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Net debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Text Block [Abstract] |
Summary of Net Debt |
|  |  |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |
Cash and cash equivalents |  |  |  |  |  |  |  |  | 976 |  |  |  |  |  |  |  | 1,450 |
Loans and other borrowings |  | – current |  |  |  |  |  |  | (55 | ) |  |  |  |  |  |  | (292 | )
|  | – non-current |  |  |  |  |  |  | (2,341 | ) |  |  |  |  |  |  | (2,553 | )
Lease liabilities |  | – current |  |  |  |  |  |  | (26 | ) |  |  |  |  |  |  | (35 | )
|  | – non-current |  |  |  |  |  |  | (401 | ) |  |  |  |  |  |  | (384 | )
Derivative financial instruments hedging debt values (note 23) |  |  |  |  |  |  | (4 | ) |  |  |  |  |  |  | (67 | )
Net debt |  |  |  |  |  |  |  |  | (1,851 | ) |  |  |  |  |  |  | (1,881 | )
Summary of Movement in Net Debt |
Movement in net debt |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |
Net decrease in cash and cash equivalents, net of overdrafts |  |  |  |  |  |  | (393 | ) |  |  |  |  |  |  | (236 | )
Add back financing cash flows in respect of other components of net debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal element of lease payments |  |  |  |  |  |  | 36 |  |  |  |  |  |  |  | 32 |
Repayment of £600m commercial paper a |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 828 |
Repayment of long-term bonds |  |  |  |  |  |  | 209 |  |  |  |  |  |  |  | – |
|  |  |  |  |  |  | 245 |  |  |  |  |  |  |  | 860 |
(Increase)/decrease in net debt arising from cash flows |  |  |  |  |  |  | (148 | ) |  |  |  |  |  |  | 624 |
Other movements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease liabilities |  |  |  |  |  |  | (48 | ) |  |  |  |  |  |  | (7 | )
Increase in accrued interest |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  | (1 | )
Disposals |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 3 |
Exchange and other adjustments |  |  |  |  |  |  | 227 |  |  |  |  |  |  |  | 29 |
|  |  |  |  |  |  | 178 |  |  |  |  |  |  |  | 24 |
Decrease in net debt |  |  |  |  |  |  | 30 |  |  |  |  |  |  |  | 648 |
Net debt at beginning of the year |  |  |  |  |  |  | (1,881 | ) |  |  |  |  |  |  | (2,529 | )
Net debt at end of the year |  |  |  |  |  |  | (1,851 | ) |  |  |  |  |  |  | (1,881 | )
a | Under the UK Government’s Covid Corporate Financing Facility (‘CCFF’).
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 2022 $m |  |  |  | Financing cash flows $m |  |  |  | Exchange adjustments $m |  |  |  | Disposal $m |  |  |  | Other $m | a,b |  |  | At 31 December 2022 $m |
Lease liabilities |  |  |  |  |  |  | 419 |  |  |  | (36 | ) |  |  | (4 | ) |  |  | – |  |  |  | 48 |  |  |  | 427 |
£173m 3.875% bonds 2022 |  |  |  |  |  |  | 233 |  |  |  | (209 | ) |  |  | (24 | ) |  |  | – |  |  |  | – |  |  |  | – |
€ 500m 1.625% bonds 2024 |  |  |  |  |  |  | 565 |  |  |  | – |  |  |  | (32 | ) |  |  | – |  |  |  | 1 |  |  |  | 534 |
£300m 3.75% bonds 2025 |  |  |  |  |  |  | 408 |  |  |  | – |  |  |  | (45 | ) |  |  | – |  |  |  | 2 |  |  |  | 365 |
£350m 2.125% bonds 2026 |  |  |  |  |  |  | 473 |  |  |  | – |  |  |  | (50 | ) |  |  | – |  |  |  | – |  |  |  | 423 |
€ 500m 2.125% bonds 2027 |  |  |  |  |  |  | 570 |  |  |  | – |  |  |  | (32 | ) |  |  | – |  |  |  | 1 |  |  |  | 539 |
£400m 3.375% bonds 2028 |  |  |  |  |  |  | 537 |  |  |  | – |  |  |  | (57 | ) |  |  | – |  |  |  | – |  |  |  | 480 |
|  |  |  |  |  |  | 3,205 |  |  |  | (245 | ) |  |  | (244 | ) |  |  | – |  |  |  | 52 |  |  |  | 2,768 |
Currency swaps |  |  |  |  |  |  | 62 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (58 | ) |  |  | 4 |
|  |  |  |  |  |  | 3,267 |  |  |  | (245 | ) |  |  | (244 | ) |  |  | – |  |  |  | (6 | ) |  |  | 2,772 |
|  |  |  |  |  |  | At 1 January 2021 $m |  |  |  | Financing cash flows $m |  |  |  | Exchange adjustments $m |  |  |  | Disposal $m |  |  |  | Other $m | b |  |  | 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 |
a | The non-cash increase in lease liabilities principally arises from additions.
b | The change in value of currency swaps represents fair value movements.

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