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Fair value measurement (Tables) | 12 Months Ended
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Dec. 31, 2017
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Summary of Carrying Amounts and Fair Values of Financial Assets and Liabilities | The following table compares carrying amounts and fair values of the Group’s financial assets and liabilities:
|  |  |  |  | 2017 |  |  | 2016 |
|  | Note |  |  | Carrying value $m |  |  | Fair value $m |  |  | Carrying value $m |  |  | Fair value $m |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 17 |  |  |  | 168 |  |  |  | 168 |  |  |  | 206 |  |  |  | 206 |
Equity securities available-for-salea |  |  | 15 |  |  |  | 127 |  |  |  | 127 |  |  |  | 156 |  |  |  | 156 |
Loans and receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial assets |  |  | 15 |  |  |  | 117 |  |  |  | 117 |  |  |  | 112 |  |  |  | 112 |
Trade and other receivables, excluding prepayments |  |  | 16 |  |  |  | 477 |  |  |  | 477 |  |  |  | 403 |  |  |  | 403 |
|  |  |  |  |  |  | 889 |  |  |  | 889 |  |  |  | 877 |  |  |  | 877 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
£400m 3.875% bonds 2022 |  |  | 20 |  |  |  | (538 | ) |  |  | (593 | ) |  |  | (489 | ) |  |  | (541 | )
£300m 3.75% bonds 2025 |  |  | 20 |  |  |  | (406 | ) |  |  | (441 | ) |  |  | (370 | ) |  |  | (408 | )
£350m 2.125% bonds 2026 |  |  | 20 |  |  |  | (472 | ) |  |  | (454 | ) |  |  | (430 | ) |  |  | (411 | )
Finance lease obligations |  |  | 20 |  |  |  | (231 | ) |  |  | (318 | ) |  |  | (227 | ) |  |  | (297 | )
Unsecured bank loans |  |  | 20 |  |  |  | (262 | ) |  |  | (262 | ) |  |  | (107 | ) |  |  | (107 | )
Bank overdrafts |  |  | 20 |  |  |  | (110 | ) |  |  | (110 | ) |  |  | (89 | ) |  |  | (89 | )
Loyalty programme liability |  |  | 32 |  |  |  | (760 | ) |  |  | (760 | ) |  |  | (685 | ) |  |  | (685 | )
Trade and other payables |  |  | 18 |  |  |  | (889 | ) |  |  | (889 | ) |  |  | (881 | ) |  |  | (881 | )
Derivativesa |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | (3 | )
Provisions |  |  | 19 |  |  |  | (8 | ) |  |  | (8 | ) |  |  | (8 | ) |  |  | (8 | )
|  |  |  |  |  |  | (3,676 | ) |  |  | (3,835 | ) |  |  | (3,289 | ) |  |  | (3,430 | )
a | Financial assets and liabilities which are measured at fair value.
Summary of Fair Value Measurement Hierarchy of Assets and Liabilities |
|  | 2017 |  |  | 2016 |
|  | Level 1 $m |  |  | Level 2 $m |  |  | Level 3 $m |  |  | Total $m |  |  | Level 1 $m |  |  | Level 2 $m |  |  | Level 3 $m |  |  | Total $m |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quoted equity shares |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 14 |
Unquoted equity shares |  |  | — |  |  |  | — |  |  |  | 117 |  |  |  | 117 |  |  |  | — |  |  |  | — |  |  |  | 142 |  |  |  | 142 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
£400m 3.875% bonds 2022 |  |  | (593 | ) |  |  | — |  |  |  | — |  |  |  | (593 | ) |  |  | (541 | ) |  |  | — |  |  |  | — |  |  |  | (541 | )
£300m 3.75% bonds 2025 |  |  | (441 | ) |  |  | — |  |  |  | — |  |  |  | (441 | ) |  |  | (408 | ) |  |  | — |  |  |  | — |  |  |  | (408 | )
£350m 2.125% bonds 2026 |  |  | (454 | ) |  |  | — |  |  |  | — |  |  |  | (454 | ) |  |  | (411 | ) |  |  | — |  |  |  | — |  |  |  | (411 | )
Finance lease obligations |  |  | — |  |  |  | (318 | ) |  |  | — |  |  |  | (318 | ) |  |  | — |  |  |  | (297 | ) |  |  | — |  |  |  | (297 | )
Derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | (3 | )
Summary of Reconciliation of Movements in the Fair Values of Investments Classified as Level 3 | The following table reconciles the movements in the fair values of investments classified as Level 3 during the year:
|  | 2017 $m |  |  |  |  |  | 2016 $m |
At 1 January |  |  | 142 |  |  |  |  |  |  |  | 136 |
Additions |  |  | 2 |  |  |  |  |  |  |  | 2 |
Disposals |  |  | (3 | ) |  |  |  |  |  |  | (15 | )
Reclassification of associate (note 14) |  |  | — |  |  |  |  |  |  |  | 14 |
Valuation gains recognised in other comprehensive income |  |  | 48 |  |  |  |  |  |  |  | 5 |
Valuation gains reclassified to the income statement on disposal |  |  | (73 | ) |  |  |  |  |  |  | — |
Exchange and other adjustments |  |  | 1 |  |  |  |  |  |  |  | — |
At 31 December |  |  | 117 |  |  |  |  |  |  |  | 142 |

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