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Taxation | 6 Months Ended
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Jun. 30, 2024
Income taxes paid (refund) [abstract] |
Taxation |
4.Taxation
The effective tax rate for the first half is 28.6% compared with 26.9% in 2023. The tax rate is calculated by dividing the tax charge by pre-tax profit excluding the contribution of joint ventures and associates. Tax effects of components of other comprehensive income were as follows:
| First half
| 2024 | 2023
€ million | Before tax | Tax (charge)/credit | After tax | Before tax | Tax (charge)/credit | After tax
Gains/(losses) on: |  |  |  |  |  |
Equity instruments at fair value through other comprehensive income | 31 |  | – |  | 31 |  | (34) |  | – |  | (34) |
Cash flow hedges | 63 |  | (5) |  | 58 |  | (20) |  | (2) |  | (22) |
Remeasurements of defined benefit pension plans | 242 |  | (41) |  | 201 |  | (90) |  | 43 |  | (47) |
Currency retranslation gains/(losses) | 772 |  | (16) |  | 756 |  | (535) |  | (20) |  | (555) |
Other comprehensive income | 1,108 |  | (62) |  | 1,046 |  | (679) |  | 21 |  | (658) |

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