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Financial instruments (Tables)

6 Months Ended

Jun. 30, 2020

Analysis of Financial Instruments Measured at Fair Value

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, or based on observable inputs:

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 2020
Derivatives in designated hedge relationships
Derivative assets		—		—			—
Derivative liabilities		—		(0.6	)		—
Held at fair value through profit or loss
Other investments		—		—			258.7
Derivative assets		—		0.6			—
Derivative liabilities		—		(2.7	)		—
Payments due to vendors (earnout agreements) (note 1 8 )		—		—			(166.6	)
Liabilities in respect of put options		—		—			(167.5	)
Held at fair value through other comprehensive income
Other investments		28.4		—			110.9

Reconciliation of level 3 fair value measurements:


	Liabilities in respect of put options			Other investments
	£m			£m
1 January 2020		(226.8	)		456.1
Gains recognised in the income statement		26.0			1.7
Losses recognised in other comprehensive income		—			(88.7	)
Exchange adjustments		(1.3	)		—
Additions		(1.5	)		3.0
Disposals		—			(2.5	)
Cancellations		28. 9			—
Settlements		7.2			—
30 June 2020		(167.5	)		369.6