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Leases | 12 Months Ended
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Dec. 31, 2022
Leases |
Leases | B4. Leases The Group leases land and buildings, vehicles and other equipment. The lease durations vary from lease to lease according to the asset leased and local practices. Some of the Group’s leases have extension and termination options attached to them. Lease extension options and lease termination options are only included in the calculation of the lease liability if there is reasonable certainty that they will be exercised. Judgement is required to determine the level of certainty. The value of leases to which the Group is committed but have not yet commenced is not material. ​ A breakdown of the right-of-use (ROU) assets is shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Land and |  |  |  | Other |  |
​ | ​ | buildings | ​ | Vehicles | ​ | equipment | ​ | Total
​ | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Net book value |  |  |  |  |  |  |  |
At 1 January 2021 |  | 96 |  | 120 |  | 2 |  | 218
Exchange differences |  | (2) |  | (1) |  | — |  | (3)
Additions |  | 33 |  | 56 |  | 2 |  | 91
Disposals |  | (1) |  | (1) |  | — |  | (2)
Acquisition of companies and businesses1 |  | 5 |  | 3 |  | — |  | 8
Depreciation charge |  | (37) |  | (39) |  | (2) |  | (78)
Reclassification to property, plant and equipment2 |  | — |  | (6) |  | — |  | (6)
At 31 December 2021 |  | 94 |  | 132 |  | 2 |  | 228
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At 1 January 2022 |  | 94 |  | 132 |  | 2 |  | 228
Exchange differences |  | — |  | 3 |  | — |  | 3
Additions |  | 69 |  | 69 |  | — |  | 138
Acquisition of companies and businesses1 |  | 79 |  | 120 |  | — |  | 199
Impairment charge3 |  | (17) |  | — |  | — |  | (17)
Depreciation charge |  | (43) |  | (45) |  | (1) |  | (89)
Reclassification to property, plant and equipment2 |  | — |  | (8) |  | — |  | (8)
At 31 December 2022 |  | 182 |  | 271 |  | 1 |  | 454
1. | Includes current-year acquisitions of £200m (2021: £2m) as well as adjustments to prior-year acquisitions within the measurement period.
2. | Certain leased assets become owned assets at the end of their lease period and are therefore reclassified to property, plant and equipment (Note B3).
3. | Impairment relates to closure of surplus property in the US. The recoverable amount of the impaired ROU assets is £25m based on value-in-use calculation and a 6% discount rate.
Analysis of the Group’s lease liabilities is shown below: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m
At 1 January |  | 217 |  | 215
Exchange differences |  | (1) |  | (4)
Lease payments |  | (114) |  | (94)
Interest |  | 10 |  | 6
Additions |  | 140 |  | 89
Acquisition of companies and businesses |  | 215 |  | 5
At 31 December |  | 467 |  | 217
Analysed as follows: | ​ | ​ | ​ | ​
Non-current |  | 332 |  | 139
Current |  | 135 |  | 78
Total |  | 467 |  | 217
​ Lease liabilities analysed by currency: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ |  | £m |  | £m
Pound sterling |  | 34 |  | 33
Euro |  | 61 |  | 57
US dollar |  | 314 |  | 89
Other currencies |  | 58 |  | 38
At 31 December |  | 467 |  | 217
​ Lease liabilities are payable as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m
Less than one year |  | 144 |  | 80
Between one and five years |  | 277 |  | 138
More than five years |  | 82 |  | 13
Future minimum payments |  | 503 |  | 231
Effect of discounting |  | (36) |  | (14)
Carrying value |  | 467 |  | 217
​ Other lease costs not already described are set out below: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m
Expenses relating to short-term leases |  | 13 |  | 12
Expenses relating to leases of low-value assets |  | 8 |  | 6
Expenses relating to variable lease payments |  | — |  | 1
At 31 December |  | 21 |  | 19
​ The Group has no material arrangements where it acts as a lessor.

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