Payables

12 Months Ended

Dec. 31, 2023

Trade and other payables [abstract]

Payables

D.4 Payables

	2023    US$m		2022    US$m
Trade and other payables1		1,655		2,029
Interest payable2		69		65
		1,724		2,094

1. Interest-free and normally settled on 30 day terms.

2. Details regarding interest-bearing liabilities are contained in Note C.2.

Recognition and measurement

Trade and other payables are carried at amortised cost and are recognised when goods and services are received, whether or not billed to the Group, prior to the end of the reporting period.

Fair value

The carrying amount of payables approximates their fair value.

Foreign exchange risk

The Group held $534 million of payables at 31 December 2023 (2022: $657 million) in currencies other than US dollars (predominantly Australian dollars).

Maturity profile of payables

The Group’s payables balances at 31 December 2023 and 31 December 2022 are due for payment within 12 months.