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Net debt
 12 Months Ended
Dec. 31, 2023
Text Block [Abstract]  
Net debt
23. Net debt
 
            
  2023
$m
           
  2022
$m
  
Cash and cash equivalents
      
 
1,322
 
     
 
976
 
Loans and other borrowings
  
– current
      
 
(599
) 
     
 
(55
) 
 
  
–
non-current
      
 
(2,567
) 
     
 
(2,341
) 
Lease liabilities
  
– current
      
 
(30
) 
     
 
(26
) 
 
  
–
non-current
      
 
(396
) 
     
 
(401
) 
Principal amounts payable/receivable on maturity of derivative financial instruments (note 24)
      
 
(2
) 
     
 
(4
) 
Net debt
  
 
      
 
(2,272
) 
     
 
(1,851
) 
 
Movement in net debt
          
  2023
$m
           
  2022
$m
  
Net increase/(decrease) in cash and cash equivalents, net of overdrafts
      
 
339
 
     
 
(393
) 
Add back financing cash flows in respect of other components of net debt:
      
 
 
 
     
 
 
 
Principal element of lease payments
      
 
28
 
     
 
36
 
(Issue)/repayment of long-term bonds
      
 
(657
) 
     
 
209
 
 
      
 
(629
) 
     
 
245
 
Increase in net debt arising from cash flows
      
 
(290
) 
     
 
(148
) 
Other movements:
      
 
 
 
     
 
 
 
Lease liabilities
      
 
(25
) 
     
 
(48
) 
Increase in accrued interest
      
 
(2
) 
     
 
(1
) 
Exchange and other adjustments
      
 
(104
) 
     
 
227
 
 
      
 
(131
) 
     
 
178
 
(Increase)/decrease in net debt
      
 
(421
) 
     
 
30
 
Net debt at beginning of the year
      
 
(1,851
) 
     
 
(1,881
) 
Net debt at end of the year
      
 
(2,272
) 
     
 
(1,851
) 
  Net debt as calculated for bank covenants can be found on page 201.
Loans and other borrowings (excluding bank overdrafts), lease liabilities and currency swaps and forwards 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
2023
$m
 
 
 
   
 
 
 
Financing
   cash flows
$m
 
 
 
  
 
 
 
Exchange
  adjustments
$m
 
 
 
   
 
 
   Other
$m
a,b
 
 
  
 
 
 
 At 31 December
2023
$m
 
 
 
Lease liabilities
  
 
   
 
427
 
   
 
(28
) 
  
 
2
 
   
 
25
 
  
 
426
 
€
500m 1.625% bonds 2024
     
 
534
 
   
 
–
 
  
 
20
 
   
 
1
 
  
 
555
 
£300m 3.75% bonds 2025
     
 
365
 
   
 
–
 
  
 
22
 
   
 
–
 
  
 
387
 
£350m 2.125% bonds 2026
     
 
423
 
   
 
–
 
  
 
25
 
   
 
1
 
  
 
449
 
€
500m 2.125% bonds 2027
     
 
539
 
   
 
–
 
  
 
20
 
   
 
–
 
  
 
559
 
£400m 3.375% bonds 2028
     
 
480
 
   
 
–
 
  
 
28
 
   
 
1
 
  
 
509
 
€
600m 4.375% bonds 2029
     
 
–
 
   
 
657
 
  
 
8
 
   
 
(2
) 
  
 
663
 
 
     
 
2,768
 
   
 
629
 
  
 
125
 
   
 
26
 
  
 
3,548
 
Currency swaps
     
 
4
 
   
 
–
 
  
 
–
 
   
 
16
 
  
 
20
 
Currency forwards
     
 
–
 
   
 
–
 
  
 
–
 
   
 
(15
) 
  
 
(15
) 
 
     
 
2,772
 
   
 
629
 
  
 
125
 
   
 
27
 
  
 
3,553
 
 
 
     
 
  At 1 January
2022
$m
 
 
 
   
 
 Financing
   cash flows
$m
 
 
 
  
 
 Exchange
   adjustments
$m
 
 
 
  
 
   Other
$m
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
 
 
a
 
The
non-cash
increase in lease liabilities principally arises from additions and other
re-measurements.
 
b
 
The change in value of currency swaps represents fair value movements and, in 2023, additions.