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Financial risk management (Tables) | 12 Months Ended
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Jun. 30, 2018
Text block1 [abstract] |
Summary of Financial Assets and Liabilities by Class |
2018 US$M |  | Loans and receivables |  |  | Available for sale securities |  |  | Held at fair value through profit or loss |  |  | Cash flow hedges |  |  | Other financial assets and liabilities at amortised cost |  |  | Total |
Fair value hierarchy (1) |  |  |  |  |  |  | Level 3 |  |  |  | Levels 1,2 & 3 |  |  |  | Level 2 |  |  |  |  |  |  |  |  |
Current cross currency and interest rate swaps |  |  | – |  |  |  | – |  |  |  | 12 |  |  |  | – |  |  |  | – |  |  |  | 12 |
Current other derivative contracts (2) |  |  | – |  |  |  | – |  |  |  | 170 |  |  |  | – |  |  |  | – |  |  |  | 170 |
Current available for sale shares and other investments (3)(4) |  |  | – |  |  |  | – |  |  |  | 18 |  |  |  | – |  |  |  | – |  |  |  | 18 |
Non-current cross currency and interest rate swaps |  |  | – |  |  |  | – |  |  |  | 423 |  |  |  | (27 | ) |  |  | – |  |  |  | 396 |
Non-current other derivative contracts (2) |  |  | – |  |  |  | – |  |  |  | 195 |  |  |  | – |  |  |  | – |  |  |  | 195 |
Non-current available for sale shares and other investments (3)(4)(5) |  |  | – |  |  |  | 80 |  |  |  | 328 |  |  |  | – |  |  |  | – |  |  |  | 408 |
Total other financial assets |  |  | – |  |  |  | 80 |  |  |  | 1,146 |  |  |  | (27 | ) |  |  | – |  |  |  | 1,199 |
Cash and cash equivalents |  |  | 15,871 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 15,871 |
Trade and other receivables (6) |  |  | 1,799 |  |  |  | – |  |  |  | 1,126 |  |  |  | – |  |  |  | – |  |  |  | 2,925 |
Loans to equity accounted investments |  |  | 13 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 13 |
Total financial assets |  |  | 17,683 |  |  |  | 80 |  |  |  | 2,272 |  |  |  | (27 | ) |  |  | – |  |  |  | 20,008 |
Non-financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 91,985 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 111,993 |
Current cross currency and interest rate swaps |  |  | – |  |  |  | – |  |  |  | 171 |  |  |  | (50 | ) |  |  | – |  |  |  | 121 |
Current other derivative contracts (2)(7) |  |  | – |  |  |  | – |  |  |  | 17 |  |  |  | – |  |  |  | – |  |  |  | 17 |
Non-current cross currency and interest rate swaps |  |  | – |  |  |  | – |  |  |  | 298 |  |  |  | 794 |  |  |  | – |  |  |  | 1,092 |
Non-current other derivative contracts (2)(7) |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 1 |
Total other financial liabilities |  |  | – |  |  |  | – |  |  |  | 487 |  |  |  | 744 |  |  |  | – |  |  |  | 1,231 |
Trade and other payables (8) |  |  | – |  |  |  | – |  |  |  | 377 |  |  |  | – |  |  |  | 5,414 |  |  |  | 5,791 |
Bank overdrafts and short-term borrowings (9) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 58 |  |  |  | 58 |
Bank loans (9) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,555 |  |  |  | 2,555 |
Notes and debentures (9) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 23,298 |  |  |  | 23,298 |
Finance leases |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 802 |  |  |  | 802 |
Other (9) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 92 |  |  |  | 92 |
Total financial liabilities |  |  | – |  |  |  | – |  |  |  | 864 |  |  |  | 744 |  |  |  | 32,219 |  |  |  | 33,827 |
Non-financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,496 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51,323 |
2017 US$M |  | Loans and receivables |  |  | Available for sale securities |  |  | Held at fair value through profit or loss |  |  | Cash flow hedges |  |  | Other financial assets and liabilities at amortised cost |  |  | Total |
Fair value hierarchy (1) |  |  |  |  |  |  | Level 3 |  |  |  | Levels 1,2 & 3 |  |  |  | Level 2 |  |  |  |  |  |  |  |  |
Current other derivative contracts (2) |  |  | – |  |  |  | – |  |  |  | 41 |  |  |  | – |  |  |  | – |  |  |  | 41 |
Current available for sale shares and other investments (3) (4) |  |  | – |  |  |  | – |  |  |  | 31 |  |  |  | – |  |  |  | – |  |  |  | 31 |
Non-current cross currency and interest rate swaps |  |  | – |  |  |  | – |  |  |  | 578 |  |  |  | 27 |  |  |  | – |  |  |  | 605 |
Non-current other derivative contracts (2) |  |  | – |  |  |  | – |  |  |  | 332 |  |  |  | – |  |  |  | – |  |  |  | 332 |
Non-current available for sale shares and other investments (3) (4) (5) |  |  | – |  |  |  | 70 |  |  |  | 274 |  |  |  | – |  |  |  | – |  |  |  | 344 |
Total other financial assets |  |  | – |  |  |  | 70 |  |  |  | 1,256 |  |  |  | 27 |  |  |  | – |  |  |  | 1,353 |
Cash and cash equivalents |  |  | 14,153 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 14,153 |
Trade and other receivables (6) |  |  | 1,813 |  |  |  | – |  |  |  | 920 |  |  |  | – |  |  |  | – |  |  |  | 2,733 |
Loans to equity accounted investments |  |  | 644 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 644 |
Total financial assets |  |  | 16,610 |  |  |  | 70 |  |  |  | 2,176 |  |  |  | 27 |  |  |  | – |  |  |  | 18,883 |
Non-financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 98,123 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 117,006 |
Current cross currency and interest rate swaps |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | 254 |  |  |  | – |  |  |  | 250 |
Current other derivative contracts (2) (7) |  |  | – |  |  |  | – |  |  |  | 144 |  |  |  | – |  |  |  | – |  |  |  | 144 |
Non-current cross currency and interest rate swaps |  |  | – |  |  |  | – |  |  |  | 42 |  |  |  | 1,053 |  |  |  | – |  |  |  | 1,095 |
Non-current other derivative contracts (2) (7) |  |  | – |  |  |  | – |  |  |  | 4 |  |  |  | 7 |  |  |  | – |  |  |  | 11 |
Total other financial liabilities |  |  | – |  |  |  | – |  |  |  | 186 |  |  |  | 1,314 |  |  |  | – |  |  |  | 1,500 |
Trade and other payables (8) |  |  | – |  |  |  | – |  |  |  | 502 |  |  |  | – |  |  |  | 4,920 |  |  |  | 5,422 |
Bank overdrafts and short-term borrowings (9) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 45 |  |  |  | 45 |
Bank loans (9) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,281 |  |  |  | 2,281 |
Notes and debentures (9) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 27,041 |  |  |  | 27,041 |
Finance leases |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 897 |  |  |  | 897 |
Other (9) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 210 |  |  |  | 210 |
Total financial liabilities |  |  | – |  |  |  | – |  |  |  | 688 |  |  |  | 1,314 |  |  |  | 35,394 |  |  |  | 37,396 |
Non-financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,884 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,280 |
(1) | All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 with the exception of the specified items in the following footnotes.
(2) | Includes other derivative contracts of US$213 million (2017: US$365 million) categorised as Level 3.
(3) | Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$343 million (2017: US$304 million).
(4) | Includes other investments held at fair value through profit or loss (US Treasury Notes) of US$108 million categorised as Level 1 (2017: US$97 million).
(5) | Includes shares and other investments available for sale of US$80 million (2017: US$70 million) categorised as Level 3.
(6) | Excludes input taxes of US$338 million (2017: US$262 million) included in other receivables. Refer to note 7 ‘Trade and other receivables’.
(7) | Includes US$nil (2017: US$7 million) natural gas futures contracts used by the Group to mitigate price risk designated as cash flow hedges.
(8) | Excludes input taxes of US$189 million (2017: US$134 million) included in other payables. Refer to note 8 ‘Trade and other payables’.
(9) | All interest bearing liabilities, excluding finance leases, are unsecured.
Summary of Movement of Interest Bearing Liabilities and Related Derivatives | The movement in the year in the Group’s interest bearing liabilities and related derivatives is as follows:
2018 US$M |  | Interest bearing liabilities |  |  | Derivatives (assets)/ liabilities |  |  |  |
|  | Bank loans |  |  | Notes and debentures |  |  | Finance leases |  |  | Bank overdraft and short- term borrowings |  |  | Other |  |  | Cross currency and interest rate swaps |  |  | Total |
At the beginning of the financial year |  |  | 2,281 |  |  |  | 27,041 |  |  |  | 897 |  |  |  | 45 |  |  |  | 210 |  |  |  | 740 |  |  |  |  |
Proceeds from interest bearing liabilities |  |  | 500 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 28 |  |  |  | – |  |  |  | 528 |
Settlements of debt related instruments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (218 | ) |  |  | (218 | )
Repayment of interest bearing liabilities |  |  | (221 | ) |  |  | (3,736 | ) |  |  | (81 | ) |  |  | – |  |  |  | (150 | ) |  |  | – |  |  |  | (4,188 | )
Change from Net financing cash flows |  |  | 279 |  |  |  | (3,736 | ) |  |  | (81 | ) |  |  | – |  |  |  | (122 | ) |  |  | (218 | ) |  |  | (3,878 | )
Other movements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate impacts |  |  | – |  |  |  | (353 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 329 |  |  |  |  |
Foreign exchange impacts |  |  | – |  |  |  | 245 |  |  |  | (9 | ) |  |  | – |  |  |  | – |  |  |  | (254 | ) |  |  |  |
Other interest bearing liabilities/derivative related changes |  |  | (5 | ) |  |  | 101 |  |  |  | – |  |  |  | 13 |  |  |  | 4 |  |  |  | 208 |  |  |  |  |
Liabilities transferred to held for sale |  |  | – |  |  |  | – |  |  |  | (5 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |
At the end of the financial year |  |  | 2,555 |  |  |  | 23,298 |  |  |  | 802 |  |  |  | 58 |  |  |  | 92 |  |  |  | 805 |  |  |  |  |

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