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v3.22.4

Leases | 12 Months Ended
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Dec. 31, 2022
Text Block [abstract] |
Leases |
D.7 |  | Leases
|  | Land and buildings |  |  | Plant and equipment 2 |  |  | Total
|  | US$m |  |  | US$m |  |  | US$m
Lease assets |  |  |  |  |  |  |  |  |  |  |  |
Year ended 31 December 2022 |  |  |  |  |  |  |  |  |  |  |  |
Carrying amount at 1 January 2022 |  |  | 377 |  |  |  | 703 |  |  |  | 1,080 |
Acquisitions through business combination 1 |  |  | 120 |  |  |  | 22 |  |  |  | 142 |
Additions |  |  | 4 |  |  |  | 238 |  |  |  | 242 |
Lease remeasurements |  |  | 5 |  |  |  | 103 |  |  |  | 108 |
Depreciation |  |  | (42) |  |  |  | (266) |  |  |  | (308) |
Carrying amount at 31 December 2022 |  |  | 464 |  |  |  | 800 |  |  |  | 1,264 |
At 31 December 2022 |  |  |  |  |  |  |  |  |  |  |  |
Historical cost and remeasurements |  |  | 591 |  |  |  | 1,311 |  |  |  | 1,902 |
Accumulated depreciation, impairment and disposals |  |  | (127) |  |  |  | (511) |  |  |  | (638) |
Net carrying amount |  |  | 464 |  |  |  | 800 |  |  |  | 1,264 |
Lease liabilities |  |  |  |  |  |  |  |  |  |  |  |
Year ended 31 December 2022 |  |  |  |  |  |  |  |  |  |  |  |
At 1 January 2022 |  |  | 437 |  |  |  | 930 |  |  |  | 1,367 |
Acquisitions through business combination 1 |  |  | 245 |  |  |  | 23 |  |  |  | 268 |
Additions |  |  | 1 |  |  |  | 189 |  |  |  | 190 |
Repayments (principal and interest) |  |  | (60) |  |  |  | (305) |  |  |  | (365) |
Accretion of interest |  |  | 25 |  |  |  | 78 |  |  |  | 103 |
Lease remeasurements |  |  | (25) |  |  |  | 96 |  |  |  | 71 |
Carrying amount at 31 December 2022 |  |  | 623 |  |  |  | 1,011 |  |  |  | 1,634 |
Current |  |  | 48 |  |  |  | 276 |  |  |  | 324 |
Non-current |  |  | 575 |  |  |  | 735 |  |  |  | 1,310 |
Carrying amount at 31 December 2022 |  |  | 623 |  |  |  | 1,011 |  |  |  | 1,634 |
Lease assets |  |  |  |  |  |  |  |  |  |  |  |
Year ended 31 December 2021 |  |  |  |  |  |  |  |  |  |  |  |
Carrying amount at 1 January 2021 |  |  | 392 |  |  |  | 592 |  |  |  | 984 |
Additions |  |  | 14 |  |  |  | 214 |  |  |  | 228 |
Lease remeasurements |  |  | 15 |  |  |  | 16 |  |  |  | 31 |
Disposals at written down value |  |  | (12) |  |  |  | - |  |  |  | (12) |
Depreciation |  |  | (32) |  |  |  | (119) |  |  |  | (151) |
Carrying amount at 31 December 2021 |  |  | 377 |  |  |  | 703 |  |  |  | 1,080 |
At 31 December 2021 |  |  |  |  |  |  |  |  |  |  |  |
Historical cost |  |  | 462 |  |  |  | 948 |  |  |  | 1,410 |
Accumulated depreciation and impairment |  |  | (85) |  |  |  | (245) |  |  |  | (330) |
Net carrying amount |  |  | 377 |  |  |  | 703 |  |  |  | 1,080 |
Lease liabilities |  |  |  |  |  |  |  |  |  |  |  |
Year ended 31 December 2021 |  |  |  |  |  |  |  |  |  |  |  |
At 1 January 2021 |  |  | 484 |  |  |  | 794 |  |  |  | 1,278 |
Additions |  |  | 7 |  |  |  | 244 |  |  |  | 251 |
Repayments (principal and interest) |  |  | (70) |  |  |  | (192) |  |  |  | (262) |
Accretion of interest |  |  | 25 |  |  |  | 72 |  |  |  | 97 |
Lease remeasurements |  |  | (9) |  |  |  | 12 |  |  |  | 3 |
Carrying amount at 31 December 2021 |  |  | 437 |  |  |  | 930 |  |  |  | 1,367 |
Current |  |  | 19 |  |  |  | 172 |  |  |  | 191 |
Non-current |  |  | 418 |  |  |  | 758 |  |  |  | 1,176 |
Carrying amount at 31 December 2021 |  |  | 437 |  |  |  | 930 |  |  |  | 1,367 |
1. | Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details.
2. | Marine, vessels and carriers have been included within plant and equipment for the year ended 31 December 2022. The 2021 amounts have been reclassified to be presented on the same basis.
Recognition and measurement When a contract is entered into, the Group assesses whether the contract contains a lease. A lease arises when the Group has the right to direct the use of an identified asset which is not substitutable and to obtain substantially all economic benefits from the use of the asset throughout the period of use. The leases recognised by the Group predominantly relate to LNG vessels, property and drilling rigs. The Group separates the lease and non-lease components of the contract and accounts for these separately. The Group allocates the consideration in the contract to each component on the basis of their relative stand-alone prices. Leases as a lessee Lease assets and lease liabilities are recognised at the lease commencement date, which is when the assets are available for use. The assets are initially measured at cost, which is the present value of future lease payments adjusted for any lease payments made at or before the commencement date, plus any make-good obligations and initial direct costs incurred. Lease assets are depreciated using the straight-line method over the shorter of their useful life and the lease term. Refer to Note B.3 for the useful lives of assets. Periodic adjustments are made for any re-measurements of the lease assets and for impairment losses, assessed in accordance with the Group’s impairment policies. Lease liabilities are initially measured at the present value of future minimum lease payments, discounted using the Group’s incremental borrowing rate if the rate implicit in the lease cannot be readily determined, and are subsequently measured at amortised cost using the effective interest rate. Minimum lease payments are fixed payments or index-based variable payments incorporating the Group’s expectations of extension options and do not include non-lease components of a contract. A portfolio approach was taken when determining the implicit discount rate for LNG vessels with similar terms and conditions on transition. The lease liability is remeasured when there are changes in future lease payments arising from a change in rates, index or lease terms from exercising an extension or termination option. A corresponding adjustment is made to the carrying amount of the lease assets, with any excess recognised in the consolidated income statement. There are no restrictions placed upon the lessee by entering into these leases. Short-term leases and leases of low value Short-term leases (lease term of 12 months or less) and leases of low value assets are recognised as incurred as an expense in the consolidated income statement. Low value assets comprise plant and equipment. Foreign exchange risk The Group held $441 million of lease liabilities at 31 December 2022 (2021: $476 million) in currencies other than the US dollar (predominantly Australian dollars). Maturity profile of lease liabilities The table below presents the contractual undiscounted cash flows associated with the Group’s lease liabilities, representing principal and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position.
|  |  | 2022 US$m |  |  |  | 2021 US$m |
Due for payment in: |  |  |  |  |  |  |  |
1 year or less |  |  | 433 |  |  |  | 283 |
1-2 years |  |  | 272 |  |  |  | 283 |
2-3 years |  |  | 199 |  |  |  | 191 |
3-4 years |  |  | 186 |  |  |  | 171 |
4-5 years |  |  | 176 |  |  |  | 161 |
More than 5 years |  |  | 966 |  |  |  | 789 |
|  |  | 2,232 |  |  |  | 1,878 |
Lease commitments The table below presents the contractual undiscounted cash flows associated with the Group’s future lease commitments for non-cancellable leases not yet commenced, representing principal and interest.
|  |  | 2022 US$m |  |  |  | 2021 US$m |
Due for payment in: |  |  |  |  |  |  |  |
Within one year |  |  | 67 |  |  |  | 80 |
After one year but not more than five years |  |  | 263 |  |  |  | 159 |
Later than five years |  |  | 1,288 |  |  |  | 49 |
|  |  | 1,618 |  |  |  | 288 |
Payments of $162 million (2021: $68 million) for short-term leases (lease term of 12 months or less) and payments of $12 million (2021: $18 million) for leases of low value assets were expensed in the consolidated income statement. Total payments for leases in the consolidated statement of cash flows are $525 million (2021: $330 million), with $258 million (2021: $244 million) included in financing activities. The Group has short-term and low value lease commitments for marine vessels and carriers, property, drill rigs and plant and equipment contracted for, but not provided for in the financial statements, of $60 million (2021: $53 million).
Key estimates and judgements (a) Control Judgement is required to assess whether a contract is or contains a lease at inception by assessing whether the Group has the right to direct the use of the identified asset and obtain substantially all the economic benefits from the use of that asset. (b) Lease term Judgement is required when assessing the term of the lease and whether to include optional extension and termination periods. Option periods are only included in determining the lease term at inception when they are reasonably certain to be exercised. Lease terms are reassessed when a significant change in circumstances occurs. On this basis, possible additional lease payments amounting to $2,323 million (2021: $1,654 million) were not included in the measurement of lease liabilities. (c) lnterest in joint arrangements Judgement is required to determine the Group’s rights and obligations for lease contracts within joint operations, to assess whether lease liabilities are recognised gross (100%) or in proportion to the Group’s participating interest in the joint operation. This includes an evaluation of whether the lease arrangement contains a sublease with the joint operation. (d) Discount rates Judgement is required to determine the discount rate, where the discount rate is the Group’s incremental borrowing rate if the rate implicit in the lease cannot be readily determined. The incremental borrowing rate is determined with reference to the Group’s borrowing portfolio at the inception of the arrangement or the time of the modification.

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