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Classification and measurement of financial instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of fair value measurement of assets and liabilities [abstract]  
Summary of Carrying Amounts and Fair Values of Financial Assets and Liabilities Accounting classification and fair value hierarchy
2025
2024
Hierarchy of
fair value
measurement
Fair
valuea
Amortised
cost
Not
categorised
as a financial
instrument
Total
Fair
valuea
Amortised
cost
Not
categorised
as a financial
instrument
Total
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Other financial assets
1,3b
161
53
–
214
169
50
–
219
Cash and cash equivalents
1
334
795
–
1,129
415
593
–
1,008
Derivative financial
instruments
2
120
–
–
120
4
–
–
4
Deferred compensation
plan investments
1
316
–
–
316
286
–
–
286
Trade and other
receivables
–
–
761
91
852
–
697
123
820
Financial liabilities
Derivative financial
instruments
2
(12)
–
–
(12)
(78)
–
–
(78)
Deferred compensation
plan liabilities
1
(316)
–
–
(316)
(286)
–
–
(286)
Loans and other
borrowings
–
–
(4,201)
–
(4,201)
–
(3,274)
–
(3,274)
Trade and other payables
3
(79)
(609)
(57)
(745)
(73)
(594)
(61)
(728)
a.With the exception of equity securities of $88m (2024: $89m) 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. For derivative financial instruments, these are measured at fair value through profit or loss prior to the application of hedge accounting.
b.Of those measured at fair value, $36m (2024: $43m) are Level 1 and $125m (2024: $126m) 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:
2025
2024
Hierarchy of
fair value
measurement
Carrying
value
Fair value
Carrying
value
Fair value
$m
$m
$m
$m
£300m 3.750% bonds 2025
1
–
–
381
373
£350m 2.125% bonds 2026
1
475
465
441
418
€500m 2.125% bonds 2027
1
594
584
526
513
£400m 3.375% bonds 2028
1
539
523
502
471
€600m 4.375% bonds 2029
1
705
734
623
658
€850m 3.375% bonds 2030
1
1,000
996
–
–
€750m 3.625% bonds 2031
1
885
884
784
786
Summary of Reconciliation of Movements in the Fair Values of Financial Instruments Classified as Level 3 Level 3 reconciliation
Other
financial
assets
Contingent
purchase
consideration
$m
$m
At 1 January 2024
110
(69)
Additions
20
–
Unrealised changes in fair value
–
(4)
Exchange and other adjustments
(4)
–
At 31 December 2024
126
(73)
Unrealised changes in fair value
(1)
(6)
At 31 December 2025
125
(79)
c.