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Classification and measurement of financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Summary of Carrying Amounts and Fair Values of Financial Assets and Liabilities |
|  | 2020 $m |  |  | 2019 Restated a $m |
Financial assets |  |  |  |  |  |  |  |
Financial assets measured at fair value through other comprehensive income: |  |  |  |  |  |  |  |
Equity securities (note 17) |  |  | 88 |  |  |  | 133 |
Financial assets measured at fair value through profit or loss: |  |  |  |  |  |  |  |
Money market funds: |  |  |  |  |  |  |  |
Cash and cash equivalents (note 19) |  |  | 892 |  |  |  | 35 |
Other financial assets (note 17) |  |  | 15 |  |  |  | 16 |
Other financial assets (note 17) |  |  | — |  |  |  | 3 |
Derivative financial instruments (note 24) |  |  | 5 |  |  |  | 1 |
Deferred compensation plan investments |  |  | 236 |  |  |  | 218 |
|  |  | 1,148 |  |  |  | 273 |
Financial assets measured at amortised cost: |  |  |  |  |  |  |  |
Cash and cash equivalents (note 19) |  |  | 783 |  |  |  | 160 |
Other financial assets (note 17) |  |  | 66 |  |  |  | 136 |
Trade and other receivables, excluding prepayments (note 18) |  |  | 438 |  |  |  | 552 |
|  |  | 1,287 |  |  |  | 848 |
Financial liabilities |  |  |  |  |  |  |  |
Financial liabilities measured at fair value through profit or loss: |  |  |  |  |  |  |  |
Contingent purchase consideration (note 20) |  |  | (79 | ) |  |  | (91 | )
Derivative financial instruments (note 24) |  |  | (18 | ) |  |  | (20 | )
Deferred compensation plan liabilities |  |  | (236 | ) |  |  | (218 | )
|  |  | (333 | ) |  |  | (329 | )
Financial liabilities measured at amortised cost: |  |  |  |  |  |  |  |
Loans and other borrowings (note 22) |  |  | (3,767 | ) |  |  | (2,165 | )
Trade and other payables, excluding deferred and contingent purchase consideration (note 20) |  |  | (457 | ) |  |  | (570 | )
Deferred purchase consideration (note 20) |  |  | (24 | ) |  |  | (23 | )
|  |  | (4,248 | ) |  |  | (2,758 | )
a | Restated for deferred compensation plan investments, see page 134.
Summary of Fair Value Measurement Hierarchy of Assets and Liabilities | The following table provides the carrying value, fair value and position in the fair value measurement hierarchy of the Group’s financial assets and liabilities. Those measured at amortised cost are only included if their carrying amount is not a reasonable approximation of fair value.
|  | 2020 |  |  | 2019 |
|  | Fair value |  |  | Fair value |
|  | Carrying value $m |  |  | Level 1 $m |  |  | Level 2 $m |  |  | Level 3 $m |  |  | Total $m |  |  | Carrying value $m |  |  | Level 1 $m |  |  | Level 2 $m |  |  | Level 3 $m |  |  | Total $m |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 88 |  |  |  | — |  |  |  | — |  |  |  | 88 |  |  |  | 88 |  |  |  | 133 |  |  |  | 8 |  |  |  | — |  |  |  | 125 |  |  |  | 133 |
Derivative financial instruments |  |  | 5 |  |  |  | — |  |  |  | 1 |  |  |  | 4 |  |  |  | 5 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Money market funds |  |  | 907 |  |  |  | 907 |  |  |  | — |  |  |  | — |  |  |  | 907 |  |  |  | 51 |  |  |  | 51 |  |  |  | — |  |  |  | — |  |  |  | 51 |
Deferred compensation plan investments |  |  | 236 |  |  |  | 236 |  |  |  | — |  |  |  | — |  |  |  | 236 |  |  |  | 218 |  |  |  | 218 |  |  |  | — |  |  |  | — |  |  |  | 218 |
Trade deposits and loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 3 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | (18 | ) |  |  | — |  |  |  | (18 | ) |  |  | — |  |  |  | (18 | ) |  |  | (20 | ) |  |  | — |  |  |  | (20 | ) |  |  | — |  |  |  | (20 | )
Contingent purchase consideration |  |  | (79 | ) |  |  | — |  |  |  | — |  |  |  | (79 | ) |  |  | (79 | ) |  |  | (91 | ) |  |  | — |  |  |  | — |  |  |  | (91 | ) |  |  | (91 | )
Deferred purchase consideration |  |  | (24 | ) |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | (26 | ) |  |  | (23 | ) |  |  | (24 | ) |  |  | — |  |  |  | — |  |  |  | (24 | )
£173m 3.875% bonds 2022 |  |  | (235 | ) |  |  | (248 | ) |  |  | — |  |  |  | — |  |  |  | (248 | ) |  |  | (528 | ) |  |  | (567 | ) |  |  | — |  |  |  | — |  |  |  | (567 | )
€500m 1.625% bonds 2024 |  |  | (611 | ) |  |  | (630 | ) |  |  | — |  |  |  | — |  |  |  | (630 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
£300m 3.75% bonds 2025 |  |  | (413 | ) |  |  | (448 | ) |  |  | — |  |  |  | — |  |  |  | (448 | ) |  |  | (399 | ) |  |  | (435 | ) |  |  | — |  |  |  | — |  |  |  | (435 | )
£350m 2.125% bonds 2026 |  |  | (479 | ) |  |  | (489 | ) |  |  | — |  |  |  | — |  |  |  | (489 | ) |  |  | (462 | ) |  |  | (465 | ) |  |  | — |  |  |  | — |  |  |  | (465 | )
€500m 2.125% bonds 2027 |  |  | (618 | ) |  |  | (650 | ) |  |  | — |  |  |  | — |  |  |  | (650 | ) |  |  | (564 | ) |  |  | (601 | ) |  |  | — |  |  |  | — |  |  |  | (601 | )
£400m 3.375% bonds 2028 |  |  | (542 | ) |  |  | (603 | ) |  |  | — |  |  |  | — |  |  |  | (603 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Deferred compensation plan liabilities |  |  | (236 | ) |  |  | (236 | ) |  |  | — |  |  |  | — |  |  |  | (236 | ) |  |  | (218 | ) |  |  | (218 | ) |  |  | — |  |  |  | — |  |  |  | (218 | )
Summary of Reconciliation of Movements in the Fair Values of Financial Instruments Classified as Level 3 | The following table reconciles the movements in the fair values of financial instruments classified as Level 3 during the year:
|  | Other financial assets $m |  |  | Derivative financial instruments $m |  |  | Contingent purchase consideration $m |
At 1 January 2019 |  |  | 108 |  |  |  | — |  |  |  | (109 | )
Additions |  |  | 8 |  |  |  | — |  |  |  | — |
Acquisition of businesses (note 11) |  |  | 1 |  |  |  | — |  |  |  | (15 | )
Disposals |  |  | (1 | ) |  |  | — |  |  |  | — |
Valuation gains recognised in other comprehensive income |  |  | 12 |  |  |  | — |  |  |  | — |
Contingent purchase consideration paid: |  |  |  |  |  |  |  |  |  |  |  |
Included in net cash from operating activities |  |  | — |  |  |  | — |  |  |  | 6 |
Included in net cash from investing activities |  |  | — |  |  |  | — |  |  |  | 2 |
Change in fair value (of which $38m is recorded within exceptional items) |  |  | — |  |  |  | — |  |  |  | 27 |
Exchange and other adjustments |  |  | — |  |  |  | — |  |  |  | (2 | )
At 31 December 2019 |  |  | 128 |  |  |  | — |  |  |  | (91 | )
Additions |  |  | 5 |  |  |  | — |  |  |  | — |
Transfers into Level 3 |  |  | 8 |  |  |  | — |  |  |  | — |
Repayments and disposals |  |  | (5 | ) |  |  | — |  |  |  | — |
Valuation losses recognised in other comprehensive income |  |  | (47 | ) |  |  | — |  |  |  | — |
Change in fair value a |  |  | — |  |  |  | 4 |  |  |  | 13 |
Exchange and other adjustments |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
At 31 December 2020 |  |  | 88 |  |  |  | 4 |  |  |  | (79 | )
a | $21m fair value gain on contingent purchase consideration and $4m gain on derivative financial instruments are recognised as exceptional items in the Group income statement (see note 6). The remaining $8m fair value loss on contingent purchase consideration relates to Regent.

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