Other Reserves

12 Months Ended

Dec. 31, 2022

C.4

Other reserves


	2022 US$m		2021 US$m		2020 US$m
Other reserves
Employee benefits reserve		278		232		219
Foreign currency translation reserve		796		793		793
Hedging reserve 1		(586)		(400)		(71)
Distributable profits reserve 2		3,541		58		462
Other reserves		2		-		-
		4,031		683		1,403

1.	The portion of the hedging reserve relating to settled hedges is $226 million.

2.	For the year ended 31 December 2022, the Group transferred $5,553 million of retained earnings to the distributable profits reserve. The increase was offset by the 2022 interim dividend of $2,070 million which was paid on 6 October 2022.

Nature and purpose

Employee benefits reserve

Used to record share-based payments associated with the employee share plans.

Foreign currency translation reserve

Used to record foreign exchange differences arising from the translation of the financial statements of foreign entities from their functional currency to the Group’s presentation currency.

Hedging reserve

Used to record gains and losses on hedges designated as cash flow hedges, and foreign currency basis spread arising from the designation of a financial instrument as a hedging instrument. Gains and losses accumulated in the cash flow hedge reserve for qualifying assets are capitalised against the carrying amount of that asset and taken to the income statement as the asset is depreciated.

Distributable profits reserve

Used to record distributable profits generated by the Parent entity, Woodside Energy Group Ltd.

Other reserves

Used to record gains and losses on financial instruments at fair value through other comprehensive income.