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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Disclosure of quantitative information about leases for lessee [abstract]  
Summary of detailed information about lease assets and lease liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Land and buildings
    
Plant and equipment
    
Total 
     
US$m
    
US$m
    
    US$m 
Lease assets
                          
       
Year ended 31 December 2023
                          
       
Carrying amount at 1 January 2023
  
 
464
 
  
 
800
 
  
 
1,264
 
       
Additions
  
 
8
 
  
 
120
 
  
 
128
 
       
Transfer to assets held for sale
1
  
 
-
 
  
 
(3)
 
  
 
(3)
 
       
Lease remeasurements
  
 
7
 
  
 
184
 
  
 
191
 
       
Depreciation
  
 
(49)
 
  
 
(301)
 
  
 
(350)
 
       
Carrying amount at 31 December 2023
  
 
430
 
  
 
800
 
  
 
1,230
 
       
At 31 December 2023
                          
       
Historical cost and remeasurements
  
 
600
 
  
 
1,612
 
  
 
2,212
 
       
Accumulated depreciation, impairment and disposals
  
 
(170)
 
  
 
(812)
 
  
 
(982)
 
       
Net carrying amount
  
 
430
 
  
 
800
 
  
 
1,230
 
       
Lease liabilities
                          
       
Year ended 31 December 2023
                          
       
At 1 January 2023
  
 
623
 
  
 
1,011
 
  
 
1,634
 
       
Additions
  
 
24
 
  
 
121
 
  
 
145
 
       
Transfer to liabilities directly associated with assets held for sale
1
  
 
-
 
  
 
(7)
 
  
 
(7)
 
       
Repayments (principal and interest)
  
 
(78)
 
  
 
(391)
 
  
 
(469)
 
       
Accretion of interest
  
 
27
 
  
 
75
 
  
 
102
 
       
Lease remeasurements
  
 
11
 
  
 
199
 
  
 
210
 
       
Carrying amount at 31 December 2023
  
 
607
 
  
 
1,008
 
  
 
1,615
 
Current
  
 
54
 
  
 
244
 
  
 
298
 
Non-current
  
 
553
 
  
 
764
 
  
 
1,317
 
Carrying amount at 31 December 2023
  
 
607
 
  
 
1,008
 
  
 
1,615
 
       
Lease assets
                          
       
Year ended 31 December 2022
                          
       
Carrying amount at 1 January 2022
  
 
377
 
  
 
703
 
  
 
1,080
 
       
Acquisitions through business combination
2
  
 
120
 
  
 
22
 
  
 
142
 
       
Additions
  
 
4
 
  
 
238
 
  
 
242
 
       
Lease remeasurements
  
 
5
 
  
 
103
 
  
 
108
 
       
Depreciation
  
 
(42)
 
  
 
(266)
 
  
 
(308)
 
       
Carrying amount at 31 December 2022
  
 
464
 
  
 
800
 
  
 
1,264
 
       
At 31 December 2022
                          
       
Historical cost and remeasurements
  
 
591
 
  
 
1,311
 
  
 
1,902
 
       
Accumulated depreciation, impairment and disposals
  
 
(127)
 
  
 
(511)
 
  
 
(638)
 
       
Net carrying amount
  
 
464
 
  
 
800
 
  
 
1,264
 
       
Lease liabilities
                          
       
Year ended 31 December 2022
                          
       
At 1 January 2022
  
 
437
 
  
 
930
 
  
 
1,367
 
       
Acquisitions through business combination
2
  
 
245
 
  
 
23
 
  
 
268
 
       
Additions
  
 
1
 
  
 
189
 
  
 
190
 
       
Repayments (principal and interest)
  
 
(60)
 
  
 
(305)
 
  
 
(365)
 
       
Accretion of interest
  
 
25
 
  
 
78
 
  
 
103
 
       
Lease remeasurements
  
 
(25)
 
  
 
96
 
  
 
71
 
       
Carrying amount at 31 December 2022
  
 
623
 
  
 
1,011
 
  
 
1,634
 
       
Current
  
 
48
 
  
 
276
 
  
 
324
 
       
Non-current
  
 
575
 
  
 
735
 
  
 
1,310
 
       
Carrying amount at 31 December 2022
  
 
623
 
  
 
1,011
 
  
 
1,634
 
 
1.
Refer to Note B.8 for details of the sell-down of the Scarborough Joint Venture.
2.
Refer to Note B.5 for details of business combination.
Summary of detailed information about maturity analysis of lease payments
The table below presents the contractual undiscounted cash flows associated with the Group’s lease liabilities, representing principal and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position.
 
  
 
 
2023  
     US$m
 
 
  
 
2022 
     US$m
 
 
Due for payment in:
                 
1 year or less
  
 
415
 
  
 
433
 
1-2
years
  
 
240
 
  
 
272
 
2-3
years
  
 
194
 
  
 
199
 
3-4
years
  
 
180
 
  
 
186
 
4-5
years
  
 
181
 
  
 
176
 
More than 5 years
  
 
1,032
 
  
 
966
 
    
 
2,242
 
  
 
2,232
 
Summary of detailed information about contractual undiscounted cash flows associated with future lease commitments
The table below presents the contractual undiscounted cash flows associated with the Group’s future lease commitments for
non-cancellable
leases not yet commenced, representing principal and interest.
 
  
 
 
2023
      US$m
 
 
  
 
2022
     US$m
 
 
Due for payment in:
                 
Within one year
  
 
33
 
  
 
67
 
After one year but not more than five years
  
 
889
 
  
 
263
 
Later than five years
  
 
1,242
 
  
 
1,288
 
    
 
2,164
 
  
 
1,618