Leases (Tables)

12 Months Ended

Dec. 31, 2023

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 2022		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
Additions and other re-measurements		15			–			2			17
Transfers to investment property		(2	)		2			–			–
Terminations		(51	)		–			(1	)		(52	)
Exchange and other adjustments		1			–			–			1
At 31 December 2023		534			52			3			589
Depreciation and impairment
At 1 January 2022		(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	)
Provided		(22	)		–			–			(22	)
System Fund expense		(2	)		–			–			(2	)
Transfers to investment property		2			(2	)		–			–
Terminations		51			–			1			52
Exchange and other adjustments		(1	)		–			–			(1	)
At 31 December 2023		(266	)		(49	)		(1	)		(316	)
Net book value
At 31 December 2023		268			3			2			273
At 31 December 2022		277			3			–			280
At 1 January 2022		273			–			1			274

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		2023 $m				2022 $m
US dollars			357				363
Sterling			32				31
Euros			4				5
Other			33				28
			426				427
Analysed as:
Current			30				26
Non-current			396				401
			426				427

Disclosure Of Lease Expenditure Recognised Explanatory

Amounts recognised in the Group income statement

		2023 $m				2022 $m				2021 $m
Depreciation of right-of-use assets			22				25				27
System Fund depreciation of right-of-use assets			2				3				3
System Fund impairment reversal			–				–				(3	)
Expense relating to variable lease payments			62				47				31
Expense relating to short-term leases and low-value assets			2				1				1
Income from operating subleases of right-of-use assets			(2	)			(1	)			(1	)
Recognised in operating profit			86				75				58
Interest on lease liabilities			29				29				29
Total recognised in the Group income statement			115				104				87

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

Amounts recognised in the Group statement of cash flows

	2023 $m			2022 $m			2021 $m
Operating activities		92			72			55
Investing activities		–			(6	)		–
Financing activities		28			36			32
Net cash paid		120			102			87