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Leases
 12 Months Ended
Dec. 31, 2021
Text Block [Abstract]  
Leases
24
Leases
 
i)
As a lessee
The Group leases office premises and motor vehicles. These leases, which have fixed rental payments, typically run for a period of one to eleven years with an option to renew the lease after that term.
The Group leases office equipment with contract terms of one to five years. These leases are short-term and/or leases of low-value items. The Group has elected not to recognize right-of-use assets and lease liabilities for these leases.
 
 
a)
Right-of-use
assets
Right-of-use assets related to leased properties that do not meet the definition of investment property and are presented as property, plant and equipment.
 
     
                    
      
                    
      
                    
  
    
Property
     
Motor

vehicles
     
Total
  
(in $ millions)
   
$
     
$
     
$
  
Balance at January 1, 2020
   
 
48
 
   
 
1
 
   
 
49
 
Depreciation
  
 
(29
) 
   
 
(1
) 
   
 
(30
) 
Additions
  
 
24
 
   
 
*
 
   
 
24
 
Derecognition
  
 
(5
) 
   
 
*
 
   
 
(5
) 
Effects of movement in exchange rates
   
 
1
 
   
 
*
 
   
 
1
 
Balance at December 31, 2020
   
 
39
 
   
 
*
 
   
 
39
 
 
 
*
Amounts less than $1 million
     
                    
      
                    
      
                    
  
    
Property
     
Motor

vehicles
     
Total
  
(in $ millions)
   
$
     
$
     
$
  
Balance at January 1, 2021
   
 
39
 
   
 
*
 
   
 
39
 
Depreciation
  
 
(27
) 
   
 
*
 
   
 
(27
) 
Additions
  
 
100
 
   
 
6
 
   
 
106
 
Derecognition
   
 
*
 
   
 
*
 
   
 
*
 
Effects of movement in exchange rates
   
 
*
 
   
 
*
 
   
 
*
 
Balance at December 31, 2021
   
 
112
 
   
 
6
 
   
 
118
 
 
 
*
Amounts less than $1 million
 
 
b)
Amounts recognized in profit or loss
 

 
  
2021
 
  
2020
 
(in $ millions)
 
 
 
$
 
 
 
 
$
 
Interest on lease liabilities
      5
 
  
 
3
 
Income from
sub-leasing
right-of-use
assets presented in ‘Revenue’
      (1
)
 
  
 
(2
) 
Expenses relating to short-term leases
      1
 
  
 
1
 
Expenses relating to leases of
low-value
assets, excluding short-term leases of
low-value
assets
      *
 
  
 
 *
 
Expenses relating to variable lease payments not included in the measurement of lease liabilities
      1
 
  
 
1
 
 
 
*
Amount less than $1 million
 
 
c)
Amounts recognized in statement of cash flows
 

 
  
2021
 
  
2020
 
(in $ millions)
 
 
 
$
 
 
 
 
$
 
Total cash outflow for leases
  
 
24
 
  
 
30
 
 
  
 
 
 
  
 
 
 
 

ii)
As a lessor
The Group leases out its motor vehicles consisting of its owned vehicles as well as leased vehicles. All leases are classified as operating leases because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets.
Rental income recognized by the Group during 2021 was $103 million (2020: $95 million). The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date.
 
    
2021
     
2020
  
(in $ millions)
   
$
     
$
  
Not later than one year
      42        52  
Later than one year and not later than five years
      3        33  
(Also refer to Notes 14 and 25)