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Classification and measurement of financial instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Text Block [Abstract]  
Summary of Carrying Amounts and Fair Values of Financial Assets and Liabilities
Accounting classification and fair value hierarchy
 
                  
2022
           
2021
  
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
 
            
 
106
 
  
 
50
 
  
 
–
 
  
 
156
 
           
 
114
 
  
 
61
 
  
 
–
 
  
 
175
 
Cash and cash equivalents
   
 
1 
 
            
 
360
 
  
 
616
 
  
 
–
 
  
 
976
 
           
 
1,025
 
  
 
425
 
  
 
–
 
  
 
1,450
 
Derivative financial instruments
   
 
2 
 
            
 
7
 
  
 
–
 
  
 
–
 
  
 
7
 
           
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Deferred compensation plan investments
   
 
1 
 
            
 
216
 
  
 
–
 
  
 
–
 
  
 
216
 
           
 
256
 
  
 
–
 
  
 
–
 
  
 
256
 
Trade and other receivables
   
 
– 
 
            
 
–
 
  
 
542
 
  
 
104
 
  
 
646
 
           
 
–
 
  
 
501
 
  
 
73
 
  
 
574
 
                       
Financial liabilities
   
 
 
 
            
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
           
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Derivative financial instruments
   
 
2 
 
            
 
(11
) 
  
 
–
 
  
 
–
 
  
 
(11
) 
           
 
(62
) 
  
 
–
 
  
 
–
 
  
 
(62
) 
Deferred compensation plan liabilities
   
 
1 
 
            
 
(216
) 
  
 
–
 
  
 
–
 
  
 
(216
) 
           
 
(256
) 
  
 
–
 
  
 
–
 
  
 
(256
) 
Loans and other borrowings
   
 
– 
 
            
 
–
 
  
 
(2,396
) 
  
 
–
 
  
 
(2,396
) 
           
 
–
 
  
 
(2,845
) 
  
 
–
 
  
 
(2,845
) 
Trade and other payables
   
 
3 
 
            
 
(83
) 
  
 
(658
) 
  
 
(37
) 
  
 
(778
) 
           
 
(73
) 
  
 
(566
) 
  
 
(29
) 
  
 
(668
) 
 
a
With the exception of equity securities of $88m (2021: $106m) 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, $3m (2021: $8m) are Level 1 and $103m (2021: $106m) 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:
 
Hierarchy of
            
2022
           
2021
  
fair value
measurement
            
Carrying value
$m
    
            Fair value
$m
           
Carrying value
$m
    
            Fair value
$m
  
£173m 3.875% bonds 2022
   
 
1
 
            
 
–
 
  
 
–
 
           
 
(233
) 
  
 
(239
) 
€
500m 1.625% bonds 2024
   
 
1
 
            
 
(534
) 
  
 
(511
) 
           
 
(565
) 
  
 
(585
) 
£300m 3.75% bonds 2025
   
 
1
 
            
 
(365
) 
  
 
(344
) 
           
 
(408
) 
  
 
(428
) 
£350m 2.125% bonds 2026
   
 
1
 
            
 
(423
) 
  
 
(367
) 
           
 
(473
) 
  
 
(471
) 
€
500m 2.125% bonds 2027
   
 
1
 
            
 
(539
) 
  
 
(492
) 
           
 
(570
) 
  
 
(601
) 
£400m 3.375% bonds 2028
   
 
1
 
            
 
(480
) 
  
 
(417
) 
           
 
(537
) 
  
 
(566
) 
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
    
Other
            payables
$m
    
Contingent
purchase
consideration
$m
  
At 1 January 2021
            
 
88
 
  
 
4
 
  
 
–
 
  
 
(79
) 
Additions
            
 
3
 
  
 
–
 
  
 
–
 
  
 
–
 
Valuation gains recognised in other comprehensive income
            
 
15
 
  
 
–
 
  
 
–
 
  
 
–
 
Unrealised changes in fair value
a
           
 
–
 
  
 
(4
) 
  
 
–
 
  
 
6
 
At 31 December 2021
            
 
106
 
  
 
–
 
  
 
–
 
  
 
(73
) 
Valuation losses recognised in other comprehensive income
            
 
(1
) 
  
 
–
 
  
 
–
 
  
 
–
 
Unrealised changes in fair value
b
           
 
–
 
  
 
–
 
  
 
(18
) 
  
 
8
 
Exchange adjustments
            
 
(2
) 
  
 
–
 
  
 
–
 
  
 
–
 
At 31 December 2022
            
 
103
 
  
 
–
 
  
 
(18
) 
  
 
(65
) 
 
a
 
The change in the fair value of derivative financial instruments was recognised within other net impairment charges in the Group income statement and was presented as an exceptional item.
 
b
 
The change in the fair value of other payables was recognised within share of losses from associates in the Group income statement and is presented as an exceptional item.