Carrying amount

Fair value

27 June

31 December

28 June

27 June

31 December

28 June

2026

2025

2026

2025

Fair value

$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)

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)