback programme. A resolution to renew the authority will be put to shareholders at the AGM on 5 May 2023.
The Company no longer has an authorised share capital.
 
Shares
held by employee share trusts
 
            
Number of
shares
millions
            
  Carrying
value
$m
     
          Market
value
$m
  
31 December 2022
            
 
1.1
 
            
 
37.0
 
   
 
62.8
 
31 December 2021
            
 
0.9
 
            
 
21.7
 
   
 
57.3
 
31 December 2020
            
 
0.1
 
            
 
1.4
 
   
 
3.1
 
Shares held by employee share trusts includes 0.2m shares held in a nominee account on behalf of participants.
Treasury shares
 
            
Number of
shares
millions
           
    Nominal
value
$m
  
At 1 January 2020
            
 
5.7
 
           
 
1.6
 
Transferred to employee share trusts
            
 
(0.6
) 
           
 
(0.2
) 
At 31 December 2020
            
 
5.1
 
           
 
1.4
 
Transferred to employee share trusts
            
 
(1.4
) 
           
 
(0.4
) 
At 31 December 2021
            
 
3.7
 
           
 
1.0
 
Transferred to employee share trusts
            
 
(0.7
) 
           
 
(0.2
) 
Repurchased under share repurchase programme
            
 
4.5
 
           
 
1.1
 
At 31 December 2022
          
7.5
           
1.9
  
 
Cash flow hedge reserves
 
            
Cash flow
hedge
reserve
$m
    
Cost of
    hedging
reserve
$m
    
            Total
$m
  
At 1 January 2020
            
 
1
 
  
 
(7
) 
  
 
(6
) 
Costs of hedging deferred and recognised in other comprehensive income
            
 
–
 
  
 
(6
) 
  
 
(6
) 
Change in fair value of currency swaps recognised in other comprehensive income
            
 
(1
) 
  
 
–
 
  
 
(1
) 
Reclassified from other comprehensive income to profit or loss – included in financial expenses
            
 
(13
) 
  
 
–
 
  
 
(13
) 
Deferred tax
            
 
4
 
  
 
–
 
  
 
4
 
Exchange adjustments
            
 
(2
) 
  
 
–
 
  
 
(2
) 
At 31 December 2020
            
 
(11
) 
  
 
(13
) 
  
 
(24
) 
Costs of hedging deferred and recognised in other comprehensive income
            
 
–
 
  
 
2
 
  
 
2
 
Change in fair value of currency swaps recognised in other comprehensive income
            
 
(62
) 
  
 
–
 
  
 
(62
) 
Reclassified from other comprehensive income to profit or loss – included in financial expenses
            
 
96
 
  
 
–
 
  
 
96
 
Deferred tax
            
 
(7
) 
  
 
–
 
  
 
(7
) 
At 31 December 2021
            
 
16
 
  
 
(11
) 
  
 
5
 
Costs of hedging deferred and recognised in other comprehensive income
            
 
–
 
  
 
3
 
  
 
3
 
Change in fair value of currency swaps recognised in other comprehensive income
            
 
33
 
  
 
–
 
  
 
33
 
Reclassified from other comprehensive income to profit or loss – included in financial expenses
            
 
(43
) 
  
 
–
 
  
 
(43
) 
Deferred tax
            
 
2
 
  
 
–
 
  
 
2
 
At 31 December 2022
            
 
8
 
  
 
(8
) 
  
 
–
 
Amounts reclassified from other comprehensive income to financial expenses comprise $14m (2021: $15m, 2020: $9m) net interest payable on the currency swaps and an exchange gain of $57m (2021: $81m loss, 2020: $22m gain) which offsets a corresponding gain or loss on the hedged bonds.