Finance debt (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about borrowings


						$ million
			2023			2022
	Current	Non-current	Total	Current	Non-current	Total
Borrowings	3,284	48,670	51,954	3,198	43,746	46,944

The following table shows the weighted-average interest rates achieved through a combination of borrowings and derivative financial instruments entered into to manage interest rate and currency exposures.


		Fixed rate debt		Floating rate debt		Total
	Weighted average interest rate %	Weighted average time for which rate is fixed Years	Amount $ million	Weighted average interest rate %	Amount $ million	Amount $ million
						2023
US dollar	4	13	33,511	8	18,134	51,645
Other currencies	6	7	205	10	104	309
			33,716		18,238	51,954

						2022
US dollar	3	14	28,651	6	18,105	46,756
Other currencies	6	8	188	—	—	188
			28,839		18,105	46,944

Summary of the fair value and carrying amount of finance debt

The carrying amount of the group’s short-term borrowings, comprising mainly of commercial paper, approximates their fair value. The fair values of the significant majority of the group’s long-term borrowings are determined using quoted prices in active markets, and so fall within level 1 of the fair value hierarchy. Where quoted prices are not available, quoted prices for similar instruments in active markets are used and such measurements are therefore categorized in level 2 of the fair value hierarchy.


				$ million
		2023		2022
	Fair value	Carrying amount	Fair value	Carrying amount
Short-term borrowings	596	596	901	901
Long-term borrowings	48,199	51,358	41,689	46,043
Total finance debt	48,795	51,954	42,590	46,944