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Classification and measurement of financial instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Text Block [Abstract]  
Summary of Carrying Amounts and Fair Values of Financial Assets and Liabilities
Accounting classification and fair value hierarchy
 
                  
2023
            
2022
  
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
 
      
 
124
 
   
 
68
 
   
 
–
 
   
 
192
 
      
 
106
 
   
 
50
 
   
 
–
 
   
 
156
 
Cash and cash equivalents
   
 
1  
 
      
 
375
 
   
 
947
 
   
 
–
 
   
 
1,322
 
      
 
360
 
   
 
616
 
   
 
–
 
   
 
976
 
Derivative financial instruments
   
 
2  
 
      
 
20
 
   
 
–
 
   
 
–
 
   
 
20
 
      
 
7
 
   
 
–
 
   
 
–
 
   
 
7
 
Deferred compensation plan investments
   
 
1  
 
      
 
250
 
   
 
–
 
   
 
–
 
   
 
250
 
      
 
216
 
   
 
–
 
   
 
–
 
   
 
216
 
Trade and other receivables
   
 
–  
 
      
 
–
 
   
 
651
 
   
 
102
 
   
 
753
 
      
 
–
 
   
 
542
 
   
 
107
 
   
 
649
 
Financial liabilities
   
 
 
 
      
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
      
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Derivative financial instruments
   
 
2  
 
      
 
25
 
   
 
–
 
   
 
–
 
   
 
25
 
      
 
11
 
   
 
–
 
   
 
–
 
   
 
11
 
Deferred compensation plan liabilities
   
 
1  
 
      
 
250
 
   
 
–
 
   
 
–
 
   
 
250
 
      
 
216
 
   
 
–
 
   
 
–
 
   
 
216
 
Loans and other borrowings
   
 
–  
 
      
 
–
 
   
 
3,166
 
   
 
–
 
   
 
3,166
 
      
 
–
 
   
 
2,396
 
   
 
–
 
   
 
2,396
 
Trade and other payables
   
 
3  
 
      
 
69
 
   
 
670
 
   
 
47
 
   
 
786
 
      
 
83
 
   
 
658
 
   
 
37
 
   
 
778
 
 
a
 
With the exception of equity securities of $87m (2022: $88m) 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, $14m (2022: $3m) are Level 1 and $110m (2022: $103m) 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
                    
2023
                    
2022
  
fair value
measurement
            
Carrying value
$m
     
   Fair value
$m
            
Carrying value
$m
     
   Fair value
$m
  
€
500m 1.625% bonds 2024
   
 
1
 
      
 
555
 
   
 
545
 
      
 
534
 
   
 
511
 
£300m 3.75% bonds 2025
   
 
1
 
      
 
387
 
   
 
373
 
      
 
365
 
   
 
344
 
£350m 2.125% bonds 2026
   
 
1
 
      
 
449
 
   
 
416
 
      
 
423
 
   
 
367
 
€
500m 2.125% bonds 2027
   
 
1
 
      
 
559
 
   
 
535
 
      
 
539
 
   
 
492
 
£400m 3.375% bonds 2028
   
 
1
 
      
 
509
 
   
 
476
 
      
 
480
 
   
 
417
 
€
600m 4.375% bonds 2029
   
 
1
 
      
 
663
 
   
 
689
 
      
 
–
 
   
 
–
 
Summary of Reconciliation of Movements in the Fair Values of Financial Instruments Classified as Level 3
Level 3 reconciliation
 
            
Other
   financial
assets
$m
    
Other
  payables
$m
    
Contingent
purchase
consideration
$m
  
At 1 January 2022
      
 
106
 
  
 
–
 
  
 
(73
) 
Valuation losses recognised in other comprehensive income
      
 
(1
) 
  
 
–
 
  
 
–
 
Unrealised changes in fair value
a
     
 
–
 
  
 
(18
) 
  
 
8
 
Exchange adjustments
      
 
(2
) 
  
 
–
 
  
 
–
 
At 31 December 2022
      
 
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
) 
 
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 is presented as an exceptional item (see note 6).