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Derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Net investment hedge |
Derivative financial instruments |
Summary of hedge accounting | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Carrying | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change in | ​ | ​ | ​ | ​ | ​ | average
​ | ​ | ​ | ​ | amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | fair value of | ​ | Change in | ​ | ​ | ​ | foreign
​ | ​ | ​ | ​ | at year | ​ | Notional | ​ | ​ | ​ | ​ | ​ | outstanding | ​ | fair value of | ​ | ​ | ​ | exchange
​ | ​ | ​ | ​ | end date | ​ | amount | ​ | ​ | ​ | Hedge | ​ | instrument | ​ | hedged item | ​ | Ineffectiveness | ​ | rate for the
Hedging instruments |  | Currency |  | £m |  | £m |  | Maturity date |  | ratio |  | £m |  | £m |  | £m |  | year
Cross-currency swaps | ​ | USD | ​ | 4 | ​ | (1,300) | ​ | May 2026 – October 2028 | ​ | 1:1 | ​ | (5) | ​ | (5) | ​ | — | ​ | 1.241
Cross-currency swaps | ​ | JPY | ​ | — | ​ | (10) | ​ | June 2027 | ​ | 1:1 | ​ | (1) | ​ | (1) | ​ | — | ​ | 169.747
Bonds |  | EUR |  | (261) |  | (261) |  | June 2027 – June 2030 |  | 1:1 |  | 16 |  | 16 |  | — |  | 1.162
Term loan |  | USD |  | (436) |  | (436) |  | October 2025 |  | 1:1 |  | 6 |  | 6 |  | — |  | 1.110
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Carrying | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change in | ​ | ​ | ​ | ​ | ​ | average
​ | ​ | ​ | ​ | amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | fair value of | ​ | Change in | ​ | ​ | ​ | foreign
​ | ​ | ​ | ​ | at year | ​ | Notional | ​ | ​ | ​ | ​ | ​ | outstanding | ​ | fair value of | ​ | ​ | ​ | exchange
​ | ​ | ​ | ​ | end date | ​ | amount | ​ | ​ | ​ | Hedge | ​ | instrument | ​ | hedged item | ​ | Ineffectiveness | ​ | rate for the
Hedging instruments |  | Currency |  | £m |  | £m |  | Maturity date |  | ratio |  | £m |  | £m |  | £m |  | year
Cross-currency swaps | ​ | USD | ​ | 9 | ​ | (1,641) | ​ | November 2024 – October 2028 | ​ | 1:1 | ​ | 114 | ​ | 114 | ​ | — | ​ | 1.250
Cross-currency swaps |  | JPY |  | 1 |  | (11) |  | November 2024 |  | 1:1 |  | 1 |  | 1 |  | — |  | 167.269
Bonds |  | EUR |  | (298) |  | (298) |  | November 2024 – October 2028 |  | 1:1 |  | 6 |  | 6 |  | — |  | 1.162
Term loan |  | USD |  | (360) |  | (360) |  | October 2025 |  | 1:1 |  | 9 |  | 9 |  | — |  | 1.110
Cash flow hedge |
Derivative financial instruments |
Summary of hedge accounting | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Carrying | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change in | ​ | Change in | ​ | ​ | ​ | average
​ | ​ | ​ | ​ | amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | fair value of | ​ | fair value of | ​ | ​ | ​ | foreign
​ | ​ | ​ | ​ | at year | ​ | Notional | ​ | ​ | ​ | ​ | ​ | outstanding | ​ | hedged | ​ | ​ | ​ | exchange
​ | ​ | ​ | ​ | end date | ​ | amount | ​ | ​ | ​ | ​ | ​ | instrument | ​ | item | ​ | Ineffectiveness | ​ | rate for the
Hedging instruments | ​ | Currency | ​ | £m | ​ | £m | ​ | Maturity date | ​ | Hedge ratio | ​ | £m | ​ | £m | ​ | £m | ​ | year
Cross-currency swaps | ​ | EUR | ​ | (27) | ​ | 1,257 | ​ | May 2026 – October 2028 | ​ | 1:1 | ​ | (40) | ​ | (38) | ​ | (2) | ​ | 1.133
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Carrying | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change in | ​ | Change in | ​ | ​ | ​ | average
​ | ​ | ​ | ​ | amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | fair value of | ​ | fair value of | ​ | ​ | ​ | foreign
​ | ​ | ​ | ​ | at year | ​ | Notional | ​ | ​ | ​ | ​ | ​ | outstanding | ​ | hedged | ​ | ​ | ​ | exchange
​ | ​ | ​ | ​ | end date | ​ | amount | ​ | ​ | ​ | ​ | ​ | instrument | ​ | item | ​ | Ineffectiveness | ​ | rate for the
Hedging instruments | ​ | Currency | ​ | £m | ​ | £m | ​ | Maturity date | ​ | Hedge ratio | ​ | £m | ​ | £m | ​ | £m | ​ | year
Cross-currency swaps | ​ | EUR | ​ | 13 | ​ | 1,668 | ​ | November 2024 – October 2028 | ​ | 1:1 | ​ | (21) | ​ | (21) | ​ | — | ​ | 1.150
Interest rate swaps | ​ | USD | ​ | 1 | ​ | 275 | ​ | September 2024 | ​ | 1:1 | ​ | 1 | ​ | — | ​ | 1 | ​ | —

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