Disclosure of detailed information about financial instruments [line items]

Currency and interest rate profile of interest bearing liabilities

Fixed rate liabilities

Weighted

average

Interest

Weighted

time

Gross

Currency

rate

Total

Floating

Fixed rate

average

for which

borrowings

swaps

liabilities

rate liabilities

liabilities

interest rate

rate is fixed

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

%

 

Years

At 31 December 2025

US Dollar

(2,510)

(2)

–

(2,512)

(492)

(2,020)

3.1

4.0

Euro

(591)

–

(591)

–

Other

(10)

–

(10)

–

Total interest bearing liabilities

(3,111)

(2)

–

(3,113)

(1,093)

(2,020)

At 31 December 2024

US Dollar

(2,594)

(310)

(16)

(2,920)

(324)

(2,596)

3.5

4.1

Euro

(527)

(130)

–

(657)

(130)

(527)

Other

(4)

(14)

–

(18)

–

Total interest bearing liabilities

(3,125)

(454)

(16)

(3,595)

(472)

(3,123)

Schedule of fair value of financial instruments

Carrying amount

Fair value

Fair value –
hedging
instruments

Amortised
cost

Fair value
through
OCI

Fair value
through
profit
or loss

Total

Level 1

Level 2

Level 3

Total

At 31 December 2025

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

Financial assets measured at fair value

Forward foreign exchange contracts

33

–

33

–

33

–

33

Investments

–

30

–

30

Investments relating to deferred compensation arrangements

–

106

–

106

Interest rate swaps

11

–

11

–

11

–

11

Currency swaps

–

2

–

2

–

2

44

–

138

182

Financial liabilities measured at fair value

Acquisition consideration - contingent

–

(107)

–

(107)

Forward foreign exchange contracts

(15)

–

(15)

–

(15)

–

(15)

Currency swaps

–

(2)

–

(2)

–

(2)

(15)

–

(109)

(124)

Financial assets not measured at fair value

Trade and other receivables

–

1,278

–

1,278

Cash and cash equivalents

–

557

–

557

–

1,835

–

1,835

Financial liabilities not measured at fair value

Bank overdrafts and loans

–

(8)

–

(8)

Corporate bond not in a hedge relationship

–

(1,394)

–

(1,394)

Corporate bond in a hedge relationship

–

(1,084)

–

(1,084)

Private placement debt not in a hedge relationship

–

(625)

–

(625)

Trade and other payables

–

(1,243)

–

(1,243)

–

(4,354)

–

(4,354)

Carrying amount

Fair value

Fair value –
hedging
instruments

Amortised
cost

Fair value
through
OCI

Fair value
through
profit
or loss

Total

Level 2

Level 3

Total

At 31 December 2024

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

Financial assets measured at fair value

Forward foreign exchange contracts

46

–

46

–

46

Investments

–

9

–

9

Interest rate swaps

10

–

10

–

10

Currency swaps

–

1

–

1

56

–

10

66

Financial liabilities measured at fair value

Acquisition consideration - contingent

–

(84)

–

(84)

Forward foreign exchange contracts

(16)

–

(16)

–

(16)

Interest rate swaps

(16)

–

(16)

–

(16)

Currency swaps

–

(2)

–

(2)

(32)

–

(86)

(118)

Financial assets not measured at fair value

Trade and other receivables

–

1,190

–

1,190

Cash and cash equivalents

–

619

–

619

–

1,809

–

1,809

Financial liabilities not measured at fair value

Acquisition consideration - deferred

–

(21)

–

(21)

Bank overdrafts

–

(2)

–

(2)

Corporate bond not in a hedge relationship

–

(1,492)

–

(1,492)

Corporate bond in a hedge relationship

–

(1,006)

–

(1,006)

Private placement debt not in a hedge relationship

–

(625)

–

(625)

Trade and other payables

–

(1,084)

–

(1,084)

–

(4,230)

–

(4,230)

Schedule of movements in financial instruments measured at Level 3 in the fair value hierarchy


	2025	2024
	$ million	$ million
Investments
At 1 January	9	8
Additions	2	1
Transferred from receivables	18	–
Fair value remeasurement	1	–
At 31 December	30	9

Contingent consideration receivable
At 1 January	–	18
Transferred to receivables	–	(18)
At 31 December	–	–

Contingent acquisition consideration liability
At 1 January	(84)	(32)
Arising on acquisitions	–	(49)
Payments	6	6
Remeasurements	(29)	(9)
At 31 December	(107)	(84)

Disclosure of detailed information about financial instruments [line items]

Schedule of sensitivity analysis pursuant to reasonably possible change in risk variable


	2025				2024
	Increase/				Increase/
	(decrease) in		Increase/		(decrease) in		Increase/
	income		(decrease) in		income		(decrease) in
	statement		OCI		statement		OCI
	$ million		$ million		$ million		$ million
10% weakening of the US Dollar	1		(46)		–		(40)
10% strengthening of the US Dollar	(1)		46		–		40

Disclosure of detailed information about financial instruments [line items]

Schedule of cash flow hedge relationships


						Carrying		Hedge
						value		ineffectiveness
		Average		Nominal		assets/		in profit
		strike		amounts		(liabilities)		or loss		Balance Sheet
As at 31 December 2025		rate		$ million		$ million		$ million		classification
Forward exchange contracts
Sell Euros
< 1 year		1.17		390		(4)		–		Current assets / current liabilities
1 - 3 years		1.20		390		(1)		–		Non-current assets / non-current liabilities
Sell Australian Dollars
< 1 year		0.65		110		(3)		–		Current assets / current liabilities
1 - 3 years		0.65		110		(1)		–		Non-current assets / non-current liabilities
Sell Canadian Dollars
< 1 year		1.36		53		–		–		Current assets / current liabilities
1 - 3 years		1.35		53		–		–		Non-current assets / non-current liabilities
Sell Japanese Yen
< 1 year		140		131		14		–		Current assets / current liabilities
1 - 3 years		140		131		10		–		Non-current assets / non-current liabilities
Sell South Korean won
< 1 year		1,372		31		2		–		Current assets / current liabilities
1 - 3 years		1,366		29		1		–		Non-current assets / non-current liabilities
Total cash flow hedges of foreign currency risk on forecast transactions				1,428		18		–


						Carrying		Hedge
						value		ineffectiveness
		Average		Nominal		assets/		in profit
		strike		amounts		(liabilities)		or loss		Balance Sheet
As at 31 December 2024		rate		$ million		$ million		$ million		classification
Forward exchange contracts
Sell Euros (net) for US Dollars		1.10		570		10		–		Current assets / current liabilities
Buy Pound sterling (net) for US Dollars		1.24		438		–		–		Current assets / current liabilities
Sell Euros (net) for Pound sterling		0.85		335		2		–		Current assets / current liabilities
Sell Singapore Dollars (net) for US Dollars		1.32		174		4		–		Current assets / current liabilities
Buy Swiss Franc (net) for Euros		0.93		134		–		–		Current assets / current liabilities
Sell Australian Dollars (net) for Singapore Dollars		0.87		122		3		–		Current assets / current liabilities
Sell Japanese Yen (net) for Singapore Dollars		110		101		3		–		Current assets / current liabilities
Other currencies				541		8		–		Current assets / current liabilities
Total cash flow hedges of foreign currency risk on forecast transactions				2,415		30		–

Disclosure of detailed information about financial instruments [line items]

Schedule of information about hedging instruments

Balance sheet classification

(Gains) / losses

recognised

Carrying value of

in Other

hedging

Comprehensive

Amounts reclassified

instrument

Income

to income statement

2025

2024

2025

2024

2025

2024

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

Long-term borrowings and lease liabilities

588

520

68

(33)

–