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Net debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Text Block [Abstract] |
Summary of Net Debt |
|  |  |  |  |  |  | 2021 $m |  |  |  |  |  | 2020 $m |
Cash and cash equivalents |  |  |  |  |  |  |  |  | 1,450 |  |  |  |  |  |  |  | 1,675 |
Loans and other borrowings |  | – current |  |  |  |  |  |  | (292 | ) |  |  |  |  |  |  | (869 | )
|  | – non-current |  |  |  |  |  |  | (2,553 | ) |  |  |  |  |  |  | (2,898 | )
Lease liabilities |  | – current |  |  |  |  |  |  | (35 | ) |  |  |  |  |  |  | (34 | )
|  | – non-current |  |  |  |  |  |  | (384 | ) |  |  |  |  |  |  | (416 | )
Derivative financial instruments hedging debt values (note 24) |  |  |  |  |  |  | (67 | ) |  |  |  |  |  |  | 13 |
Net debt |  |  |  |  |  |  | (1,881 | ) |  |  |  |  |  |  | (2,529 | )
Movement in net debt |  |  |  |  | 2021 $m |  |  |  |  |  | 2020 $m |
Net (decrease)/increase in cash and cash equivalents, net of overdrafts |  |  |  |  |  |  | (236 | ) |  |  |  |  |  |  | 1,430 |
Add back financing cash flows in respect of other components of net debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal element of lease payments |  |  |  |  |  |  | 32 |  |  |  |  |  |  |  | 65 |
Issue of long-term bonds, including effect of currency swaps |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (1,093 | )
Repayment/(issue) of commercial paper |  |  |  |  |  |  | 828 |  |  |  |  |  |  |  | (738 | )
Repayment of long-term bonds |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 290 |
Decrease in other borrowings |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 125 |
|  |  |  |  |  |  | 860 |  |  |  |  |  |  |  | (1,351 | )
Decrease in net debt arising from cash flows |  |  |  |  |  |  | 624 |  |  |  |  |  |  |  | 79 |
Other movements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease liabilities |  |  |  |  |  |  | (7 | ) |  |  |  |  |  |  | 144 |
Increase in accrued interest |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  | (5 | )
Disposals |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  | 19 |
Exchange and other adjustments |  |  |  |  |  |  | 29 |  |  |  |  |  |  |  | (101 | )
|  |  |  |  |  |  | 24 |  |  |  |  |  |  |  | 57 |
Decrease in net debt |  |  |  |  |  |  | 648 |  |  |  |  |  |  |  | 136 |
Net debt at beginning of the year |  |  |  |  |  |  | (2,529 | ) |  |  |  |  |  |  | (2,665 | )
Net debt at end of the year |  |  |  |  |  |  | (1,881 | ) |  |  |  |  |  |  | (2,529 | )
Summary of Loans and Other Borrowings, Excluding Bank Overdrafts and Currency Swaps | Loans and other borrowings (excluding bank overdrafts), lease liabilities and currency swaps comprise the liabilities included in the financing activities section of the Group statement of cash flows and their movements are analysed as follows:
|  |  |  |  |  |  | At 1 January 2021 $m |  |  |  | Financing cash flows $m |  |  |  | Exchange adjustments $m |  |  |  | Disposal $m |  |  |  | Other $m | a |  |  | At 31 December 2021 $m |
Lease liabilities |  |  |  |  |  |  | 450 |  |  |  | (32 | ) |  |  | (3 | ) |  |  | (3 | ) |  |  | 7 |  |  |  | 419 |
£173m 3.875% bonds 2022 |  |  |  |  |  |  | 235 |  |  |  | – |  |  |  | (3 | ) |  |  | – |  |  |  | 1 |  |  |  | 233 |
€ 500m 1.625% bonds 2024 |  |  |  |  |  |  | 611 |  |  |  | – |  |  |  | (48 | ) |  |  | – |  |  |  | 2 |  |  |  | 565 |
£300m 3.75% bonds 2025 |  |  |  |  |  |  | 413 |  |  |  | – |  |  |  | (5 | ) |  |  | – |  |  |  | – |  |  |  | 408 |
£350m 2.125% bonds 2026 |  |  |  |  |  |  | 479 |  |  |  | – |  |  |  | (6 | ) |  |  | – |  |  |  | – |  |  |  | 473 |
€ 500m 2.125% bonds 2027 |  |  |  |  |  |  | 618 |  |  |  | – |  |  |  | (48 | ) |  |  | – |  |  |  | – |  |  |  | 570 |
£400m 3.375% bonds 2028 |  |  |  |  |  |  | 542 |  |  |  | – |  |  |  | (7 | ) |  |  | – |  |  |  | 2 |  |  |  | 537 |
Commercial paper |  |  |  |  |  |  | 818 |  |  |  | (828 | ) |  |  | 13 |  |  |  | – |  |  |  | (3 | ) |  |  | – |
|  |  |  |  |  |  | 4,166 |  |  |  | (860 | ) |  |  | (107 | ) |  |  | (3 | ) |  |  | 9 |  |  |  | 3,205 |
Currency swaps |  |  |  |  |  |  | 17 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 45 |  |  |  | 62 |
|  |  |  |  |  |  | 4,183 |  |  |  | (860 | ) |  |  | (107 | ) |  |  | (3 | ) |  |  | 54 |  |  |  | 3,267 |
|  |  |  |  |  |  | At 1 January 2020 $m |  |  |  | Financing cash flows $m |  |  |  | Exchange adjustments $m |  |  |  | Disposal $m |  |  |  | Other $m | a,b |  |  | At 31 December 2020 $m |
Unsecured bank loans |  |  |  |  |  |  | 125 |  |  |  | (125 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Lease liabilities |  |  |  |  |  |  | 680 |  |  |  | (65 | ) |  |  | (2 | ) |  |  | (19 | ) |  |  | (144 | ) |  |  | 450 |
£173m 3.875% bonds 2022 |  |  |  |  |  |  | 528 |  |  |  | (290 | ) |  |  | – |  |  |  | – |  |  |  | (3 | ) |  |  | 235 |
€ 500m 1.625% bonds 2024 |  |  |  |  |  |  | – |  |  |  | 585 |  |  |  | 26 |  |  |  | – |  |  |  | – |  |  |  | 611 |
£300m 3.75% bonds 2025 |  |  |  |  |  |  | 399 |  |  |  | – |  |  |  | 13 |  |  |  | – |  |  |  | 1 |  |  |  | 413 |
£350m 2.125% bonds 2026 |  |  |  |  |  |  | 462 |  |  |  | – |  |  |  | 16 |  |  |  | – |  |  |  | 1 |  |  |  | 479 |
€ 500m 2.125% bonds 2027 |  |  |  |  |  |  | 564 |  |  |  | – |  |  |  | 53 |  |  |  | – |  |  |  | 1 |  |  |  | 618 |
£400m 3.375% bonds 2028 |  |  |  |  |  |  | – |  |  |  | 511 |  |  |  | 29 |  |  |  | – |  |  |  | 2 |  |  |  | 542 |
Commercial paper |  |  |  |  |  |  | – |  |  |  | 738 |  |  |  | 78 |  |  |  | – |  |  |  | 2 |  |  |  | 818 |
|  |  |  |  |  |  | 2,758 |  |  |  | 1,354 |  |  |  | 213 |  |  |  | (19 | ) |  |  | (140 | ) |  |  | 4,166 |
Currency swaps (exchange of principal) |  |  |  |  |  |  | 20 |  |  |  | (3 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 17 |
Currency swaps (initial fee received) |  |  |  |  |  |  | – |  |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | (3 | ) |  |  | – |
|  |  |  |  |  |  | 2,778 |  |  |  | 1,354 |  |  |  | 213 |  |  |  | (19 | ) |  |  | (143 | ) |  |  | 4,183 |
a | The change in value of currency swaps represents fair value movements.
b | Included $90m lease termination relating to InterContinental San Juan (see note 6).

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