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Financial risk management and derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Text Block [Abstract] |
Summary of Derivative Financial Instruments | Derivatives are recorded in the Group statement of financial position at fair value (see note 25) as follows:
Derivatives |  |  |  |  | 2023 $m |  |  |  |  |  | 2022 $m |
Currency swaps |  |  |  |  |  |  | (20 | ) |  |  |  |  |  |  | (4 | )
Currency forwards |  |  |  |  |  |  | 15 |  |  |  |  |  |  |  | – |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  |  |  |  |  |  | 20 |  |  |  |  |  |  |  | 7 |
Current liabilities |  |  |  |  |  |  | (25 | ) |  |  |  |  |  |  | – |
Non-current liabilities |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (11 | )
|  |  |  |  |  |  | (5 | ) |  |  |  |  |  |  | (4 | )
Disclosure of Detailed Information About Hedging Instruments | Currency swaps and forwards have been transacted as follows:
Date of designation |  |  |  | Hedge type |  | Pay leg |  | Interest rate |  | Receive leg |  | Interest rate |  | Maturity |  | Risk |  | Hedged item
November 2018 |  |  |  | Cash flow |  | £436m |  | 3.5% |  | € 500m |  | 2.125% |  | May 2027 |  | Foreign exchange |  | € 500m 2.125% bonds 2027
October 2020 |  |  |  | Cash flow |  | £454m |  | 2.7% |  | € 500m |  | 1.625% |  | October 2024 |  | Foreign exchange |  | € 500m 1.625% bonds 2024
November 2023 |  |  |  | Cash flow |  | $657m |  | 6.0% |  | € 600m |  | 4.375% |  | November 2029 |  | Foreign exchange |  | € 600m 4.375% bonds 2029
October 2023 |  |  |  | Net investment |  | $425m |  | n/a |  | £344m |  | n/a |  | October 2028 |  | Spot foreign exchange |  | Net assets of specified subsidiaries with US dollar foreign currency
Summary of Interest and Foreign Exchange Risk Sensitivities |
|  |  |  |  |  |  | 2023 $m |  |  |  |  |  |  |  | 2022 $m |  |  |  |  |  |  |  | 2021 $m |
(Decrease)/increase in profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sterling: US dollar exchange rate |  | $0.05 fall |  |  |  |  |  |  | (14 | ) |  |  |  |  |  |  | (3 | ) |  |  |  |  |  |  | 7 |
Euro: US dollar exchange rate |  | $0.05 fall |  |  |  |  |  |  | (3 | ) |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |
US dollar interest rates |  | 1% increase |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 4 |  |  |  |  |  |  |  | 7 |
Sterling interest rates |  | 1% increase |  |  |  |  |  |  | 9 |  |  |  |  |  |  |  | 4 |  |  |  |  |  |  |  | 5 |
(Increase)/decrease in net liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sterling: US dollar exchange rate |  | $0.05 fall |  |  |  |  |  |  | (12 | ) |  |  |  |  |  |  | 27 |  |  |  |  |  |  |  | 29 |
Euro: US dollar exchange rate |  | $0.05 fall |  |  |  |  |  |  | 49 |  |  |  |  |  |  |  | 50 |  |  |  |  |  |  |  | 50 |
Sterling: euro exchange rate |  | € 0.05 fall |  |  |  |  |  |  | 64 |  |  |  |  |  |  |  | 60 |  |  |  |  |  |  |  | 67 |
Summary of amended covenant test levels for syndicated and bilateral facilities |
|  |  |  |  |  |  | 31 December 2023 and 2022 |  |  |  |  |  |  |  | 31 December 2021 |
Covenant test levels for RCF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage |  |  |  |  |  |  | <4.0x |  |  |  |  |  |  |  | waived |
Interest cover |  |  |  |  |  |  | >3.5x |  |  |  |  |  |  |  | waived |
Liquidity |  |  |  |  |  |  | n/a |  |  |  |  |  |  |  | $400m | a
a | Defined as unrestricted cash and cash equivalents (net of bank overdrafts) plus undrawn facilities with a remaining term of at least six months.
Summary of covenant tests |
|  |  |  |  |  |  | 2023 |  |  |  |  |  |  |  | 2022 |  |  |  |  |  |  |  | 2021 a |
Covenant measures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Covenant EBITDA ($m) |  |  |  |  |  |  | 1,086 |  |  |  |  |  |  |  | 896 |  |  |  |  |  |  |  | 601 |
Covenant net debt ($m) |  |  |  |  |  |  | 2,328 |  |  |  |  |  |  |  | 1,898 |  |  |  |  |  |  |  | 1,801 |
Covenant interest payable ($m) |  |  |  |  |  |  | 88 |  |  |  |  |  |  |  | 109 |  |  |  |  |  |  |  | 133 |
Leverage |  |  |  |  |  |  | 2.14 |  |  |  |  |  |  |  | 2.12 |  |  |  |  |  |  |  | 3.00 |
Interest cover |  |  |  |  |  |  | 12.34 |  |  |  |  |  |  |  | 8.22 |  |  |  |  |  |  |  | 4.52 |
Liquidity ($m) |  |  |  |  |  |  | n/a |  |  |  |  |  |  |  | n/a |  |  |  |  |  |  |  | 2,655 |
a | At 31 December 2021, the leverage and interest covenants under the previous facilities were waived and replaced with a liquidity requirement of $400m.
Summary of Undiscounted Contractual Cash Flows of Non-Derivative Financial Liabilities |
31 December 2023 |  |  |  |  | Less than 1 year $m |  |  | Between 1 and 2 years $m |  |  | Between 2 and 5 years $m |  |  | More than 5 years $m |  |  | Total $m |
Non-derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdrafts |  |  |  |  |  |  | 44 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 44 |
€ 500m 1.625% bonds 2024 |  |  |  |  |  |  | 563 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 563 |
£300m 3.75% bonds 2025 |  |  |  |  |  |  | 14 |  |  |  | 397 |  |  |  | – |  |  |  | – |  |  |  | 411 |
£350m 2.125% bonds 2026 |  |  |  |  |  |  | 9 |  |  |  | 9 |  |  |  | 456 |  |  |  | – |  |  |  | 474 |
€ 500m 2.125% bonds 2027 |  |  |  |  |  |  | 12 |  |  |  | 12 |  |  |  | 577 |  |  |  | – |  |  |  | 601 |
£400m 3.375% bonds 2028 |  |  |  |  |  |  | 17 |  |  |  | 17 |  |  |  | 561 |  |  |  | – |  |  |  | 595 |
€ 600m 4.375% bonds 2029 |  |  |  |  |  |  | 29 |  |  |  | 29 |  |  |  | 87 |  |  |  | 694 |  |  |  | 839 |
Lease liabilities |  |  |  |  |  |  | 57 |  |  |  | 52 |  |  |  | 130 |  |  |  | 3,164 |  |  |  | 3,403 |
Trade and other payables (excluding deferred and contingent purchase consideration) |  |  |  |  |  |  | 651 |  |  |  | 1 |  |  |  | 3 |  |  |  | 2 |  |  |  | 657 |
Deferred and contingent purchase consideration |  |  |  |  |  |  | 13 |  |  |  | – |  |  |  | 81 |  |  |  | – |  |  |  | 94 |
Financial guarantee contracts |  |  |  |  |  |  | 50 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 50 |
Derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps hedging € 500m 1.625% bonds 2024 outflows |  |  |  |  |  |  | 594 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 594 |
Currency swaps hedging € 500m 1.625% bonds 2024 inflows |  |  |  |  |  |  | (563 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (563 | )
Currency swaps hedging € 500m 2.125% bonds 2027 outflows |  |  |  |  |  |  | 19 |  |  |  | 19 |  |  |  | 585 |  |  |  | – |  |  |  | 623 |
Currency swaps hedging € 500m 2.125% bonds 2027 inflows |  |  |  |  |  |  | (12 | ) |  |  | (12 | ) |  |  | (577 | ) |  |  | – |  |  |  | (601 | )
Currency swaps hedging € 600m 4.375% bonds 2029 outflows |  |  |  |  |  |  | 40 |  |  |  | 40 |  |  |  | 119 |  |  |  | 696 |  |  |  | 895 |
Currency swaps hedging € 600m 4.375% bonds 2029 inflows |  |  |  |  |  |  | (29 | ) |  |  | (29 | ) |  |  | (87 | ) |  |  | (694 | ) |  |  | (839 | )
Forward currency contract 2028 inflows |  |  |  |  |  |  | – |  |  |  | – |  |  |  | (438 | ) |  |  | – |  |  |  | (438 | )
Forward currency contract 2028 outflows |  |  |  |  |  |  | – |  |  |  | – |  |  |  | 425 |  |  |  | – |  |  |  | 425 |
31 December 2022 a |  |  |  |  | Less than 1 year $m |  |  | Between 1 and 2 years $m |  |  | Between 2 and 5 years $m |  |  | More than 5 years $m |  |  | Total $m |
Non-derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdrafts |  |  |  |  |  |  | 55 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 55 |
€ 500m 1.625% bonds 2024 |  |  |  |  |  |  | 9 |  |  |  | 543 |  |  |  | – |  |  |  | – |  |  |  | 552 |
£300m 3.75% bonds 2025 |  |  |  |  |  |  | 14 |  |  |  | 14 |  |  |  | 375 |  |  |  | – |  |  |  | 403 |
£350m 2.125% bonds 2026 |  |  |  |  |  |  | 9 |  |  |  | 9 |  |  |  | 439 |  |  |  | – |  |  |  | 457 |
€ 500m 2.125% bonds 2027 |  |  |  |  |  |  | 11 |  |  |  | 11 |  |  |  | 568 |  |  |  | – |  |  |  | 590 |
£400m 3.375% bonds 2028 |  |  |  |  |  |  | 16 |  |  |  | 16 |  |  |  | 49 |  |  |  | 498 |  |  |  | 579 |
Lease liabilities |  |  |  |  |  |  | 53 |  |  |  | 50 |  |  |  | 126 |  |  |  | 3,201 |  |  |  | 3,430 |
Trade and other payables (excluding deferred and contingent purchase consideration) |  |  |  |  |  |  | 660 |  |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 664 |
Deferred and contingent purchase consideration |  |  |  |  |  |  | – |  |  |  | 13 |  |  |  | 39 |  |  |  | 42 |  |  |  | 94 |
Financial guarantee contracts |  |  |  |  |  |  | 50 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 50 |
Derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps hedging € 500m 1.625% bonds 2024 outflows |  |  |  |  |  |  | 14 |  |  |  | 561 |  |  |  | – |  |  |  | – |  |  |  | 575 |
Currency swaps hedging € 500m 1.625% bonds 2024 inflows |  |  |  |  |  |  | (9 | ) |  |  | (543 | ) |  |  | – |  |  |  | – |  |  |  | (552 | )
Currency swaps hedging € 500m 2.125% bonds 2027 outflows |  |  |  |  |  |  | 18 |  |  |  | 18 |  |  |  | 571 |  |  |  | – |  |  |  | 607 |
Currency swaps hedging € 500m 2.125% bonds 2027 inflows |  |  |  |  |  |  | (11 | ) |  |  | (11 | ) |  |  | (568 | ) |  |  | – |  |  |  | (590 | )
a | Re-presented for the application of IFRS 9 ‘Financial Instruments’ to financial guarantee contracts.
Disclosure of Short-term Deposits by Counterparty Credit Rating | The table below analyses the Group’s short-term deposits, money market funds and repurchase agreement collateral classified as cash and cash equivalents by counterparty credit rating:
31 December 2023 |  |  |  |  | AAA $m |  |  | AA+ $m |  |  | AA $m |  |  | AA- $m |  |  | A+ $m |  |  | A $m |  |  | A- $m |  |  | BBB+ and below $m |  |  | Total $m |
Short-term deposits |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 129 |  |  |  | 147 |  |  |  | 258 |  |  |  | 77 |  |  |  | 21 |  |  |  | 632 |
Money market funds |  |  |  |  |  |  | 375 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 375 |
Repurchase agreement collateral |  |  |  |  |  |  | 110 |  |  |  | 6 |  |  |  | – |  |  |  | 20 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 136 |
31 December 2022 |  |  |  |  | AAA $m |  |  | AA+ $m |  |  | AA $m |  |  | AA- $m |  |  | A+ $m |  |  | A $m |  |  | A- $m |  |  | BBB+ and below $m |  |  | Total $m |
Short-term deposits |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 66 |  |  |  | 127 |  |  |  | 141 |  |  |  | 50 |  |  |  | 37 |  |  |  | 421 |
Money market funds |  |  |  |  |  |  | 360 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 360 |
Repurchase agreement collateral |  |  |  |  |  |  | 22 |  |  |  | 2 |  |  |  | 6 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 30 |

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