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Financial risk management and derivative financial instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of financial risk management [abstract]  
Summary of Derivative Financial Instruments Derivatives are recorded in the Group statement of financial position at fair value (see note 24) as follows:
2025
2024
Derivatives
$m
$m
Currency swaps
76
(78)
Currency forwards
32
4
108
(74)
Analysed as:
Non-current assets
120
4
Non-current liabilities
(12)
(78)
108
(74)
Summary 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
3.493%
€500m
2.125%
May 2027
Foreign exchange
€500m 2.125% bonds 2027
November 2023
Cash flow
$657m
5.975%
€600m
4.375%
November 2029
Foreign exchange
€600m 4.375% bonds 2029
September 2024
Cash flow
$834m
4.903%
€750m
3.625%
September 2031
Foreign exchange
€750m 3.625% bonds 2031
September 2025
Cash flow
$990m
4.874%
€850m
3.375%
September 2030
Foreign exchange
€850m 3.375% bonds 2030
October 2023
Net
investment
$425m
n/a
£344m
n/a
October 2028
Spot foreign
exchange
Net assets of specified
subsidiaries with US dollar
functional currency
Summary of Interest and Foreign Exchange Risk Sensitivities The following table shows the impact of a general strengthening in the US dollar against sterling and euro on the Group’s
profit or loss before tax and net liabilities, and the impact of a rise in US dollar and sterling interest rates on the Group’s profit
before tax. The impact of the strengthening in the euro against sterling on net liabilities is also shown, as this impacts the fair
value of the currency swaps.
2025
2024
2023
$m
$m
$m
(Decrease)/increase in profit before tax
Sterling: US dollar exchange rate
$0.05 fall
(8)
(38)
(14)
Euro: US dollar exchange rate
$0.05 fall
(4)
(7)
(3)
US dollar interest rates
1% increase
4
4
2
Sterling interest rates
1% increase
5
3
9
Decrease/(increase) in net liabilities
Sterling: US dollar exchange rate
$0.05 fall
(12)
3
(12)
Euro: US dollar exchange rate
$0.05 fall
21
25
49
Sterling: euro exchange rate
€0.05 fall
34
31
64
Summary of Maturity Analysis for Non-Derivative Financial Liabilities
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31 December 2025
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
3
–
–
–
3
Bonds
608
715
2,519
913
4,755
Lease liabilities
53
51
136
3,090
3,330
Trade and other payables (excluding contingent
purchase consideration)
581
1
2
6
590
Contingent purchase consideration
39
–
42
53
134
Financial guarantee contracts
26
–
–
–
26
Derivative financial instruments:
Currency swaps hedging bonds inflows
(109)
(697)
(1,963)
(913)
(3,682)
Currency swaps hedging bonds outflows
150
727
1,997
875
3,749
Forward currency contract inflows
–
–
(462)
–
(462)
Forward currency contract outflows
–
–
425
–
425
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31 December 2024
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
17
–
–
–
17
Bonds
482
531
1,859
837
3,709
Lease liabilities
52
50
139
3,125
3,366
Trade and other payables (excluding contingent
purchase consideration)
589
1
1
3
594
Contingent purchase consideration
–
39
42
–
81
Financial guarantee contracts
31
–
–
–
31
Derivative financial instruments:
Currency swaps hedging bonds inflows
(66)
(66)
(1,324)
(837)
(2,293)
Currency swaps hedging bonds outflows
101
100
1,457
916
2,574
Forward currency contract inflows
–
–
(431)
–
(431)
Forward currency contract outflows
–
–
425
–
425
Summary of Maturity Analysis for Derivative Financial Liabilities
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31 December 2025
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
3
–
–
–
3
Bonds
608
715
2,519
913
4,755
Lease liabilities
53
51
136
3,090
3,330
Trade and other payables (excluding contingent
purchase consideration)
581
1
2
6
590
Contingent purchase consideration
39
–
42
53
134
Financial guarantee contracts
26
–
–
–
26
Derivative financial instruments:
Currency swaps hedging bonds inflows
(109)
(697)
(1,963)
(913)
(3,682)
Currency swaps hedging bonds outflows
150
727
1,997
875
3,749
Forward currency contract inflows
–
–
(462)
–
(462)
Forward currency contract outflows
–
–
425
–
425
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31 December 2024
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
17
–
–
–
17
Bonds
482
531
1,859
837
3,709
Lease liabilities
52
50
139
3,125
3,366
Trade and other payables (excluding contingent
purchase consideration)
589
1
1
3
594
Contingent purchase consideration
–
39
42
–
81
Financial guarantee contracts
31
–
–
–
31
Derivative financial instruments:
Currency swaps hedging bonds inflows
(66)
(66)
(1,324)
(837)
(2,293)
Currency swaps hedging bonds outflows
101
100
1,457
916
2,574
Forward currency contract inflows
–
–
(431)
–
(431)
Forward currency contract outflows
–
–
425
–
425
Summary 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:
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31 December 2025
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
–
–
–
94
245
166
–
10
515
Money market funds
334
–
–
–
–
–
–
–
334
Repurchase agreements
71
–
14
15
–
–
–
–
100
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31 December 2024
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
–
–
–
41
107
249
–
14
411
Money market funds
415
–
–
–
–
–
–
–
415
Repurchase agreements
26
9
2
3
–
–
–
–
40