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Leases (Tables)
 12 Months Ended
Jun. 30, 2023
Text block [abstract]  
Summary of Movements in Lease Liabilities
Movements in the Group’s lease liabilities during the year are as follows:
 
    
2023
     2022  
    
US$M
     US$M  
At the beginning of the financial year
     
2,576
       3,896  
Additions
     
542
       866  
Acquisition of subsidiaries and operations
1
     
423
       –  
Remeasurements of index-linked freight contracts
     
53
       (369 ) 
Lease payments
2
     
(706
)
 		     (1,288 ) 
Foreign exchange movement
     
12
       (126 ) 
Amortisation of discounting
     
130
       125  
Divestment and demerger of subsidiaries and operations
3
     
–
       (492 ) 
Transfers and other movements
     
(11
)
 		     (36 ) 
  
 
 
    
 
 
  
At the end of the financial year
     
3,019
       2,576  
  
 
 
    
 
 
  
Comprising:
     
Current liabilities
     
521
       519  
Non-current liabilities
     
2,498
       2,057  
  
 
 
    
 
 
  
 
1
 
Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information.
 
2
 
Includes US$ nil (2022: US$39 million) related to Discontinued operations.
 
3
 
Relates to the divestment of BMC and merger of Petroleum with Woodside in FY2022. Refer to notes 3 ‘Exceptional items’ and 28 ‘Discontinued operations’ for more information.
Summary of Maturity Profile of Lease Liabilities
The maturity profile of lease liabilities based on the undiscounted contractual amounts is as follows:
 
Lease liability
   
2023
      2022  
    
US$M
      US$M  
Due for payment:
      
In one year or less or on demand
     
658
        579  
In more than one year but not more than two years
     
538
        443  
In more than two years but not more than five years
     
1,031
        936  
In more than five years
1
     
1,846
        1,470  
  
 
 
     
 
 
  
Total
     
4,073
        3,428  
  
 
 
     
 
 
  
Carrying amount
     
3,019
        2,576  
  
 
 
     
 
 
  
 
1
 
Includes US$808 million (2022: US$707 million) due for payment in more than ten years.
Summary of Movements in Right of Use Assets
Movements in the Group’s right-of-use assets during the year are as follows:
 
    
2023
     2022  
    
Land and
buildings
    
Plant and
equipment
    
Total
     Land and
buildings		     Plant and
equipment		     Total  
    
US$M
    
US$M
    
US$M
     US$M     US$M     US$M  
Net book value
             
At the beginning of the financial year
     
452
      
1,909
      
2,361
       638       2,712       3,350  
Additions
     
192
      
350
      
542
       41       825       866  
Acquisition of subsidiaries and operations
1
     
–
      
423
      
423
       –       –       –  
Remeasurements of index-linked freight contracts
     
–
      
53
      
53
       –       (369 )      (369 ) 
Depreciation expensed during the period
     
(71
)
 		    
(462
)
 		    
(533
)
 		     (103 )      (872 )      (975 ) 
Depreciation classified as exploration
     
–
      
–
      
–
       –       (3 )      (3 ) 
Impairments for the year
     
–
      
–
      
–
       (7 )      –       (7 ) 
Divestment and demerger of subsidiaries and operations
2
     
–
      
–
      
–
       (116 )      (313 )      (429 ) 
Transfers and other movements
     
–
      
(37
)
 		    
(37
)
 		     (1 )      (71 )      (72 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
At the end of the financial year
     
573
      
2,236
      
2,809
       452       1,909       2,361  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
– Cost
     
758
      
4,088
      
4,846
       745       4,307       5,052  
– Accumulated depreciation and impairments
     
(185
)
 		    
(1,852
)
 		    
(2,037
)
 		     (293 )      (2,398 )      (2,691 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
 
Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information.
 
2
 
Relates to the divestment of BMC and merger of Petroleum with Woodside in FY2022. Refer to notes 3 ‘Exceptional items’ and 28 ‘Discontinued operations’ for more information.
Summary of Amounts Recorded in Income Statement and Cash Flow Statements
Amounts r
e
corded in the income statement and the cash flow statement for the year were:
 
    
2023
      2022      2021     
Included within
    
US$M
      US$M      US$M       
Income statement
            
Depreciation of right-of-use assets
     
533
        964        753      Profit from operations
Short-term, low-value and variable lease costs
1
     
795
        847        834      Profit from operations
Interest on lease liabilities
     
130
        119        102      Financial expenses
Cash flow statement
            
Principal lease payments
     
576
        1,130        732      Cash flows from financing activities
Lease interest payments
     
130
        119        102      Cash flows from operating activities
 
1
 
Relates to US$714 million of variable lease costs (2022: US$585 million; 2021: US$510 million), US$47 million of short-term lease costs (2022: US$222 million; 2021: US$294 million) and US$34 million of low-value lease costs (2022: US$40 million; 2021: US$30 million). Variable lease costs include contracts for hire of mining service equipment, drill rigs and transportation services. These contracts contain variable lease payments based on usage and asset performance.