Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

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Reconciliation of Goodwill

Million US dollar	31 December 2023		31 December 2022
Acquisition cost
Balance at end of previous year		115 541		118 461
Effect of movements in foreign exchange		3 634		(3 147)
Disposal through business combinations		-		(32)
Transfers (to)/from other assets categories		(179)		(68)
Hyperinflation monetary adjustments		306		328
Balance at end of the period		119 302		115 541
Impairment losses
Balance at end of previous year		(2 531)		(2 665)
Effect of movements in foreign exchange		293		134
Impairment losses		(20)		-
Balance at end of the period		(2 259)		(2 531)
Carrying amount
Balance at end of the period		117 043		113 010

Summary of Carrying Amount of Goodwill Allocated to Different Cash-generating Units

The carrying amount of goodwill was allocated to the different cash-generating units as follows:

Million US dollar	31 December 2023		31 December 2022
United States		33 387		33 578
Rest of North America		2 024		1 981
Mexico		14 697		12 823
Colombia		15 982		12 692
Rest of Middle Americas		23 576		23 242
Brazil		3 780		3 508
Rest of South America		1 036		1 249
Europe		2 157		2 081
South Africa		8 801		9 551
Rest of Africa		4 609		5 131
China		3 028		3 119
Rest of Asia Pacific		3 407		3 505
Global Export and Holding Companies		559		549
Total carrying amount of goodwill		117 043		113 010

Summary of Weighted Average Cost of Capital

The WACC applied in US dollar nominal terms were as follows:

Cash-generating unit	31 December 2023		31 December 2022
Colombia		10%		8%
Rest of Middle Americas		13%		9%
South Africa		11%		9%
Rest of Africa		14%		15%
Rest of Asia Pacific		7%		7%