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Trade and other receivables
 12 Months Ended
Dec. 31, 2024
Disclosure [Abstract]  
Trade and other receivables
16. Trade and other receivables
        
    2024
$m
        
    2023
$m
  
Current
                    
Trade receivables    
651
      580  
Other receivables    
41
      68  
Prepayments    
93
      92  
     
785
      740  
                     
Non-current
                    
Finance lease receivables    
12
      6  
Other receivables    
5
      3  
Prepayments    
18
      4  
     
35
      13  
 
  
  
Expected credit losses
The ageing of trade receivables shown below reflects the initial terms under the invoice rather than the revised terms in cases where payment flexibility has been provided to owners. The net balances presented in the table below could result in additional credit losses if they are ultimately found to be uncollectable. Expected credit losses relating to other receivables following their initial recognition are immaterial.
 
                     
    2024
                        
       2023
  
        
    Gross
$m
    
   Credit loss
allowance
$m
    
Net
$m
          
   Gross
$m
    
   Credit loss
allowance
$m
    
Net
$m
  
Not past due
    
384
 
–
 
384
   
354
 
(1
) 
  
353
Past due 1 to 30 days
    
90
 
(4
) 
  
86
   
88
 
(5
) 
  
83
Past due 31 to 90 days
    
80
 
(5
) 
  
75
   
69
 
(6
) 
  
63
Past due 91 to 180 days
    
53
 
(8
) 
  
45
   
51
 
(8
) 
  
43
Past due 181 to 360 days
    
66
 
(19
) 
  
47
   
38
 
(11
) 
  
27
Past due more than 361 days
    
98
 
(84
) 
  
14
   
86
 
(75
) 
  
11
     
771
 
(120
) 
  
651
   
 
 
686
 
(106
) 
  
580
 
Movement in the allowance for expected credit losses
      
    2024
$m
        
    2023
$m
  
At 1 January
    
(106
) 
    
(117
) 
Impairment (loss)/reversal
    
(16
)
    
1
System Fund impairment loss
    
(9
) 
    
–
Amounts written off
    
    8
   
9
Exchange and other adjustments
    
3
   
1
At 31 December
    
(120
) 
    
(106
) 
In 2024, the Group refined its expected credit loss model to calculate historical experience for certain populations of owner groups with different risk profiles to the core population. The difference between providing on this basis and using the regional provision matrix is immaterial.
Credit risk
The Group trades only with recognised, creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. The maximum exposure to credit risk for trade and other receivables, excluding prepayments, at the end of the reporting period is their carrying value of $709m (2023: $657m).