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Interest-bearing loans and borrowings | 12 Months Ended
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Dec. 31, 2023
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Interest-bearing loans and borrowings | 22. Interest-bearing loans and borrowings This note provides information about the company’s interest-bearing loans and borrowings. For more information about the company’s exposure to interest rate and foreign exposure currency risk – refer to Note 27 Risks arising from financial instruments.
Million US dollar |  | 31 December 2023 |  |  | 31 December 2022 |
Unsecured bond issues |  |  | 71 896 |  |  |  | 76 798 |
Lease liabilities |  |  | 2 126 |  |  |  | 1 963 |
Unsecured other loans |  |  | 119 |  |  |  | 95 |
Secured bank loans |  |  | 23 |  |  |  | 24 |
Non-current interest-bearing loans and borrowings |  |  | 74 163 |  |  |  | 78 880 |
Unsecured bond issues |  |  | 2 514 |  |  |  | - |
Lease liabilities |  |  | 703 |  |  |  | 529 |
Secured bank loans |  |  | 392 |  |  |  | 369 |
Unsecured bank loans |  |  | 182 |  |  |  | 100 |
Unsecured other loans |  |  | 196 |  |  |  | 30 |
Current interest-bearing loans and borrowings |  |  | 3 987 |  |  |  | 1 029 |
Interest-bearing loans and borrowings |  |  | 78 150 |  |  |  | 79 909 |
The current and non-current interest-bearing loans and borrowings amount to 78.1 billion US dollar as at 31 December 2023, compared to 79.9 billion US dollar as at 31 December 2022. As at 31 December 2023, the company had no outstanding balance on commercial papers (31 December 2022: nil). The commercial papers include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and 3.0 billion euro, respectively. On 5 December 2023, the company completed the tender offers of thirteen series of USD notes, three series of EUR notes and two series of GBP notes for up to 3.0 billion US dollar aggregate purchase price. The company accepted the tender offers of seven series of notes issued by Anheuser-Busch InBev SA/NV (“ABISA”) and its wholly-owned subsidiaries Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-Busch Companies, LLC (“ABC”) and Anheuser-Busch InBev Finance Inc. (“ABIFI”) and repurchased 3.4 billion US dollar aggregate principal amount of these notes. The total principal amount repurchased in the tender offers is set out in the table below:
Date of redemption |  | Issuer (abbreviated) |  |  |  | Title of series of notes partially repurchased |  |  |  | Currency |  |  |  | Original principal amount outstanding (in million) |  |  |  | Principal amount repurchased (in million) |  |  |  | Principal amount not repurchased (in million)
5 December 2023 |  | ABISA |  |  |  | 2.850% Notes due 2037 |  |  |  | GBP |  |  |  | 411 |  |  |  | 163 |  |  |  | 248
5 December 2023 |  | ABIWW |  |  |  | 3.750% Notes due 2042 |  |  |  | USD |  |  |  | 471 |  |  |  | 121 |  |  |  | 350
5 December 2023 |  | ABIWW |  |  |  | 4.600% Notes due 2060 |  |  |  | USD |  |  |  | 497 |  |  |  | 150 |  |  |  | 347
5 December 2023 |  | ABIWW |  |  |  | 4.500% Notes due 2050 |  |  |  | USD |  |  |  | 1 567 |  |  |  | 465 |  |  |  | 1 102
5 December 2023 |  | ABIWW |  |  |  | 4.600% Notes due 2048 |  |  |  | USD |  |  |  | 2 179 |  |  |  | 1 124 |  |  |  | 1 055
5 December 2023 |  | ABIWW and ABC |  |  |  | 3.650% Notes due 2026 |  |  |  | USD |  |  |  | 3 491 |  |  |  | 1 237 |  |  |  | 2 254
5 December 2023 |  | ABIFI |  |  |  | 4.000% Notes due 2043 |  |  |  | USD |  |  |  | 404 |  |  |  | 64 |  |  |  | 340
These tender offers were financed with cash. Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s management to highlight changes in the company’s overall liquidity position. AB InBev’s net debt decreased to 67.6 billion US dollar as at 31 December 2023, from 69.7 billion US dollar as at 31 December 2022. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes (5.8 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (3.0 billion US dollar) and foreign exchange impact on net debt (0.9 billion US dollar increase of net debt). The following table provides a reconciliation of AB InBev’s net debt as at the dates indicated:
Million US dollar |  | 31 December 2023 |  |  | 31 December 2022 |
Non-current interest-bearing loans and borrowings |  |  | 74 163 |  |  |  | 78 880 |
Current interest-bearing loans and borrowings |  |  | 3 987 |  |  |  | 1 029 |
Interest-bearing loans and borrowings |  |  | 78 150 |  |  |  | 79 909 |
Bank overdrafts |  |  | 17 |  |  |  | 83 |
Cash and cash equivalents |  |  | (10 332) |  |  |  | (9 973) |
Interest bearing loans granted and other deposits (included within Trade and other receivables) |  |  | (168) |  |  |  | (183) |
Debt securities (included within Investment securities) |  |  | (94) |  |  |  | (123) |
Net debt |  |  | 67 573 |  |  |  | 69 713 |
Reconciliation of liabilities arising from financing activities The table below details the changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the company’s consolidated cash flow statement from financing activities.
Million US dollar |  | Long-term debt, net of current portion |  |  | Short-term debt and current portion of long- term debt |
Balance at 1 January 2023 |  |  | 78 880 |  |  |  | 1 029 |
Proceeds from borrowings |  |  | 59 |  |  |  | 143 |
Repayments of borrowings |  |  | (3 004) |  |  |  | (94) |
Capitalization / (payment) of lease liabilities |  |  | 686 |  |  |  | (458) |
Amortized cost |  |  | 61 |  |  |  | - |
Unrealized foreign exchange effects |  |  | 909 |  |  |  | 83 |
Current portion of long-term debt |  |  | (3 113) |  |  |  | 3 113 |
(Gain)/Loss on bond redemption and other movements |  |  | (316) |  |  |  | 171 |
Balance at 31 December 2023 |  |  | 74 163 |  |  |  | 3 987 |
Million US dollar |  | Long-term debt, net of current portion |  |  | Short-term debt and current portion of long- term debt |
Balance at 1 January 2022 |  |  | 87 369 |  |  |  | 1 408 |
Proceeds from borrowings |  |  | 74 |  |  |  | 17 |
Repayments of borrowings |  |  | (6 698) |  |  |  | (567) |
Capitalization / (payment) of lease liabilities |  |  | 794 |  |  |  | (519) |
Amortized cost |  |  | 63 |  |  |  | - |
Unrealized foreign exchange effects |  |  | (1 776) |  |  |  | (6) |
Current portion of long-term debt |  |  | (617) |  |  |  | 617 |
(Gain)/Loss on bond redemption and other movements |  |  | (329) |  |  |  | 79 |
Balance at 31 December 2022 |  |  | 78 880 |  |  |  | 1 029 |
. |  |  |  |  |  |  |  |
Million US dollar |  | Long-term debt, net of current portion |  |  | Short-term debt and current portion of long- term debt |
Balance at 1 January 2021 |  |  | 95 478 |  |  |  | 3 081 |
Proceeds from borrowings |  |  | 148 |  |  |  | 306 |
Payments on borrowings |  |  | (6 735) |  |  |  | (2 230) |
Capitalization / (payment) of lease liabilities |  |  | 697 |  |  |  | (547) |
Amortized cost |  |  | 64 |  |  |  | - |
Unrealized foreign exchange effects |  |  | (2 149) |  |  |  | (88) |
Current portion of long-term debt |  |  | (875) |  |  |  | 875 |
(Gain)/Loss on bond redemption and other movements |  |  | 741 |  |  |  | 10 |
Balance at 31 December 2021 |  |  | 87 369 |  |  |  | 1 408 |

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