Loans and other borrowings (Tables)

12 Months Ended

Dec. 31, 2018

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Summary of Loans and Other Borrowings

	2018						2017
	Current $m		Non-current $m		Total $m		Current $m		Non-current $m		Total $m
Unsecured bank loans		0		0		0		—		262		262
Finance lease obligations		16		219		235		16		215		231
£400m 3.875% bonds 2022		0		509		509		—		538		538
£300m 3.75% bonds 2025		0		385		385		—		406		406
£350m 2.125% bonds 2026		0		447		447		—		472		472
€500m 2.125% bonds 2027		0		569		569		—		—		—
		16		2,129		2,145		16		1,893		1,909
Bank overdrafts		104		0		104		110		—		110
Total loans and other borrowings		120		2,129		2,249		126		1,893		2,019
Denominated in the following currencies:
Sterling		0		1,341		1,341		—		1,416		1,416
US dollars		110		219		329		124		477		601
Euros		8		569		577		2		—		2
Other		2		0		2		—		—		—
		120		2,129		2,249		126		1,893		2,019

Summary of Loans and Other Borrowings, Excluding Bank Overdrafts and Currency Swaps

Loans and other borrowings (excluding bank overdrafts) 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 2018 $m		Cash flows $m			Exchange adjustments $m			Other $m			At 31 December 2018 $m
Unsecured bank loans		262		(268	)		3			3			0
Finance lease obligations		231		0			0			4			235
£400m 3.875% bonds 2022		538		0			(30	)		1			509
£300m 3.75% bonds 2025		406		0			(23	)		2			385
£350m 2.125% bonds 2026		472		0			(26	)		1			447
€500m 2.125% bonds 2027		0		559			9			1			569
		1,909		291			(67	)		12			2,145
Currency swaps:
Exchange of principal		0		(5	)		0			(2	)		(7	)
Initial fee received		0		3			0			(3	)		0
		0		(2	)		0			(5	)		(7	)
		1,909		289			(67	)		7			2,138
	At 1 January 2017 $m		Cash flows $m			Exchange adjustments $m			Other $m			At 31 December 2017 $m
Unsecured bank loans		107		153			1			1			262
Finance lease obligations		227		—			—			4			231
£400m 3.875% bonds 2022		489		—			48			1			538
£300m 3.75% bonds 2025		370		—			36			—			406
£350m 2.125% bonds 2026		430		—			42			—			472
		1,623		153			127			6			1,909

Finance Lease Obligations

Finance lease obligations

Finance lease obligations, which relate primarily to the 99-year lease (of which 87 years remain) on the InterContinental Boston hotel, are payable as follows:

	2018					2017
	Minimum lease payments $m			Present value of payments $m		Minimum lease payments $m			Present value of payments $m
Less than one year		16			16		16			16
Between one and five years		72			53		67			49
More than five years		3,212			166		3,234			166
		3,300			235		3,317			231
Less: amount representing finance charges		(3,065	)		0		(3,086	)		—
		235			235		231			231

Summary of Facilities Provided by Banks

	2018						2017
	Utilised $m		Unutilised $m		Total $m		Utilised $m		Unutilised $m		Total $m
Committed		0		1,350		1,350		264		1,086		1,350
Uncommitted		0		53		53		1		69		70
		0		1,403		1,403		265		1,155		1,420

	2018 $m		2017 $m
Unutilised facilities expire:
Within one year		53		69
After two but before five years		1,350		1,086
		1,403		1,155