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Net debt | 12 Months Ended
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Dec. 31, 2024
Disclosure Of Net Debt [Abstract] |
Net debt | 19 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$877 million) of highly liquid financial assets held in a separately managed portfolio of fixed income instruments classified as held for trading. The table below summarises, by currency, our net debt, after taking into account relevant cross-currency interest rate swaps and foreign exchange contracts:
| 2024 | 2023
Net debt by currency | Borrowings excluding overdrafts US$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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