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Financial risk management (Tables) | 12 Months Ended
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Jun. 30, 2019
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Summary of Financial Assets and Liabilities by Class |
|  | IFRS 13 Fair value hierarchy Level |  | IFRS 9 Classification (1) |  | 2019 US$M |  |  | 2018 US$M |
Fair value hierarchy (2) |  |  |  |  |  |  |  |  |  |  |  |
Current cross currency and interest rate swaps |  | 2 |  | Fair value through profit or loss |  |  | 15 |  |  |  | 12 |
Current other derivative contracts (3) |  | 2,3 |  | Fair value through profit or loss |  |  | 57 |  |  |  | 170 |
Current other investments (4) |  | 1,2 |  | Fair value through profit or loss |  |  | 15 |  |  |  | 18 |
Non-current cross currency and interest rate swaps |  | 2 |  | Fair value through profit or loss |  |  | 739 |  |  |  | 396 |
Non-current other derivative contracts (3) |  | 2,3 |  | Fair value through profit or loss |  |  | 180 |  |  |  | 195 |
Non-current investment in shares |  | 3 |  | Fair value through other comprehensive income |  |  | 34 |  |  |  | 33 |
Non-current investment in shares |  | 3 |  | Fair value through profit or loss |  |  | 6 |  |  |  | – |
Non-current other investments (4)(5) |  | 1,2,3 |  | Fair value through profit or loss |  |  | 344 |  |  |  | 375 |
Total other financial assets |  |  |  |  |  |  | 1,390 |  |  |  | 1,199 |
Cash and cash equivalents |  |  |  | Amortised cost |  |  | 15,613 |  |  |  | 15,871 |
Trade and other receivables (6) |  |  |  | Amortised cost |  |  | 1,929 |  |  |  | 1,799 |
Provisionally priced trade receivables (6) |  | 2 |  | Fair value through profit or loss |  |  | 1,446 |  |  |  | 1,126 |
Loans to equity accounted investments |  |  |  | Amortised cost |  |  | 33 |  |  |  | 13 |
Total financial assets |  |  |  |  |  |  | 20,411 |  |  |  | 20,008 |
Non-financial assets |  |  |  |  |  |  | 80,450 |  |  |  | 91,985 |
Total assets |  |  |  |  |  |  | 100,861 |  |  |  | 111,993 |
Current cross currency and interest rate swaps |  | 2 |  | Fair value through profit or loss |  |  | 63 |  |  |  | 121 |
Current other derivative contracts (3) |  | 2,3 |  | Fair value through profit or loss |  |  | 64 |  |  |  | 17 |
Non-current cross currency and interest rate swaps |  | 2 |  | Fair value through profit or loss |  |  | 895 |  |  |  | 1,092 |
Non-current other derivative contracts (3) |  | 2,3 |  | Fair value through profit or loss |  |  | 1 |  |  |  | 1 |
Total other financial liabilities |  |  |  |  |  |  | 1,023 |  |  |  | 1,231 |
Trade and other payables (7) |  |  |  | Amortised cost |  |  | 6,283 |  |  |  | 5,414 |
Provisionally priced trade payables (7) |  | 2 |  | Fair value through profit or loss |  |  | 277 |  |  |  | 377 |
Bank overdrafts and short-term borrowings (8) |  |  |  | Amortised cost |  |  | 20 |  |  |  | 58 |
Bank loans (8) |  |  |  | Amortised cost |  |  | 2,498 |  |  |  | 2,555 |
Notes and debentures (8) |  |  |  | Amortised cost |  |  | 21,529 |  |  |  | 23,298 |
Finance leases |  |  |  | Amortised cost |  |  | 715 |  |  |  | 802 |
Other (8) |  |  |  | Amortised cost |  |  | 66 |  |  |  | 92 |
Total financial liabilities |  |  |  |  |  |  | 32,411 |  |  |  | 33,827 |
Non-financial liabilities |  |  |  |  |  |  | 16,626 |  |  |  | 17,496 |
Total liabilities |  |  |  |  |  |  | 49,037 |  |  |  | 51,323 |
(1) | For classifications under IAS 39 refer to note 38 ‘New and amended accounting standards and interpretations’.
(2) | 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.
(3) | Includes other derivative contracts of US$200 million (2018: US$213 million) categorised as Level 3. Significant items are derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with net assets fair value of US$202 million (2018: US$216 million).
(4) | Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$309 million (2018: US$343 million) of which other investment (US Treasury Notes) of US$128 million categorised as Level 1 (2018: US$108 million).
(5) | Includes other investments of US$47 million (2018: US$47 million) categorised as Level 3.
(6) | Excludes input taxes of US$367 million (2018: US$338 million) included in other receivables. Refer to note 8 ‘Trade and other receivables’.
(7) | Excludes input taxes of US$162 million (2018: US$189 million) included in other payables. Refer to note 9 ‘Trade and other payables’.
(8) | All interest bearing liabilities, excluding finance leases, are unsecured.
Summary of Carrying Amounts of Group's Notes and Debentures by Currency and Derivatives Which Hedge | The table below shows the carrying amounts of the Group’s notes and debentures by currency and the derivatives which hedge them:
• |  | The carrying amount of the notes and debentures includes foreign exchange remeasurement to period end rates and fair value adjustments when included in a fair value hedge.
• |  | The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments.
• |  | The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement.
|  |  |  |  | Fair value of derivatives |
2019 US$M |  | Carrying amount of notes and debentures |  |  | Foreign exchange notional at spot rates |  |  | Interest rate risk |  |  | Recognised in cash flow hedging reserve |  |  | Recognised in cost of hedging reserve |  |  | Recognised in the income statement |  |  | Accrued cash flows |  |  | Total |  |  | Hedged value of notes and debentures |
|  | A |  |  | B |  |  | C |  |  | D |  |  | E |  |  | F |  |  | G |  |  | B to G |  |  | A + B + C |
USD |  |  | 9,433 |  |  |  | – |  |  |  | (253 | ) |  |  | _ |  |  |  | – |  |  |  | 20 |  |  |  | 111 |  |  |  | (122 | ) |  |  | 9,180 |
GBP |  |  | 3,118 |  |  |  | 678 |  |  |  | (517 | ) |  |  | (57 | ) |  |  | 70 |  |  |  | (2 | ) |  |  | 62 |  |  |  | 234 |  |  |  | 3,279 |
EUR |  |  | 7,680 |  |  |  | 378 |  |  |  | (566 | ) |  |  | (100 | ) |  |  | 33 |  |  |  | 54 |  |  |  | 82 |  |  |  | (119 | ) |  |  | 7,492 |
CAD |  |  | 594 |  |  |  | 175 |  |  |  | (22 | ) |  |  | (5 | ) |  |  | 3 |  |  |  | (4 | ) |  |  | 1 |  |  |  | 148 |  |  |  | 747 |
AUD |  |  | 704 |  |  |  | 73 |  |  |  | (4 | ) |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | (5 | ) |  |  | 63 |  |  |  | 773 |
Total |  |  | 21,529 |  |  |  | 1,304 |  |  |  | (1,362 | ) |  |  | (163 | ) |  |  | 106 |  |  |  | 68 |  |  |  | 251 |  |  |  | 204 |  |  |  | 21,471 |
2018 US$M |  |  | 23,298 |  |  |  | 1,145 |  |  |  | (633 | ) |  |  | (85 | ) |  |  | – |  |  |  | 71 |  |  |  | 307 |  |  |  | 805 |  |  |  | 23,810 |
Summary of Reconciliation of Components of Equity and Analysis of Movements in Reserves for all Hedges | The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 16 ‘Other equity’.
2019 US$M |  | Cash flow hedging reserve |  |  | Cost of hedging reserve |  |  | Total |
|  | Gross |  |  | Tax |  |  | Net |  |  | Gross |  |  | Tax |  |  | Net |  |  |  |
At the beginning of the financial year |  |  | 85 |  |  |  | (27 | ) |  |  | 58 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 58 |
Impact of adoption of IFRS 9 |  |  | 176 |  |  |  | (52 | ) |  |  | 124 |  |  |  | (176 | ) |  |  | 52 |  |  |  | (124 | ) |  |  | – |
Add: Change in fair value of hedging instrument recognised in OCI |  |  | (327 | ) |  |  | 98 |  |  |  | (229 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (229 | )
Less: Reclassified from reserves to interest expense – recognised through OCI |  |  | 229 |  |  |  | (68 | ) |  |  | 161 |  |  |  | 70 |  |  |  | (20 | ) |  |  | 50 |  |  |  | 211 |
At the end of the financial year |  |  | 163 |  |  |  | (49 | ) |  |  | 114 |  |  |  | (106 | ) |  |  | 32 |  |  |  | (74 | ) |  |  | 40 |
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 are as follows:
2019 US$M |  | Interest bearing liabilities |  |  | Derivatives (assets)/ liabilities |  |  |  |
|  | Bank loans |  |  | Notes and debentures |  |  | Finance leases |  |  | Bank overdraft and short- term borrowings |  |  | Other |  |  | Cross currency and interest rate swaps |  |  | Total |
At the beginning of the financial year |  |  | 2,555 |  |  |  | 23,298 |  |  |  | 802 |  |  |  | 58 |  |  |  | 92 |  |  |  | 805 |  |  |  |  |
Proceeds from interest bearing liabilities |  |  | 250 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 250 |
Settlements of debt related instruments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (160 | ) |  |  | (160 | )
Repayment of interest bearing liabilities |  |  | (308 | ) |  |  | (2,198 | ) |  |  | (75 | ) |  |  | – |  |  |  | (23 | ) |  |  | – |  |  |  | (2,604 | )
Change from Net financing cash flows |  |  | (58 | ) |  |  | (2,198 | ) |  |  | (75 | ) |  |  | – |  |  |  | (23 | ) |  |  | (160 | ) |  |  | (2,514 | )
Other movements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate impacts |  |  | – |  |  |  | 729 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (809 | ) |  |  |  |
Foreign exchange impacts |  |  | – |  |  |  | (311 | ) |  |  | (11 | ) |  |  | – |  |  |  | – |  |  |  | 319 |  |  |  |  |
Other interest bearing liabilities/derivative related changes |  |  | 1 |  |  |  | 11 |  |  |  | (1 | ) |  |  | (38 | ) |  |  | (3 | ) |  |  | 49 |  |  |  |  |
At the end of the financial year |  |  | 2,498 |  |  |  | 21,529 |  |  |  | 715 |  |  |  | 20 |  |  |  | 66 |  |  |  | 204 |  |  |  |  |
2018 US$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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