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Financial risk management and derivatives (Tables) | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Summary of Derivative Financial Instruments | These derivative financial instruments are recorded in the Group statement of financial position at their fair values (see note 23) as follows:
|  | 2018 $m |  |  | 2017 $m |
Currency swapsa |  |  | 7 |  |  |  | — |
Forward foreign exchange contractsb |  |  | 1 |  |  |  | — |
|  |  | 8 |  |  |  | — |
Analysed as: |  |  |  |  |  |  |  |
Non-current assets |  |  | 7 |  |  |  | — |
Current assets |  |  | 1 |  |  |  | — |
|  |  | 8 |  |  |  | — |
a | Designated as a cash flow hedge.
b | Designated as net investment hedges.
Summary of Interest and Foreign Exchange Risk Sensitivities |
|  |  |  | 2018 $m |  |  | 2017 $m |  |  | 2016 $m |
Increase/(decrease) in profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sterling: US dollar exchange rate |  | 5¢ fall |  |  | 4.1 |  |  |  | 4.0 |  |  |  | 5.2 |
Euro: US dollar exchange rate |  | 5¢ fall |  |  | (2.4 | ) |  |  | (2.1 | ) |  |  | (2.2 | )
US dollar interest rates |  | 1% increase |  |  | (0.9 | ) |  |  | (2.9 | ) |  |  | (1.8 | )
Sterling interest rates |  | 1% increase |  |  | 5.5 |  |  |  | 0.3 |  |  |  | 1.3 |
Decrease/(increase) in net liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sterling: US dollar exchange rate |  | 5¢ fall |  |  | 25.8 |  |  |  | 44.1 |  |  |  | 47.2 |
Euro: US dollar exchange rate |  | 5¢ fall |  |  | 23.1 |  |  |  | (4.1 | ) |  |  | (5.5 | )
Sterling: euro exchange rate |  | 5¢ fall |  |  | 31.9 |  |  |  | — |  |  |  | — |
Summary of Undiscounted Contractual Cash Flows of Financial Liabilities | The following are the undiscounted contractual cash flows of financial liabilities, including interest payments. The payment profile of contingent consideration has been based on management’s forecasts and could in reality be different from expectations.
|  | Less than 1 year $m |  |  | Between 1 and 2 years $m |  |  | Between 2 and 5 years $m |  |  | More than 5 years $m |  |  | Total $m |
31 December 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred and contingent consideration |  |  | 7 |  |  |  | 8 |  |  |  | 37 |  |  |  | 262 |  |  |  | 314 |
Bank overdrafts |  |  | 104 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 104 |
£400m 3.875% bonds 2022 |  |  | 20 |  |  |  | 20 |  |  |  | 550 |  |  |  | 0 |  |  |  | 590 |
£300m 3.75% bonds 2025 |  |  | 14 |  |  |  | 14 |  |  |  | 43 |  |  |  | 412 |  |  |  | 483 |
£350m 2.125% bonds 2026 |  |  | 10 |  |  |  | 10 |  |  |  | 28 |  |  |  | 475 |  |  |  | 523 |
€500m 2.125% bonds 2027 |  |  | 6 |  |  |  | 12 |  |  |  | 37 |  |  |  | 621 |  |  |  | 676 |
Finance lease obligations |  |  | 16 |  |  |  | 16 |  |  |  | 56 |  |  |  | 3,212 |  |  |  | 3,300 |
Trade and other payables |  |  | 611 |  |  |  | 5 |  |  |  | 9 |  |  |  | 20 |  |  |  | 645 |
Derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (1 | )
Currency swaps hedging €500m 2.125% bonds 2027 outflows |  |  | 20 |  |  |  | 20 |  |  |  | 58 |  |  |  | 625 |  |  |  | 723 |
Currency swaps hedging €500m 2.125% bonds 2027 inflows |  |  | (6 | ) |  |  | (12 | ) |  |  | (37 | ) |  |  | (621 | ) |  |  | (676 | )
|  | Less than 1 year $m |  |  | Between 1 and 2 years $m |  |  | Between 2 and 5 years $m |  |  | More than 5 years $m |  |  | Total $m |
31 December 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdrafts |  |  | 110 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 110 |
Unsecured bank loans |  |  | 264 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 264 |
£400m 3.875% bonds 2022 |  |  | 21 |  |  |  | 21 |  |  |  | 601 |  |  |  | — |  |  |  | 643 |
£300m 3.75% bonds 2025 |  |  | 15 |  |  |  | 15 |  |  |  | 46 |  |  |  | 445 |  |  |  | 521 |
£350m 2.125% bonds 2026 |  |  | 10 |  |  |  | 10 |  |  |  | 30 |  |  |  | 510 |  |  |  | 560 |
Finance lease obligations |  |  | 16 |  |  |  | 16 |  |  |  | 51 |  |  |  | 3,234 |  |  |  | 3,317 |
Trade and other payables |  |  | 597 |  |  |  | 5 |  |  |  | 11 |  |  |  | 20 |  |  |  | 633 |
Disclosure of Short-term Deposits by Counterparty Credit Rating | The table below analyses the Group’s short-term deposits at 31 December 2018 by counterparty credit rating.
|  | AAA |  |  | AA- |  |  | A |  |  | Total |
Short term deposits |  |  | 76 |  |  |  | 70 |  |  |  | 88 |  |  |  | 234 |
Summary of information about collateral held as security | The table below contains information about the collateral held as security at 31 December 2018.
Collateral by type |  | 2018 |
Government bonds |  |  | 60 |
Supranational bonds |  |  | 208 |
|  |  | 268 |
Collateral by credit rating |  | 2018 |
AAA |  |  | 207 |
AA |  |  | 34 |
AA- |  |  | 27 |
|  |  | 268 |
Summary of Financial Assets Represents Maximum Exposure to Credit Risk | The carrying amount of financial assets represents the maximum exposure to credit risk.
|  | Note |  |  | 2018 $m |  |  | 2017 $m |
Cash and cash equivalents |  |  | (17 | ) |  |  | 704 |  |  |  | 168 |
Derivative financial instruments |  |  | (22 | ) |  |  | 8 |  |  |  | — |
Financial assets measured at amortised cost: |  |  |  |  |  |  |  |  |  |  |  |
Other financial assets |  |  | (15 | ) |  |  | 145 |  |  |  | 117 |
Trade and other receivables, excluding prepayments |  |  | (16 | ) |  |  | 502 |  |  |  | 477 |
|  |  |  |  |  |  | 1,359 |  |  |  | 762 |

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