24 Consolidated net debt

	Financing liabilities ^(b)						Other assets
	Borrowings (including finance leases) excluding			Debt-related derivatives (included in Other financial assets/			Cash/			Other			2017			2016
	Overdrafts ^(a)			liabilities)			Overdrafts ^(b)			investments ^(c)		Net debt			Net debt
Year ended 31 December												US$m			US$m
Analysis of changes in consolidated net debt
Opening balance		(17,618	)		(408	)		8,189			250		(9,587	)		(13,783	)
Foreign exchange adjustment		(303	)		245			(12	)		-		(70	)		90
Cash movements excluding exchange movements		2,777			7			2,370			705		5,859			3,915
Other non-cash movements		(29	)		(21	)		-			3		(47	)		191
Closing balance		(15,173	)		(177	)		10,547			958		(3,845	)		(9,587	)

		2017			2016		2015
	US$m			US$m		US$m
Exchange gains/(losses) on US dollar net debt and intragroup balances
Exchange gains/(losses) on US dollar net debt		554			160		(1,578	)
Exchange (losses)/gains on intragroup balances		(1,154	)		449		(1,961	)
Exchange (losses)/gains on settlement of dividends		(1	)		2		1
(Charged)/credited to income statement		(601	)		611		(3,538	)

(a)

Borrowings (including finance leases) at 31 December 2017 differ from total borrowings on the balance sheet as they exclude overdrafts of US$3 million (31 December 2016: US$12 million), other current financial liabilities of US$352 million (31 December 2016: US$205 million) and other non-current financial liabilities US$524 million (31 December 2016: US$557 million).

(b)	Closing cash/overdrafts at 31 December 2017 differ from cash and cash equivalents on the balance sheet as they include overdrafts of US$3 million which have been classified as a financial liability (31 December 2016: US$12 million).

(c)	Other investments comprise US$958 million (2016: US$250 million) of highly liquid financial assets held in managed investment funds classified as held for trading.

Further information relating to the currency and interest rate exposures arising from net debt and related derivatives is given in note 30.