v3.25.2
Interest expense
 12 Months Ended
Dec. 31, 2023
Analysis of income and expense [abstract]  
Interest Expense Interest expense
$ million
202320222021
Interest incurred and similar charges2,6691,9712,086
Interest expense related to leases1,7721,7241,987
Less: interest capitalised(532)(950)(917)
Other net losses/(gains) on fair value and cash flow hedges of debt
45(71)1
Accretion expense719507450
Total4,6733,1813,607
The rate applied in determining the amount of interest capitalised in 2023 was 4.0% (2022: 4.0%; 2021: 4.0%).
* Non-GAAP measure (see page 329).