The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable:

Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).


	Level 1		Level 2			Level 3
	£m		£m			£m
30 June 2019
Derivatives in designated hedge relationships
Derivative assets		—		6.3			—
Derivative liabilities		—		—			—
Held at fair value through profit or loss
Other investments		0.4		—			300.6
Derivative assets		—		10.0			—
Derivative liabilities		—		(4.0	)		—
Payments due to vendors (earnout agreements) (note 19)		—		—			(371.5	)
Liabilities in respect of put options		—		—			(264.4	)
Held at fair value through other comprehensive income
Other investments		46.0		—			227.7

Reconciliation of level 3 fair value measurements:


	Liabilities in respect of put options			Other investments
	£m			£m
1 January 2019		(242.0	)		538.2
(Losses)/gains recognised in the income statement		(25.4	)		1.6
Gains recognised in other comprehensive income		—			6.4
Exchange adjustments		(0.3	)		—
Additions		(2.1	)		6.6
Disposals		—			(24.5	)
Cancellations		1.0			—
Settlements		4.4			—
30 June 2019		(264.4	)		528.3