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Net borrowings
 12 Months Ended
Jun. 30, 2024
Disclosure of detailed information about borrowings [abstract]  
Net borrowings 17. Net borrowings
Accounting policies
Borrowings are initially recognised at fair value net of transaction costs and are subsequently reported at amortised cost. Certain
bonds are designated in fair value hedge relationship. In these cases, the amortised cost is adjusted for the fair value of the risk being
hedged, with changes in value recognised in the income statement. The fair value adjustment is calculated using a discounted cash
flow technique based on unadjusted market data. 
Bank overdrafts form an integral part of the group’s cash management and are included as a component of net cash and cash
equivalents in the consolidated statement of cash flows.
Cash and cash equivalents comprise cash in hand and deposits which are readily convertible to known amounts of cash and which
are subject to insignificant risk of changes in value and have an original maturity of three months or less, including money market
deposits, commercial paper and investments.
Net borrowings are defined as gross borrowings (short-term borrowings and long-term borrowings plus lease liabilities plus interest
rate hedging instruments, cross currency interest rate swaps and foreign currency forwards and swaps used to manage borrowings) less
cash and cash equivalents.
 
2024
$ million
2023
re-presented
$ million
Bank overdrafts
21
45
Commercial paper
479
250
Bank and other loans
76
153
Credit support obligations
14
19
€ 600 million 0.125% bonds due 2023
—
646
$ 500 million 3.5% bonds due 2023(2)
—
500
€ 500 million 0.5% bonds due 2024
—
537
$ 600 million 2.125% bonds due 2024(2)
600
—
€ 500 million 1.75% bonds due 2024
535
—
€ 600 million 1% bonds due 2025
641
—
€ 500 million 3.5% bonds due 2025
534
—
Fair value adjustment to borrowings
(15)
(8)
Borrowings due within one year
2,885
2,142
$ 600 million 2.125% bonds due 2024(2)
—
600
€ 500 million 1.75% bonds due 2024
—
538
€ 600 million 1% bonds due 2025
—
644
€ 500 million 3.5% bonds due 2025
—
537
$ 500 million 5.2% bonds due 2025(2)
499
499
$ 750 million 1.375% bonds due 2025(2)
749
748
€ 850 million 2.375% bonds due 2026
908
913
€ 500 million floating bonds due 2026
535
—
£ 500 million 1.75% bonds due 2026
630
627
$ 800 million 5.375% bonds due 2026(2)
797
—
$ 750 million 5.3% bonds due 2027(2)
748
748
€ 750 million 1.875% bonds due 2027
800
805
€ 500 million 1.5% bonds due 2027
534
537
€ 700 million 0.125% bonds due 2028
746
750
$ 500 million 3.875% bonds due 2028(2)
498
498
£ 300 million 2.375% bonds due 2028
377
375
$ 1,000 million 2.375% bonds due 2029(2)
993
992
£ 300 million 2.875% bonds due 2029
377
376
€ 750 million 1.5% bonds due 2029
801
806
$ 1,000 million 2% bonds due 2030(2)
995
994
€ 1,000 million 2.5% bonds due 2032
1,066
1,072
$ 750 million 2.125% bonds due 2032(2)
744
743
£ 400 million 1.25% bonds due 2033
500
499
$ 750 million 5.5% bonds due 2033(2)
744
744
$ 900 million 5.625% bonds due 2033(2)
894
—
€ 900 million 1.875% bonds due 2034
957
962
$ 400 million 7.45% bonds due 2035(1)
400
400
$ 600 million 5.875% bonds due 2036(2)
594
594
£ 600 million 2.75% bonds due 2038
752
750
$ 500 million 4.25% bonds due 2042(1)
495
495
$ 500 million 3.875% bonds due 2043(2)
492
492
Bank and other loans
344
372
Fair value adjustment to borrowings
(353)
(461)
Borrowings due after one year
18,616
18,649
Total borrowings before leases and derivative financial instruments
21,501
20,791
Fair value of cross currency interest rate swaps
(323)
(438)
Fair value of foreign currency swaps and forwards
(11)
2
Fair value of interest rate hedging instruments
376
476
Lease liabilities
604
564
Gross borrowings
22,147
21,395
Less: Cash and cash equivalents
(1,130)
(1,813)
Net borrowings
21,017
19,582
(1)  SEC-registered debt issued on an unsecured basis by Diageo Investment Corporation, a 100% owned finance subsidiary of Diageo plc and fully and unconditionally
guaranteed by Diageo plc. No other subsidiary of Diageo plc guarantees the security.
(2)SEC-registered debt issued on an unsecured basis by Diageo Capital plc, a 100% owned finance subsidiary of Diageo plc and fully and unconditionally guaranteed
by Diageo plc. No other subsidiary of Diageo plc guarantees the security.
(i) The interest rates shown are those contracted on the underlying borrowings before taking into account any interest rate hedges (see note 16).
(ii) Bonds are stated net of unamortised finance costs of $95 million (2023 – $102 million).
(iii) All bonds, medium-term notes and commercial paper issued on an unsecured basis by the group’s 100% owned subsidiaries are fully and unconditionally
guaranteed on an unsecured basis by Diageo plc and no other subsidiary of Diageo plc guarantees such securities.
Gross borrowings before leases and derivative financial instruments are expected to mature as follows:
 
2024
$ million
2023
re-presented
$ million
Within one year
2,885
2,142
Between one and three years
4,873
4,437
Between three and five years
4,222
3,620
Beyond five years
9,521
10,592
21,501
20,791
During the year, the following bonds were issued and repaid:
 
2024
$ million
2023
re-presented
$ million
2022
re-presented
$ million
Issued
€ denominated
535
548
1,800
£ denominated
—
—
1,171
$ denominated
1,690
1,989
—
Repaid
€ denominated
(1,167)
—
(1,060)
$ denominated
(500)
(1,650)
(1,000)
558
887
911
(a) Reconciliation of movement in net borrowings
 
2024
$ million
2023
re-presented
$ million
At beginning of the year
19,582
17,107
Net decrease in cash and cash equivalents before exchange
596
831
Net increase in bonds and other borrowings(1)
453
958
Increase in net borrowings from cash flows
1,049
1,789
Exchange differences on net borrowings
199
646
Other non-cash items(2)
187
40
Net borrowings at end of the year
21,017
19,582
(1)In the year ended 30 June 2024, net increase in bonds and other borrowings excludes $1 million cash outflow in respect of derivatives designated in forward point
hedges (2023 – $2 million).
(2)In the year ended 30 June 2024, other non-cash items are principally in respect of fair value gains of cross currency interest rate swaps and interest rate swaps of
$111 million, offsetting an increase in lease liabilities of $152 million, and fair value losses on borrowings of $116 million, and $30 million reclassification of cash
to assets held for sale. In the year ended 30 June 2023, other non-cash items are principally in respect of fair value gains of cross currency interest rate swaps and
interest rate swaps of $42 million, and an increase in lease liabilities of $99 million, partially offset by the $101 million fair value loss on borrowings.
(b) Analysis of gross borrowings by currency
 
2024
2023
 
Cash and cash
equivalents
$ million
Gross
borrowings(1)
$ million
Cash and cash
equivalents
re-presented
$ million
Gross
borrowings(1)
re-presented
$ million
US dollar
130
(9,590)
682
(7,247)
Euro(2)
59
(5,820)
60
(4,870)
Sterling
29
(4,767)
59
(7,846)
Indian rupee
170
(57)
155
(39)
Mexican peso
34
(261)
31
(361)
Hungarian forint
3
(21)
4
(329)
Kenyan shilling
55
(295)
36
(318)
Chinese yuan
258
(964)
251
(79)
Nigerian naira
—
—
105
—
Other(2)
392
(372)
430
(306)
Total
1,130
(22,147)
1,813
(21,395)
(1)Includes foreign currency forwards and swaps and leases.
(2)Includes $11 million (euro) cash and cash equivalents in cash-pooling arrangements (2023 – $26 million (euro)).