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Net debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure Of Net Debt [Abstract] |
Analysis of changes in consolidated net debt | Analysis of changes in net debt
| 2024
| Financial liabilities |  |
| Borrowings excluding overdrafts (note 20)(a) US$m | Lease liabilities (note 21)(b) US$m | Derivatives related to net debt (note 23)(c) US$m | Cash and cash equivalents including overdrafts (note 22)(a) US$m | Other investments (note 23)(d) US$m | Net debt US$m
At 1 January | (13,000) | (1,351) | (429) | 9,672 | 877 | (4,231)
Foreign exchange adjustment | 57 | 69 | (30) | (99) | (1) | (4)
Cash movements excluding exchange movements | 494 | 455 | 104 | (1,089) | (675) | (711)
Other non-cash movements | 18 | (586) | 12 | – | 11 | (545)
At 31 December | (12,431) | (1,413) | (343) | 8,484 | 212 | (5,491)
| 2023
| Financial liabilities | Other assets |
Borrowings excluding overdrafts (note 20)(a) US$m | Lease liabilities (note 21)(b) US$m | Derivatives related to net debt (note 23)(c) US$m | Cash and cash equivalents including overdrafts (note 22)(a) US$m | Other investments (note 23)(d) US$m | Net debt US$m
At 1 January | (11,070) | (1,200) | (690) | 6,774 | 1,998 | (4,188)
Foreign exchange adjustment | (87) | (21) | 62 | (23) | – | (69)
Cash movements excluding exchange movements | (1,523) | 426 | (4) | 2,921 | (1,157) | 663
Other non-cash movements | (320) | (556) | 203 | – | 36 | (637)
At 31 December | (13,000) | (1,351) | (429) | 9,672 | 877 | (4,231)
(a)Borrowings excluding overdrafts of US$12,431 million (2023:US$13,000 million) differs from Borrowings on the balance sheet as it excludes bank overdrafts of US$11 million (2023: US$1 million) which has been included in cash and cash equivalents for the net debt reconciliation. (b)Other non-cash movements in lease liabilities include the net impact of additions, modifications and terminations during the period. (c)Included within “Derivatives related to net debt” are interest rate and cross-currency interest rate swaps that are in hedge relationships with the Group's debt. (d)Other investments includes US$212 million (2023: US$877 million) of highly liquid financial assets held in a separately managed portfolio of fixed income instruments classified as held for trading.
Summary by currency, the group's net debt, after taking into account relevant cross currency interest rate swaps and foreign exchange contracts | The table below summarises, by currency, our net debt, after taking into account relevant cross-currency interest rate swaps and foreign exchange contracts:
| 2024 | 2023
Net debt by currency | Borrowings excluding overdrafts US$m | Lease liabilities US$m | Derivatives related to net debt US$m | Cash and cash equivalents US$m | Other investments US$m | Net debt US$m | Net debt US$m
US dollar | (12,181) | (539) | (343) | 7,108 | 212 | (5,743) | (4,033)
Australian dollar | (92) | (501) | – | 721 | – | 128 | (186)
Canadian dollar | (158) | (158) | – | 81 | – | (235) | (247)
South African rand | – | (2) | – | 167 | – | 165 | 130
Other | – | (213) | – | 407 | – | 194 | 105
Total | (12,431) | (1,413) | (343) | 8,484 | 212 | (5,491) | (4,231)

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