v3.26.1
Financial instruments and Retirement benefit obligations (Tables)
6 Months Ended
Jun. 27, 2026
Financial instruments and Retirement benefit obligations  
Schedule of carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying amount

​

Fair value

  ​ ​ ​

​

​

​

27 June

​

31 December 

​

28 June

​

27 June

​

31 December 

​

28 June

​

​

​

​

2026

​

2025

​

2025

​

2026

​

2025

​

2025

​

Fair value

​

​

$m 

​

$m 

​

$m 

​

$m 

​

$m 

​

$m 

​

level

Financial assets measured at fair value

​

  ​

​

  ​

​

  ​

​

  ​

​

​

​

  ​

 

  ​

Forward foreign exchange contracts

​

54

​

33

​

2

​

54

​

33

​

2

 

Level 2

Investments

​

25

​

30

​

29

​

25

​

30

​

29

 

Level 1 & 3

Investments relating to deferred compensation arrangements

​

120

​

106

​

-

​

120

​

106

​

-

​

Level 1

Interest rate swaps

​

15

​

11

​

31

​

15

​

11

​

31

 

Level 2

Currency swaps

​

1

​

2

​

-

​

1

​

2

​

-

​

Level 2

​

​

215

​

182

​

62

​

215

​

182

​

62

 

  ​

Financial assets not measured at fair value

​

  ​

​

  ​

​

  ​

​

  ​

​

​

​

  ​

 

  ​

Trade and other receivables

​

1,354

​

1,278

​

1,296

​

  ​

​

​

​

  ​

 

  ​

Cash and cash equivalents

​

754

​

557

​

676

​

  ​

​

​

​

  ​

 

  ​

​

​

2,108

​

1,835

​

1,972

​

  ​

​

​

​

  ​

 

  ​

Total financial assets

​

2,323

​

2,017

​

2,034

​

  ​

​

​

​

  ​

 

  ​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities measured at fair value

​

  ​

​

  ​

​

  ​

​

  ​

​

​

​

  ​

 

  ​

Acquisition consideration - contingent

​

(286)

​

(107)

​

(89)

​

(286)

​

(107)

​

(89)

 

Level 3

Forward foreign exchange contracts

​

(8)

​

(15)

​

(36)

​

(8)

​

(15)

​

(36)

 

Level 2

Interest rate swaps

​

(3)

​

-

​

-

​

(3)

​

-

​

-

 

Level 2

Currency swaps

​

(1)

​

(2)

​

-

​

(1)

​

(2)

​

-

 

Level 2

​

​

(298)

​

(124)

​

(125)

​

(298)

​

(124)

​

(125)

 

  ​

Financial liabilities not measured at fair value

​

  ​

​

  ​

​

  ​

​

  ​

​

​

​

  ​

 

  ​

Acquisition consideration - deferred

​

-

​

-

​

(9)

​

​

​

​

​

​

​

​

Bank overdrafts and loans

​

(19)

​

(8)

​

(17)

​

  ​

​

​

​

  ​

 

  ​

Corporate bond not in a hedge relationship

​

(1,395)

​

(1,394)

​

(1,493)

​

​

​

​

​

​

​

​

Corporate bond in a hedge relationship

​

(1,624)

​

(1,084)

​

(1,110)

​

​

​

​

​

​

​

​

Private placement debt not in a hedge relationship

​

(550)

​

(625)

​

(625)

​

​

​

​

​

  ​

 

  ​

Trade and other payables

​

(1,208)

​

(1,243)

​

(1,060)

​

  ​

​

​

​

  ​

 

  ​

​

​

(4,796)

​

(4,354)

​

(4,314)

​

  ​

​

​

​

  ​

 

  ​

Total financial liabilities

​

(5,094)

​

(4,478)

​

(4,439)

​

  ​

​

​

​

  ​

 

  ​

Schedule of corporate bonds and private placement debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​

27 June 2026

​

31 December 2025

​

28 June 2025

 

​

​

Book

​

Market

​

Book

​

Market

​

Book

​

Market

 

​

​

value

​

value

​

value

​

value

​

value

​

value

 

​

  ​ ​ ​

$ million

  ​ ​ ​

$ million

  ​ ​ ​

$ million

  ​ ​ ​

$ million

  ​ ​ ​

$ million

  ​ ​ ​

$ million

 

2030 USD corporate bond

 

897

​

802

​

897

​

810

​

996

​

875

​

2034 USD corporate bond

 

635

​

659

​

641

​

672

​

648

​

659

​

2027 USD corporate bond

​

349

​

351

​

349

​

354

​

348

​

354

​

2029 EUR corporate bond

​

571

​

594

​

591

​

617

​

611

​

623

​

2038 EUR corporate bond

​

567

​

580

​

-

​

-

​

-

​

-

​

Private placement debt

​

550

​

516

​

625

​

594

​

625

​

589

​

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

​

​

​

​

​

​

​

​

27 June

​

31 December 

​

​

2026

​

2025

​

  ​ ​ ​

$m 

  ​ ​ ​

$m 

Investments

​

​

​

​

At 1 January

​

30

​

9

Transferred to Level 1

​

(20)

​

-

Additions

​

2

​

2

Transferred from receivables

​

-

​

18

Fair value remeasurement

​

-

​

1

​

​

12

​

30

​

​

​

​

​

Contingent acquisition consideration liability

​

​

​

​

At 1 January

​

(107)

​

(84)

Arising on acquisitions

​

(165)

​

-

Payments

​

1

​

6

Remeasurements

​

(15)

​

(29)

​

​

(286)

​

(107)