Cash and borrowings

Schedule of borrowings repayable

Within

Between

one year or

one and

two and

three and

four and

After

on demand

two years

three years

four years

five years

Total

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

 

$ million

At 31 December 2025

Bank overdrafts and loans

8

–

8

Corporate bond

–

349

–

591

897

641

2,478

Private placement notes

75

140

60

100

95

155

625

Lease liabilities¹

67

53

38

27

17

24

226

150

542

98

718

1,009

820

3,337

At 31 December 2024

Bank overdrafts

2

–

2

Corporate bond

–

348

–

527

1,623

2,498

Private placement notes

–

75

140

60

100

250

625

Lease liabilities¹

61

46

36

23

17

24

207

63

121

524

83

644

1,897

3,332

1	The lease liabilities presented above of $226m (2024: $207m) are on an undiscounted basis. The lease liabilities on a discounted basis are $216m (2024: $196m).

Schedule of year end financial liabilities by contractual maturity


	Within one		Between		Between
	year or on		one and		two and		After
	demand		two years		five years		five years		Total
	$ million		$ million		$ million		$ million		$ million
At 31 December 2025
Non-derivative financial liabilities:
Bank overdrafts and loans	8		–		–		–		8
Corporate bond	90		426		1,682		773		2,971
Trade and other payables	1,253		–		2		–		1,255
Private placement notes	92		154		282		162		690
Acquisition consideration	7		–		165		–		172
Derivative financial liabilities:
Currency swaps – outflow	419		–		–		–		419
Currency swaps – inflow	(417)		–		–		–		(417)
Forward foreign exchange contracts – outflow¹	401		279		91		–		771
Forward foreign exchange contracts – inflow¹	(394)		(278)		(92)		–		(764)
	1,459		581		2,130		935		5,105
At 31 December 2024
Non-derivative financial liabilities:
Bank overdrafts and loans	2		–		–		–		2
Corporate bond	98		95		1,109		1,825		3,127
Trade and other payables	1,082		–		–		–		1,082
Private placement notes	19		92		335		263		709
Acquisition consideration	28		5		165		–		198
Derivative financial instruments:
Currency swaps – outflow	455		–		–		–		455
Currency swaps – inflow	(454)		–		–		–		(454)
Forward foreign exchange contracts – outflow¹	2,415		–		–		–		2,415
Forward foreign exchange contracts – inflow¹	(2,445)		–		–		–		(2,445)
	1,200		192		1,609		2,088		5,089

1 Refer to note 16.1 for details of foreign exchange risk management and the currencies being hedged.