Leases (Tables)

12 Months Ended

Dec. 31, 2022

Presentation of leases for lessee [abstract]

Disclosure of quantitative information about right-of-use assets

Right-of-use assets

	Land and buildings $m			Investment property $m			Other $m			Total $m
Cost
At 1 January 2021		617			–			4			621
Additions and other re-measurements		4			–			–			4
Terminations and disposals		(9	)		–			(1	)		(10	)
Exchange and other adjustments		(5	)		–			–			(5	)
At 31 December 2021		607			–			3			610
Additions and other re-measurements		40			–			–			40
Transfers to investment property		(50	)		50			–			–
Transfers to finance lease receivable		(5	)		–			–			(5	)
Terminations		(9	)		–			(1	)		(10	)
Exchange and other adjustments		(12	)		–			–			(12	)
At 31 December 2022		571			50			2			623
Depreciation and impairment
At 1 January 2021		(316	)		–			(2	)		(318	)
Provided		(26	)		–			(1	)		(27	)
System Fund expense		(3	)		–			–			(3	)
System Fund impairment reversal		3			–			–			3
Terminations and disposals		5			–			1			6
Exchange and other adjustments		3			–			–			3
At 31 December 2021		(334	)		–			(2	)		(336	)
Provided		(24	)		–			(1	)		(25	)
System Fund expense		(3	)		–			–			(3	)
Impairment charge		(2	)		–			–			(2	)
Impairment reversal		2			–			–			2
Transfers to investment property		47			(47	)		–			–
Transfers to finance lease receivable		3			–			–			3
Terminations		9			–			1			10
Exchange and other adjustments		8			–			–			8
At 31 December 2022		(294	)		(47	)		(2	)		(343	)
Net book value
At 31 December 2022		277			3			–			280
At 31 December 2021		273			–			1			274
At 1 January 2021		301			–			2			303

Disclosure Of Lease Liabilities

The majority of the Group’s lease liabilities are discounted at incremental borrowing rates of up to 11%. The rate implicit in the InterContinental Boston lease was 9.7% and was derived from a valuation of the hotel at lease inception in 2006.

Currency	2022 $m		2021 $m
US dollars		363		374
Sterling		31		6
Euros		5		5
Other		28		34
		427		419
Analysed as:
Current		26		35
Non-current		401		384
		427		419

Disclosure Of Lease Expenditure Recognised Explanatory

Amounts recognised in the Group income statement

	2022 $m			2021 $m			2020 $m
Depreciation of right-of-use assets		25			27			35
System Fund depreciation of right-of-use assets		3			3			4
Net impairment (reversal)/charge		–			–			16
System Fund impairment (reversal)/charge		–			(3	)		32
Derecognition of right-of-use assets and lease liabilities		–			–			(22	)
Gain on lease termination		–			–			(30	)
Expense relating to variable lease payments		47			31			7
Expense relating to short-term leases and low-value assets		1			1			2
Income from operating subleases of right-of-use assets		(1	)		(1	)		(1	)
Recognised in operating profit/(loss)		75			58			43
Interest on lease liabilities		29			29			37
Total recognised in the Group income statement		104			87			80

Disclosure Of Detailed Information About Operating Sublease Payments Receivables Explanatory

Operating sublease payments receivable	Less than 1 year $m		Between     1 and 2 years $m		Between 2 and 5 years $m		Total $m
At 31 December 2022		2		2		5		9
At 31 December 2021		2		2		5		9

Disclosure of Maturity Analysis of Finance Lease Payments Receivable

In 2022, the Group subleased a component of the US corporate headquarters for the remainder of the head lease term. No gain or loss arose.

Finance lease payments receivable	More than 5 years $m		Total   undiscounted lease receivable $m		Unearned finance income $m		Finance         lease   receivable $m
At 31 December 2022		2		2		–		2

Disclosure of Detailed Information About Lease Liabilities Recognized In Cash Flow Statement Explanatory

Amounts recognised in the Group statement of cash flows

	2022 $m			2021 $m		2020 $m
Operating activities		72			55		39
Investing activities		(6	)		–		–
Financing activities		36			32		65
Net cash paid		102			87		104