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Classification and measurement of financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure [Abstract] |
Summary of Carrying Amounts and Fair Values of Financial Assets and Liabilities | Accounting classification and fair value hierarchy
|  |  |  |  |  | 2024 |  |  |  |  |  | 2023 |
|  | Hierarchy of fair value measurement |  |  |  |  | Fair value $m | a |  |  | Amortised cost $m |  |  |  | Not categorised as a financial instrument $m |  |  |  | Total $m |  |  |  |  |  |  |  | Fair value $m | a |  |  | Amortised cost $m |  |  |  | Not categorised as a financial instrument $m |  |  |  | Total $m |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial assets |  | 1,3 b |  |  |  |  | 169 |  |  |  | 50 |  |  |  | – |  |  |  | 219 |  |  |  |  |  |  |  | 124 |  |  |  | 68 |  |  |  | – |  |  |  | 192 |
Cash and cash equivalents |  | 1 |  |  |  |  | 415 |  |  |  | 593 |  |  |  | – |  |  |  | 1,008 |  |  |  |  |  |  |  | 375 |  |  |  | 947 |  |  |  | – |  |  |  | 1,322 |
Derivative financial instruments |  | 2 |  |  |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | 4 |  |  |  |  |  |  |  | 20 |  |  |  | – |  |  |  | – |  |  |  | 20 |
Deferred compensation plan investments |  | 1 |  |  |  |  | 286 |  |  |  | – |  |  |  | – |  |  |  | 286 |  |  |  |  |  |  |  | 250 |  |  |  | – |  |  |  | – |  |  |  | 250 |
Trade and other receivables |  | – |  |  |  |  | – |  |  |  | 697 |  |  |  | 123 |  |  |  | 820 |  |  |  |  |  |  |  | – |  |  |  | 651 |  |  |  | 102 |  |  |  | 753 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | 2 |  |  |  |  | (78 | ) |  |  | – |  |  |  | – |  |  |  | (78 | ) |  |  |  |  |  |  | (25 | ) |  |  | – |  |  |  | – |  |  |  | (25 | )
Deferred compensation plan liabilities |  | 1 |  |  |  |  | (286 | ) |  |  | – |  |  |  | – |  |  |  | (286 | ) |  |  |  |  |  |  | (250 | ) |  |  | – |  |  |  | – |  |  |  | (250 | )
Loans and other borrowings |  | – |  |  |  |  | – |  |  |  | (3,274 | ) |  |  | – |  |  |  | (3,274 | ) |  |  |  |  |  |  | – |  |  |  | (3,166 | ) |  |  | – |  |  |  | (3,166 | )
Trade and other payables |  | 3 |  |  |  |  | (73 | ) |  |  | (594 | ) |  |  | (61 | ) |  |  | (728 | ) |  |  |  |  |  |  | (69 | ) |  |  | (670 | ) |  |  | (47 | ) |  |  | (786 | )
a. | With the exception of equity securities of $89m (2023: $87m) measured at fair value through other comprehensive income, all are measured at fair value through profit or loss. Of those, the financial assets related to the deferred compensation plan investments were designated as such upon initial recognition.
b. | Of those measured at fair value, $43m (2023: $14m) are Level 1 and $126m (2023: $110m) are Level 3.
Summary of Fair Value Measurement Hierarchy of Assets and Liabilities | Financial assets and liabilities measured at amortised cost whose carrying amount is not a reasonable approximation of fair value are as follows:
|  |  |  |  |  |  | 2024 |  |  |  |  |  | 2023 |
|  | Hierarchy of fair value |  |  |  |  | Carrying value |  |  | Fair value |  |  |  |  |  | Carrying value |  |  | Fair value |
|  | measurement |  |  |  |  | $m |  |  | $m |  |  |  |  |  | $m |  |  | $m |
€ 500m 1.625% bonds 2024 |  |  | 1 |  |  |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 555 |  |  |  | 545 |
£300m 3.75% bonds 2025 |  |  | 1 |  |  |  |  |  | 381 |  |  |  | 373 |  |  |  |  |  |  |  | 387 |  |  |  | 373 |
£350m 2.125% bonds 2026 |  |  | 1 |  |  |  |  |  | 441 |  |  |  | 418 |  |  |  |  |  |  |  | 449 |  |  |  | 416 |
€ 500m 2.125% bonds 2027 |  |  | 1 |  |  |  |  |  | 526 |  |  |  | 513 |  |  |  |  |  |  |  | 559 |  |  |  | 535 |
£400m 3.375% bonds 2028 |  |  | 1 |  |  |  |  |  | 502 |  |  |  | 471 |  |  |  |  |  |  |  | 509 |  |  |  | 476 |
€ 600m 4.375% bonds 2029 |  |  | 1 |  |  |  |  |  | 623 |  |  |  | 658 |  |  |  |  |  |  |  | 663 |  |  |  | 689 |
€ 750m 3.625% bonds 2031 |  |  | 1 |  |  |  |  |  | 784 |  |  |  | 786 |  |  |  |  |  |  |  | – |  |  |  | – |
Summary of Reconciliation of Movements in the Fair Values of Financial Instruments Classified as Level 3 |
|  |  |  | Other financial assets $m |  |  | Other payables $m |  |  | Contingent purchase consideration $m |
At 1 January 2023 |  |  |  |  | 103 |  |  |  | (18 | ) |  |  | (65 | )
Valuation losses recognised in other comprehensive income |  |  |  |  | (2 | ) |  |  | – |  |  |  | – |
Additions |  |  |  |  | 8 |  |  |  | – |  |  |  | – |
Unrealised changes in fair value a |  |  |  |  | – |  |  |  | 18 |  |  |  | (4 | )
Exchange and other adjustments |  |  |  |  | 1 |  |  |  | – |  |  |  | – |
At 31 December 2023 |  |  |  |  | 110 |  |  |  | – |  |  |  | (69 | )
Additions |  |  |  |  | 20 |  |  |  | – |  |  |  | – |
Unrealised changes in fair value |  |  |  |  | – |  |  |  | – |  |  |  | (4 | )
Repayments and disposals |  |  |  |  | (4 | ) |  |  | – |  |  |  | – |
At 31 December 2024 |  |  |  |  | 126 |  |  |  | – |  |  |  | (73 | )
a. | The change in the fair value of other payables was recognised within share of profits/(losses) from associates and joint ventures in the Group income statement and was presented as an exceptional item (see note 6).

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