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Risks arising from financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Summary of Financial Assets And Financial Liabilities | Set out below is an overvi e w of financial assets 1 and liabilities held by the company as at the dates indicated:
|  | 31 December 2021 |  |  | 31 December 2020 |
|  |  |  |  | At fair |  |  |  |  |  |  |  |  |  |  |  | At fair |  |  |  |  |  |  |
|  |  |  |  | value |  |  | At fair |  |  |  |  |  |  |  |  | value |  |  | At fair |  |  |  |
|  | At |  |  | through |  |  | value |  |  |  |  |  | At |  |  | through |  |  | value |  |  |  |
|  | amortized |  |  | profit or |  |  | through |  |  |  |  |  | amortized |  |  | profit or |  |  | through |  |  |  |
Million US dollar |  | cost |  |  | loss |  |  | OCI |  |  | Total |  |  | cost |  |  | loss |  |  | OCI |  |  | Total |
Trade and other receivables |  |  | 4 607 |  |  |  | — |  |  |  | — |  |  |  | 4 607 |  |  |  | 4 493 |  |  |  | — |  |  |  | — |  |  |  | 4 493 |
Unquoted debt (debt instruments) |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 22 |
Quoted debt (debt instruments) |  |  | — |  |  |  | 374 |  |  |  | — |  |  |  | 374 |  |  |  | — |  |  |  | 396 |  |  |  | — |  |  |  | 396 |
Unquoted companies (equity instruments) |  |  | — |  |  |  | — |  |  |  | 139 |  |  |  | 139 |  |  |  | — |  |  |  | — |  |  |  | 115 |  |  |  | 115 |
Derivatives not designated in hedge accounting relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity swaps |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | — |  |  |  | 27 |
Interest rate swaps |  |  | — |  |  |  | 20 |  |  |  | — |  |  |  | 20 |  |  |  | — |  |  |  | 45 |  |  |  | — |  |  |  | 45 |
Cross currency interest rate swaps |  |  | — |  |  |  | 52 |  |  |  | — |  |  |  | 52 |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 7 |
Derivatives designated in hedge accounting relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  |  | — |  |  |  | — |  |  |  | 238 |  |  |  | 238 |  |  |  | — |  |  |  | — |  |  |  | 480 |  |  |  | 480 |
Foreign currency futures |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 36 |
Interest rate swaps |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | 35 |  |  |  | 35 |
Cross currency interest rate swaps |  |  | — |  |  |  | — |  |  |  | 60 |  |  |  | 60 |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 100 |
Commodities |  |  | — |  |  |  | — |  |  |  | 282 |  |  |  | 282 |  |  |  | — |  |  |  | — |  |  |  | 235 |  |  |  | 235 |
Financial assets |  |  | 4 629 |  |  |  | 446 |  |  |  | 736 |  |  |  | 5 811 |  |  |  | 4 515 |  |  |  | 475 |  |  |  | 1 001 |  |  |  | 5 991 |
Non-current |  |  | 526 |  |  |  | 73 |  |  |  | 115 |  |  |  | 714 |  |  |  | 588 |  |  |  | 79 |  |  |  | 174 |  |  |  | 841 |
Current |  |  | 4 103 |  |  |  | 373 |  |  |  | 621 |  |  |  | 5 097 |  |  |  | 3 927 |  |  |  | 396 |  |  |  | 827 |  |  |  | 5 150 |
Trade and other payables |  |  | 22 074 |  |  |  | — |  |  |  | — |  |  |  | 22 074 |  |  |  | 20 807 |  |  |  | — |  |  |  | — |  |  |  | 20 807 |
Interest-bearing loans and borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans |  |  | 628 |  |  |  | — |  |  |  | — |  |  |  | 628 |  |  |  | 702 |  |  |  | — |  |  |  | — |  |  |  | 702 |
Unsecured bank loans |  |  | 106 |  |  |  | — |  |  |  | — |  |  |  | 106 |  |  |  | 294 |  |  |  | — |  |  |  | — |  |  |  | 294 |
Unsecured bond issues |  |  | 85 726 |  |  |  | — |  |  |  | — |  |  |  | 85 726 |  |  |  | 93 725 |  |  |  | — |  |  |  | — |  |  |  | 93 725 |
Unsecured other loans |  |  | 40 |  |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | 83 |  |  |  | — |  |  |  | — |  |  |  | 83 |
Commercial paper |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 522 |  |  |  | — |  |  |  | — |  |  |  | 1 522 |
Bank overdrafts |  |  | 53 |  |  |  | — |  |  |  | — |  |  |  | 53 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 5 |
Lease liabilities |  |  | 2 277 |  |  |  | — |  |  |  | — |  |  |  | 2 277 |  |  |  | 2 234 |  |  |  | — |  |  |  | — |  |  |  | 2 234 |
Derivatives not designated in hedge accounting relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity swaps |  |  | — |  |  |  | 5 412 |  |  |  | — |  |  |  | 5 412 |  |  |  | — |  |  |  | 5 353 |  |  |  | — |  |  |  | 5 353 |
Cross currency interest rate swaps |  |  | — |  |  |  | 172 |  |  |  | — |  |  |  | 172 |  |  |  | — |  |  |  | 446 |  |  |  | — |  |  |  | 446 |
Foreign exchange forward contracts |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | 321 |  |  |  | — |  |  |  | 321 |
Derivatives designated in hedge accounting relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  |  | — |  |  |  | — |  |  |  | 103 |  |  |  | 103 |  |  |  | — |  |  |  | — |  |  |  | 370 |  |  |  | 370 |
Foreign currency futures |  |  | — |  |  |  | — |  |  |  | 37 |  |  |  | 37 |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |
Cross currency interest rate swaps |  |  | — |  |  |  | — |  |  |  | 98 |  |  |  | 98 |  |  |  | — |  |  |  | — |  |  |  | 264 |  |  |  | 264 |
Commodities |  |  | — |  |  |  | — |  |  |  | 35 |  |  |  | 35 |  |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | 26 |
Equity swaps |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21 |  |  |  | 21 |
Interest rate swaps |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Financial liabilities |  |  | 110 904 |  |  |  | 5 610 |  |  |  | 276 |  |  |  | 116 790 |  |  |  | 119 372 |  |  |  | 6 120 |  |  |  | 686 |  |  |  | 126 178 |
Non-current |  |  | 88 182 |  |  |  | 100 |  |  |  | — |  |  |  | 88 282 |  |  |  | 96 748 |  |  |  | 1 758 |  |  |  | — |  |  |  | 98 506 |
Current |  |  | 22 722 |  |  |  | 5 510 |  |  |  | 276 |  |  |  | 28 508 |  |  |  | 22 624 |  |  |  | 4 362 |  |  |  | 686 |  |  |  | 27 672 |
1 | Cash and short-term deposits are not included in this overview.
Summary of Notional Amounts of Derivatives Outstanding at Year-end by Maturity Bucket | The table below provides an overview of the notional amounts of derivatives outstanding as at the dates indicated by maturity bucket.
|  | 31 December 2021 |  |  | 31 December 2020 |
|  | < 1 |  |  | 1-2 |  |  | 2-3 |  |  | 3-5 |  |  | > 5 |  |  | < 1 |  |  | 1-2 |  |  | 2-3 |  |  | 3-5 |  |  | > 5 |
Million US dollar |  | year |  |  | years |  |  | years |  |  | years |  |  | years |  |  | year |  |  | years |  |  | years |  |  | years |  |  | years |
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  |  | 12 599 |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 505 |  |  |  | 290 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency futures |  |  | 1 617 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 218 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 1 500 |  |  |  | 1 000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 500 |  |  |  | 1 000 |  |  |  | — |  |  |  | — |
Cross currency interest rate swaps |  |  | 4 614 |  |  |  | 1 400 |  |  |  | 1 173 |  |  |  | 1 573 |  |  |  | 1 453 |  |  |  | 513 |  |  |  | 5 658 |  |  |  | 1 400 |  |  |  | 1 866 |  |  |  | 789 |
Other interest rate derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aluminum swaps |  |  | 1 241 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 184 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other commodity derivatives |  |  | 1 034 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 644 |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity derivatives |  |  | 11 469 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10 234 |  |  |  | 2 326 |  |  |  | — |  |  |  | — |  |  |  | — |
Summary of Foreign Exchange Risk on Operating Activities | The second currency of the currency pairs listed is the functional currency of the related subsidiary.
|  | 31 December 2021 |  |  | 31 December 2020 |
|  | Total |  |  | Total |  |  | Open |  |  | Total |  |  | Total |  |  | Open |
Million US dollar |  | exposure |  |  | hedges |  |  | position |  |  | exposure |  |  | hedges |  |  | position |
Euro/Canadian dollar |  |  | (6 | ) |  |  | 6 |  |  |  | — |  |  |  | (9 | ) |  |  | 9 |  |  |  | — |
Euro/Mexican peso |  |  | (112 | ) |  |  | 111 |  |  |  | (1 | ) |  |  | (106 | ) |  |  | 102 |  |  |  | (4 | )
Euro/Pound sterling |  |  | (124 | ) |  |  | 112 |  |  |  | (12 | ) |  |  | (203 | ) |  |  | 130 |  |  |  | (73 | )
Euro/South African rand |  |  | (79 | ) |  |  | 75 |  |  |  | (4 | ) |  |  | (95 | ) |  |  | 65 |  |  |  | (30 | )
Euro/South Korean won |  |  | (39 | ) |  |  | 36 |  |  |  | (3 | ) |  |  | (40 | ) |  |  | 38 |  |  |  | (2 | )
Euro/US dollar |  |  | (123 | ) |  |  | 100 |  |  |  | (23 | ) |  |  | (354 | ) |  |  | 284 |  |  |  | (70 | )
Mexican peso/Euro |  |  | (254 | ) |  |  | 231 |  |  |  | (23 | ) |  |  | (249 | ) |  |  | 146 |  |  |  | (103 | )
Pound sterling/Euro |  |  | (14 | ) |  |  | 22 |  |  |  | 8 |  |  |  | (35 | ) |  |  | 36 |  |  |  | 1 |
US dollar/Argentinian peso |  |  | (661 | ) |  |  | 674 |  |  |  | 13 |  |  |  | (602 | ) |  |  | 543 |  |  |  | (59 | )
US dollar/Bolivian boliviano |  |  | (80 | ) |  |  | 75 |  |  |  | (5 | ) |  |  | (64 | ) |  |  | 56 |  |  |  | (8 | )
US dollar/Brazilian real |  |  | (1 846 | ) |  |  | 1 618 |  |  |  | (228 | ) |  |  | (1 573 | ) |  |  | 1 577 |  |  |  | 4 |
US dollar/Canadian dollar |  |  | (304 | ) |  |  | 253 |  |  |  | (51 | ) |  |  | (302 | ) |  |  | 194 |  |  |  | (108 | )
US dollar/Chilean peso |  |  | (171 | ) |  |  | 162 |  |  |  | (9 | ) |  |  | (151 | ) |  |  | 129 |  |  |  | (22 | )
US dollar/Chinese yuan |  |  | (123 | ) |  |  | 116 |  |  |  | (7 | ) |  |  | (171 | ) |  |  | 201 |  |  |  | 30 |
US dollar/Colombian peso |  |  | (476 | ) |  |  | 434 |  |  |  | (42 | ) |  |  | (359 | ) |  |  | 352 |  |  |  | (7 | )
US dollar/Euro |  |  | (103 | ) |  |  | 96 |  |  |  | (7 | ) |  |  | (98 | ) |  |  | 96 |  |  |  | (2 | )
US dollar/Mexican peso |  |  | (1 236 | ) |  |  | 1 168 |  |  |  | (68 | ) |  |  | (1 032 | ) |  |  | 995 |  |  |  | (37 | )
US dollar/Paraguayan guarani |  |  | (153 | ) |  |  | 139 |  |  |  | (14 | ) |  |  | (132 | ) |  |  | 125 |  |  |  | (7 | )
US dollar/Peruvian nuevo sol |  |  | (292 | ) |  |  | 278 |  |  |  | (14 | ) |  |  | (225 | ) |  |  | 168 |  |  |  | (57 | )
US dollar/South African rand |  |  | (196 | ) |  |  | 148 |  |  |  | (48 | ) |  |  | (130 | ) |  |  | 116 |  |  |  | (14 | )
US dollar/South Korean won |  |  | (114 | ) |  |  | 79 |  |  |  | (35 | ) |  |  | (71 | ) |  |  | 70 |  |  |  | (1 | )
US dollar/Uruguayan peso |  |  | (42 | ) |  |  | 42 |  |  |  | — |  |  |  | (40 | ) |  |  | 39 |  |  |  | (1 | )
Others |  |  | (323 | ) |  |  | 207 |  |  |  | (116 | ) |  |  | (260 | ) |  |  | 131 |  |  |  | (129 | )
Summary of Currency Transactional Risk | AB InBev estimated the reasonably possible change of exchange rate, on the basis of the average volatility on the open currency pairs, as follows:
|  | 2021 |
|  | Closing rate |  |  | Possible |  |  | Volatility |
|  | 31 December 2021 |  |  | closing rate 1 |  |  | of rates in % |
Euro/Mexican peso |  |  | 23.31 |  |  |  | 21.04 - 25.59 |  |  |  | 9.75 | %
Euro/Pound sterling |  |  | 0.84 |  |  |  | 0.80 - 0.88 |  |  |  | 5.15 | %
Euro/South Korean won |  |  | 1 345.90 |  |  |  | 1 273.31 - 1 418.48 |  |  |  | 5.39 | %
Euro/US dollar |  |  | 1.13 |  |  |  | 1.07 - 1.20 |  |  |  | 5.58 | %
Pound sterling/US dollar |  |  | 1.35 |  |  |  | 1.26 - 1.43 |  |  |  | 6.36 | %
US dollar/Argentinian peso |  |  | 102.75 |  |  |  | 99.72 - 105.78 |  |  |  | 2.95 | %
US dollar/Brazilian real |  |  | 5.58 |  |  |  | 4.68 - 6.48 |  |  |  | 16.07 | %
US dollar/Canadian dollar |  |  | 1.27 |  |  |  | 1.19 - 1.35 |  |  |  | 6.54 | %
US dollar/Chinese yuan |  |  | 6.35 |  |  |  | 6.06 - 6.64 |  |  |  | 4.55 | %
US dollar/Colombian peso |  |  | 3 977.14 |  |  |  | 3 568.65 - 4 385.62 |  |  |  | 10.27 | %
US dollar/Euro |  |  | 0.88 |  |  |  | 0.83 - 0.93 |  |  |  | 5.58 | %
US dollar/Mexican peso |  |  | 20.58 |  |  |  | 18.38 - 22.79 |  |  |  | 10.71 | %
US dollar/Nigerian naira |  |  | 424.89 |  |  |  | 379.56 - 470.22 |  |  |  | 10.67 | %
US dollar/Peruvian nuevo sol |  |  | 3.98 |  |  |  | 3.60 - 4.35 |  |  |  | 9.53 | %
US dollar/South African rand |  |  | 15.95 |  |  |  | 13.74 - 18.15 |  |  |  | 13.82 | %
US dollar/South Korean won |  |  | 1 188.32 |  |  |  | 1 092.29 - 1 284.36 |  |  |  | 8.08 | %
US dollar/Tanzanian shilling |  |  | 2 305.28 |  |  |  | 2 236.69 - 2 373.88 |  |  |  | 2.98 | %
US dollar/Zambian kwacha |  |  | 16.67 |  |  |  | 13.41 - 19.93 |  |  |  | 19.58 | %
|  | 2020 |
|  | Closing rate |  |  | Possible |  |  | Volatility |
|  | 31 December 2020 |  |  | closing rate 2 |  |  | of rates in % |
Euro/Mexican peso |  |  | 24.48 |  |  |  | 19.38 - 29.58 |  |  |  | 20.83 | %
Euro/Pound sterling |  |  | 0.90 |  |  |  | 0.82 - 0.98 |  |  |  | 9.09 | %
Euro/South Korean won |  |  | 1 335.11 |  |  |  | 1 218.41 - 1 451.81 |  |  |  | 8.74 | %
Euro/US dollar |  |  | 1.23 |  |  |  | 1.13 - 1.32 |  |  |  | 7.75 | %
Pound sterling/US dollar |  |  | 1.36 |  |  |  | 1.22 - 1.51 |  |  |  | 10.79 | %
US dollar/Argentinian peso |  |  | 84.14 |  |  |  | 74.55 - 93.73 |  |  |  | 11.40 | %
US dollar/Brazilian real |  |  | 5.20 |  |  |  | 4.13 - 6.26 |  |  |  | 20.51 | %
US dollar/Canadian dollar |  |  | 1.27 |  |  |  | 1.17 - 1.38 |  |  |  | 8.25 | %
US dollar/Chinese yuan |  |  | 6.54 |  |  |  | 6.25 - 6.82 |  |  |  | 4.34 | %
US dollar/Colombian peso |  |  | 3 438.52 |  |  |  | 2 908.55 - 3 968.50 |  |  |  | 15.41 | %
US dollar/Euro |  |  | 0.81 |  |  |  | 0.75 - 0.88 |  |  |  | 7.75 | %
US dollar/Mexican peso |  |  | 19.95 |  |  |  | 16.19 - 23.71 |  |  |  | 18.83 | %
US dollar/Nigerian naira |  |  | 397.72 |  |  |  | 345.23 - 450.21 |  |  |  | 13.20 | %
US dollar/Peruvian nuevo sol |  |  | 3.62 |  |  |  | 3.37 - 3.87 |  |  |  | 6.95 | %
US dollar/South African rand |  |  | 14.69 |  |  |  | 12.19 - 17.18 |  |  |  | 16.99 | %
US dollar/South Korean won |  |  | 1 088.02 |  |  |  | 1 000.21 - 1 175.84 |  |  |  | 8.07 | %
US dollar/Tanzanian shilling |  |  | 2 321.74 |  |  |  | 2 205.30 - 2 438.18 |  |  |  | 5.02 | %
US dollar/Zambian kwacha |  |  | 21.16 |  |  |  | 18.44 - 23.89 |  |  |  | 12.89 | %
Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures | Foreign exchange results recognized on unhedged and hedged exposures are as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Economic hedges |  |  | 717 |  |  |  | (181 | ) |  |  | 6 |
Other results - not hedged |  |  | (801 | ) |  |  | 195 |  |  |  | (186 | )
|  |  | (84 | ) |  |  | 14 |  |  |  | (180 | )
Summary of Effective Interest Rates at Balance Sheet |
31 December 2021 |  | Before hedging |  |  | After hedging |
Interest-bearing financial liabilities |  | Effective |  |  |  |  |  | Effective |  |  |  |
Million US dollar |  | interest rate |  |  | Amount |  |  | interest rate |  |  | Amount |
Floating rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | 1.03 | % |  |  | 218 |  |  |  | — |  |  |  | — |
Canadian dollar |  |  | — |  |  |  | — |  |  |  | 1.21 | % |  |  | 2 043 |
Euro |  |  | — |  |  |  | 1 113 |  |  |  | — |  |  |  | 1 113 |
Pound sterling |  |  | — |  |  |  | — |  |  |  | 1.05 | % |  |  | 1 002 |
South Korean won |  |  | — |  |  |  | — |  |  |  | 1.67 | % |  |  | 502 |
US dollar |  |  | 1.67 | % |  |  | 463 |  |  |  | — |  |  |  | — |
Other |  |  | 7.22 | % |  |  | 516 |  |  |  | 5.99 | % |  |  | 1 504 |
|  |  |  |  |  |  | 2 310 |  |  |  |  |  |  |  | 6 164 |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | 4.12 | % |  |  | 324 |  |  |  | — |  |  |  | — |
Brazilian real |  |  | 7.21 | % |  |  | 420 |  |  |  | 7.21 | % |  |  | 420 |
Canadian dollar |  |  | 4.11 | % |  |  | 626 |  |  |  | 4.29 | % |  |  | 3 158 |
Euro |  |  | 2.27 | % |  |  | 21 654 |  |  |  | 2.11 | % |  |  | 27 553 |
Pound sterling |  |  | 4.35 | % |  |  | 3 611 |  |  |  | 4.43 | % |  |  | 2 937 |
South Korean won |  |  | 3.85 | % |  |  | 32 |  |  |  | 0.87 | % |  |  | 1 695 |
US dollar |  |  | 4.93 | % |  |  | 59 399 |  |  |  | 5.41 | % |  |  | 46 288 |
Other |  |  | 11.42 | % |  |  | 454 |  |  |  | 8.80 | % |  |  | 615 |
|  |  |  |  |  |  | 86 520 |  |  |  |  |  |  |  | 82 666 |
31 December 2020 |  | Before hedging |  |  | After hedging |
Interest-bearing financial liabilities |  | Effective |  |  |  |  |  | Effective |  |  |  |
Million US dollar |  | interest rate |  |  | Amount |  |  | interest rate |  |  | Amount |
Floating rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | 0.99 | % |  |  | 231 |  |  |  | — |  |  |  | — |
Brazilian real |  |  | 3.90 | % |  |  | 164 |  |  |  | 3.90 | % |  |  | 164 |
Canadian dollar |  |  | — |  |  |  | — |  |  |  | 1.23 | % |  |  | 1 895 |
Euro |  |  | 0.15 | % |  |  | 2 690 |  |  |  | 0.15 | % |  |  | 2 690 |
Pound sterling |  |  | — |  |  |  | — |  |  |  | 1.10 | % |  |  | 937 |
US dollar |  |  | 1.05 | % |  |  | 617 |  |  |  | 1.13 | % |  |  | 201 |
Other |  |  | 7.30 | % |  |  | 260 |  |  |  | 7.90 | % |  |  | 573 |
|  |  |  |  |  |  | 3 962 |  |  |  |  |  |  |  | 6 461 |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | 3.91 | % |  |  | 846 |  |  |  | — |  |  |  | — |
Brazilian real |  |  | 8.58 | % |  |  | 578 |  |  |  | 8.58 | % |  |  | 578 |
Canadian dollar |  |  | 4.12 | % |  |  | 613 |  |  |  | 4.29 | % |  |  | 2 646 |
Euro |  |  | 2.12 | % |  |  | 26 092 |  |  |  | 2.15 | % |  |  | 35 515 |
Pound sterling |  |  | 4.30 | % |  |  | 3 655 |  |  |  | 4.36 | % |  |  | 2 973 |
South Korean won |  |  | — |  |  |  | — |  |  |  | 1.30 | % |  |  | 1 997 |
US dollar |  |  | 4.91 | % |  |  | 62 340 |  |  |  | 5.30 | % |  |  | 47 892 |
Other |  |  | 11.96 | % |  |  | 479 |  |  |  | 11.72 | % |  |  | 502 |
|  |  |  |  |  |  | 94 602 |  |  |  |  |  |  |  | 92 103 |
Summary of Floating Rate Debt after Hedging | The company estimated that the reasonably possible change of the market interest rates applicable to its floating rate debt after hedging is as follows:
|  | 2021 |
|  | Interest rate |  |  | Possible |  |  | Volatility |
|  | 31 December 2021 1 |  |  | interest rate 2 |  |  | of rates in % |
Brazilian real |  |  | 8.88 | % |  |  | 7.85% - 9.91 | % |  |  | 11.58 | %
Euro |  |  | — |  |  |  | — |  |  |  | 10.64 | %
US dollar |  |  | 0.21 | % |  |  | 0.11% - 0.31 | % |  |  | 48.10 | %
|  | 2020 |
|  | Interest rate |  |  | Possible |  |  | Volatility |
|  | 31 December 2020 1 |  |  | interest rate 2 |  |  | of rates in % |
Brazilian real |  |  | 2.09 | % |  |  | 1.74% - 2.44 | % |  |  | 16.77 | %
Euro |  |  | — |  |  |  | — |  |  |  | 16.83 | %
US dollar |  |  | 0.24 | % |  |  | 0.10% - 0.38 | % |  |  | 58.30 | %
Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities | Interest expense recognized on unhedged and hedged financial liabilities are as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Financial liabilities measured at amortized cost – not hedged |  |  | (3 836 | ) |  |  | (4 154 | ) |  |  | (4 264 | )
Fair value hedges |  |  | (6 | ) |  |  | (1 | ) |  |  | (46 | )
Cash flow hedges |  |  | 17 |  |  |  | 19 |  |  |  | 15 |
Net investment hedges - hedging instruments (interest component) |  |  | — |  |  |  | 2 |  |  |  | 2 |
Economic hedges |  |  | 141 |  |  |  | 118 |  |  |  | 124 |
|  |  | (3 684 | ) |  |  | (4 016 | ) |  |  | (4 168 | )
Schedule of Commodity Derivatives Outstanding | The most significant commodity exposures as at 31 December 2021 and 31 December 2020 are included in the table below (expressed in outstanding notional amounts):
Million US dollar |  | 31 December 2021 |  |  | 31 December 2020 |
Aluminum swaps |  |  | 1 241 |  |  |  | 1 184 |
Exchange traded sugar futures |  |  | 85 |  |  |  | 74 |
Natural gas and energy derivatives |  |  | 350 |  |  |  | 202 |
Corn swaps |  |  | 292 |  |  |  | 160 |
Exchange traded wheat futures |  |  | 129 |  |  |  | 83 |
Rice swaps |  |  | 85 |  |  |  | 76 |
Plastic derivatives |  |  | 93 |  |  |  | 50 |
|  |  | 2 274 |  |  |  | 1 828 |
1 | Applicable 3-month InterBank Offered Rates as of 3 1 December 2021 and as of 31 December 2020.
2 | Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 3 1 December 2021 and at December 2020. For the Brazilian real floating rate debt, the estimated market interest rate is composed of the InterBank Deposit Certificate (‘CDI’) and the Long-Term Interest Rate (‘TJLP’). With regard to other market interest rates, the company’s analysis is based on the 3-month InterBank Offered Rates applicable for the currencies concerned (e.g. EURIBOR 3M, LIBOR 3M). The sensitive analysis does not include any spread applicable to the company’s funding.
Summary of Estimated Impact on Changes in the Price of Commodities | The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures as at 31 December 2021 and 31 December 2020, would have on the equity reserves.
|  | 2021 |
|  |  |  |  | Pre-tax impact on equity |
Million US dollar |  | Volatility of prices in % 1 |  |  | Prices increase |  |  | Prices decrease |
Aluminum |  |  | 23.09 | % |  |  | 287 |  |  |  | (287 | )
Sugar |  |  | 26.39 | % |  |  | 22 |  |  |  | (22 | )
Energy |  |  | 25.88 | % |  |  | 91 |  |  |  | (91 | )
Corn |  |  | 23.26 | % |  |  | 68 |  |  |  | (68 | )
Wheat |  |  | 29.24 | % |  |  | 38 |  |  |  | (38 | )
Rice |  |  | 15.96 | % |  |  | 14 |  |  |  | (14 | )
Plastic |  |  | 28.68 | % |  |  | 27 |  |  |  | (27 | )
|  | 2020 |
|  |  |  |  | Pre-tax impact on equity |
Million US dollar |  | Volatility of prices in % 2 |  |  | Prices increase |  |  | Prices decrease |
Aluminum |  |  | 14.96 | % |  |  | 177 |  |  |  | (177 | )
Sugar |  |  | 31.48 | % |  |  | 23 |  |  |  | (23 | )
Energy |  |  | 47.08 | % |  |  | 95 |  |  |  | (95 | )
Corn |  |  | 32.84 | % |  |  | 52 |  |  |  | (52 | )
Wheat |  |  | 25.30 | % |  |  | 21 |  |  |  | (21 | )
Rice |  |  | 46.17 | % |  |  | 35 |  |  |  | (35 | )
Plastic |  |  | 26.74 | % |  |  | 13 |  |  |  | (13 | )
Summary of Carrying Amount of Financial Assets | The carrying am o unt of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:
|  | 31 December 2021 |  |  | 31 December 2020 |
Million US dollar |  | Gross |  |  | Impairment |  |  | Net carrying amount |  |  | Gross |  |  | Impairment |  |  | Net carrying amount |
Investment in unquoted companies |  |  | 145 |  |  |  | (6 | ) |  |  | 139 |  |  |  | 121 |  |  |  | (6 | ) |  |  | 115 |
Investment in debt securities |  |  | 396 |  |  |  | — |  |  |  | 396 |  |  |  | 418 |  |  |  | — |  |  |  | 418 |
Trade receivables |  |  | 3 796 |  |  |  | (331 | ) |  |  | 3 465 |  |  |  | 3 593 |  |  |  | (308 | ) |  |  | 3 285 |
Cash deposits for guarantees |  |  | 168 |  |  |  | — |  |  |  | 168 |  |  |  | 184 |  |  |  | — |  |  |  | 184 |
Loans to customers |  |  | 117 |  |  |  | — |  |  |  | 117 |  |  |  | 142 |  |  |  | — |  |  |  | 142 |
Other receivables |  |  | 1 272 |  |  |  | (65 | ) |  |  | 1 207 |  |  |  | 1 299 |  |  |  | (62 | ) |  |  | 1 237 |
Derivatives |  |  | 669 |  |  |  | — |  |  |  | 669 |  |  |  | 965 |  |  |  | — |  |  |  | 965 |
Cash and cash equivalents |  |  | 12 097 |  |  |  | — |  |  |  | 12 097 |  |  |  | 15 252 |  |  |  | — |  |  |  | 15 252 |
|  |  | 18 660 |  |  |  | (402 | ) |  |  | 18 258 |  |  |  | 21 974 |  |  |  | (376 | ) |  |  | 21 598 |
Summary of Allowance for Impairment | The allowance for impairment recognized during the period per classes of financial assets was as follows:
|  | 2021 |
Million US dollar |  | Trade receivables |  |  | FVOCI |  |  | Other receivables |  |  | Total |
Balance at 1 January |  |  | (308 | ) |  |  | (6 | ) |  |  | (62 | ) |  |  | (376 | )
Impairment losses |  |  | (34 | ) |  |  | — |  |  |  | (3 | ) |  |  | (37 | )
Derecognition |  |  | 29 |  |  |  | — |  |  |  | 1 |  |  |  | 30 |
Currency translation and other |  |  | (18 | ) |  |  | — |  |  |  | (1 | ) |  |  | (19 | )
Balance at 31 December |  |  | (331 | ) |  |  | (6 | ) |  |  | (65 | ) |  |  | (402 | )
|  | 2020 |
Million US dollar |  | Trade receivables |  |  | FVOCI |  |  | Other receivables |  |  | Total |
Balance at 1 January |  |  | (173 | ) |  |  | (6 | ) |  |  | (103 | ) |  |  | (283 | )
Impairment losses |  |  | (93 | ) |  |  | — |  |  |  | (6 | ) |  |  | (99 | )
Derecognition |  |  | 7 |  |  |  | — |  |  |  | 42 |  |  |  | 49 |
Currency translation and other |  |  | (50 | ) |  |  | — |  |  |  | 4 |  |  |  | (46 | )
Balance at 31 December |  |  | (308 | ) |  |  | (6 | ) |  |  | (62 | ) |  |  | (376 | )
|  | 2019 |
Million US dollar |  | Trade receivables |  |  | FVOCI |  |  | Other receivables |  |  | Total |
Balance at 1 January |  |  | (160 | ) |  |  | (6 | ) |  |  | (106 | ) |  |  | (273 | )
Impairment losses |  |  | (51 | ) |  |  | — |  |  |  | (30 | ) |  |  | (81 | )
Derecognition |  |  | 26 |  |  |  | — |  |  |  | 31 |  |  |  | 57 |
Currency translation and other |  |  | 12 |  |  |  | — |  |  |  | 2 |  |  |  | 14 |
Balance at 31 December |  |  | (173 | ) |  |  | (6 | ) |  |  | (103 | ) |  |  | (283 | )
Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities | The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments and derivative liabilities:
|  | 31 December 2021 |
|  |  |  |  | Contractual |  |  | Less |  |  |  |  |  |  |  |  |  |  |  | More |
|  | Carrying |  |  | cash |  |  | than |  |  |  |  |  |  |  |  |  |  |  | than |
Million US dollar |  | amount 1 |  |  | flows |  |  | 1 year |  |  | 1-2 years |  |  | 2-3 years |  |  | 3-5 years |  |  | 5 years |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans |  |  | (628 | ) |  |  | (636 | ) |  |  | (551 | ) |  |  | (53 | ) |  |  | (5 | ) |  |  | (9 | ) |  |  | (18 | )
Unsecured bank loans |  |  | (106 | ) |  |  | (106 | ) |  |  | (106 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unsecured bond issues |  |  | (85 726 | ) |  |  | (152 064 | ) |  |  | (3 479 | ) |  |  | (3 596 | ) |  |  | (6 192 | ) |  |  | (13 800 | ) |  |  | (124 997 | )
Unsecured other loans |  |  | (40 | ) |  |  | (84 | ) |  |  | (11 | ) |  |  | (48 | ) |  |  | (5 | ) |  |  | (4 | ) |  |  | (16 | )
Lease liabilities |  |  | (2 277 | ) |  |  | (2 429 | ) |  |  | (497 | ) |  |  | (470 | ) |  |  | (337 | ) |  |  | (450 | ) |  |  | (675 | )
Bank overdraft |  |  | (53 | ) |  |  | (53 | ) |  |  | (53 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Trade and other payables |  |  | (26 442 | ) |  |  | (26 643 | ) |  |  | (25 424 | ) |  |  | (314 | ) |  |  | (507 | ) |  |  | (96 | ) |  |  | (302 | )
|  |  | (115 272 | ) |  |  | (182 015 | ) |  |  | (30 121 | ) |  |  | (4 481 | ) |  |  | (7 046 | ) |  |  | (14 359 | ) |  |  | (126 008 | )
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  |  | (166 | ) |  |  | (166 | ) |  |  | (166 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cross currency interest rate swaps |  |  | (273 | ) |  |  | (293 | ) |  |  | (147 | ) |  |  | (35 | ) |  |  | (32 | ) |  |  | (56 | ) |  |  | (23 | )
Commodity derivatives |  |  | (34 | ) |  |  | (34 | ) |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Equity derivatives |  |  | (5 412 | ) |  |  | (5 420 | ) |  |  | (5 420 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (5 885 | ) |  |  | (5 913 | ) |  |  | (5 767 | ) |  |  | (35 | ) |  |  | (32 | ) |  |  | (56 | ) |  |  | (23 | )
Of which: related to cash flow hedges |  |  | (203 | ) |  |  | (203 | ) |  |  | (170 | ) |  |  | — |  |  |  | — |  |  |  | (29 | ) |  |  | (4 | )
|  | 31 December 2020 |
|  |  |  |  | Contractual |  |  | Less |  |  |  |  |  |  |  |  |  |  |  | More |
|  | Carrying |  |  | cash |  |  | than |  |  |  |  |  |  |  |  |  |  |  | than |
Million US dollar |  | amount 1 |  |  | flows |  |  | 1 year |  |  | 1-2 years |  |  | 2-3 years |  |  | 3-5 years |  |  | 5 years |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans |  |  | (702 | ) |  |  | (735 | ) |  |  | (675 | ) |  |  | (14 | ) |  |  | (12 | ) |  |  | (10 | ) |  |  | (24 | )
Commercial papers |  |  | (1 522 | ) |  |  | (1 522 | ) |  |  | (1 522 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unsecured bank loans |  |  | (294 | ) |  |  | (299 | ) |  |  | (299 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unsecured bond issues |  |  | (93 725 | ) |  |  | (165 812 | ) |  |  | (3 582 | ) |  |  | (4 057 | ) |  |  | (3 823 | ) |  |  | (16 557 | ) |  |  | (137 793 | )
Unsecured other loans |  |  | (83 | ) |  |  | (115 | ) |  |  | (13 | ) |  |  | (8 | ) |  |  | (6 | ) |  |  | (57 | ) |  |  | (31 | )
Lease liabilities |  |  | (2 234 | ) |  |  | (2 455 | ) |  |  | (460 | ) |  |  | (425 | ) |  |  | (315 | ) |  |  | (424 | ) |  |  | (831 | )
Bank overdraft |  |  | (5 | ) |  |  | (5 | ) |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Trade and other payables |  |  | (24 496 | ) |  |  | (24 688 | ) |  |  | (22 906 | ) |  |  | (1 103 | ) |  |  | (135 | ) |  |  | (197 | ) |  |  | (347 | )
|  |  | (123 061 | ) |  |  | (195 631 | ) |  |  | (29 462 | ) |  |  | (5 607 | ) |  |  | (4 291 | ) |  |  | (17 245 | ) |  |  | (139 026 | )
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  |  | (696 | ) |  |  | (696 | ) |  |  | (696 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cross currency interest rate swaps |  |  | (709 | ) |  |  | (852 | ) |  |  | (8 | ) |  |  | (575 | ) |  |  | (98 | ) |  |  | (132 | ) |  |  | (39 | )
Commodity derivatives |  |  | (26 | ) |  |  | (26 | ) |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Equity derivatives |  |  | (5 373 | ) |  |  | (5 372 | ) |  |  | (4 455 | ) |  |  | (917 | ) |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (6 803 | ) |  |  | (6 946 | ) |  |  | (5 184 | ) |  |  | (1 492 | ) |  |  | (98 | ) |  |  | (132 | ) |  |  | (39 | )
Of which: related to cash flow hedges |  |  | (418 | ) |  |  | (418 | ) |  |  | (353 | ) |  |  | — |  |  |  | — |  |  |  | (65 | ) |  |  | — |
1 | “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date.
Summary for Each Type of Derivative Fair Value Recognized as Assets and Lliabilities | The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the balance sheet:
|  | Assets |  |  | Liabilities |  |  | Net |
|  | 31 December |  |  | 31 December |  |  | 31 December |  |  | 31 December |  |  | 31 December |  |  | 31 December |
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts |  |  | 238 |  |  |  | 480 |  |  |  | (129 | ) |  |  | (691 | ) |  |  | 109 |  |  |  | (211 | )
Foreign currency futures |  |  | — |  |  |  | 36 |  |  |  | (37 | ) |  |  | (5 | ) |  |  | (37 | ) |  |  | 31 |
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 38 |  |  |  | 80 |  |  |  | — |  |  |  | — |  |  |  | 38 |  |  |  | 80 |
Cross currency interest rate swaps |  |  | 111 |  |  |  | 107 |  |  |  | (273 | ) |  |  | (709 | ) |  |  | (162 | ) |  |  | (602 | )
Commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aluminum swaps |  |  | 178 |  |  |  | 170 |  |  |  | (20 | ) |  |  | (10 | ) |  |  | 158 |  |  |  | 160 |
Sugar futures |  |  | 13 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 13 |  |  |  | 10 |
Energy |  |  | 29 |  |  |  | 9 |  |  |  | (2 | ) |  |  | (7 | ) |  |  | 27 |  |  |  | 2 |
Other commodity derivatives |  |  | 62 |  |  |  | 46 |  |  |  | (13 | ) |  |  | (8 | ) |  |  | 50 |  |  |  | 37 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity derivatives |  |  | — |  |  |  | 27 |  |  |  | (5 412 | ) |  |  | (5 373 | ) |  |  | (5 412 | ) |  |  | (5 346 | )
|  |  | 669 |  |  |  | 965 |  |  |  | (5 886 | ) |  |  | (6 804 | ) |  |  | (5 216 | ) |  |  | (5 839 | )
Of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current |  |  | 48 |  |  |  | 138 |  |  |  | (100 | ) |  |  | (1 759 | ) |  |  | (52 | ) |  |  | (1 621 | )
Current |  |  | 621 |  |  |  | 827 |  |  |  | (5 786 | ) |  |  | (5 046 | ) |  |  | (5 164 | ) |  |  | (4 218 | )
Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value | The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized on the balance sheet. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, including derivatives financial instruments, have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value:
Interest-bearing financial liabilities |  | 31 December 2021 |  |  | 31 December 2020 |
Million US dollar |  | Carrying amount 1 |  |  | Fair value |  |  | Carrying amount 1 |  |  | Fair value |
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian dollar |  |  | (324 | ) |  |  | (366 | ) |  |  | (846 | ) |  |  | (964 | )
Brazilian real |  |  | (420 | ) |  |  | (419 | ) |  |  | (578 | ) |  |  | (578 | )
Canadian dollar |  |  | (626 | ) |  |  | (605 | ) |  |  | (613 | ) |  |  | (633 | )
Euro |  |  | (21 654 | ) |  |  | (23 801 | ) |  |  | (26 092 | ) |  |  | (29 809 | )
Pound sterling |  |  | (3 611 | ) |  |  | (3 913 | ) |  |  | (3 655 | ) |  |  | (4 301 | )
US dollar |  |  | (59 399 | ) |  |  | (75 261 | ) |  |  | (62 340 | ) |  |  | (81 771 | )
Other |  |  | (486 | ) |  |  | (471 | ) |  |  | (479 | ) |  |  | (480 | )
|  |  | (86 520 | ) |  |  | (104 836 | ) |  |  | (94 602 | ) |  |  | (118 536 | )
1 | “Carrying amount” refers to net book value as recognized in the balance sheet at each reporting date.
Analysis of Financial Instruments | The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
Fair value hierarchy 31 December 2021 |  | Quoted (unadjusted) |  |  | Observable market |  |  | Unobservable market |
Million US dollar |  | prices - level 1 |  |  | inputs - level 2 |  |  | inputs - level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Held for trading (non-derivatives) |  |  | — |  |  |  | 9 |  |  |  | — |
Derivatives at fair value through profit and loss |  |  | — |  |  |  | 155 |  |  |  | — |
Derivatives in a cash flow hedge relationship |  |  | 58 |  |  |  | 352 |  |  |  | — |
Derivatives in a fair value hedge relationship |  |  | — |  |  |  | 17 |  |  |  | — |
Derivatives in a net investment hedge relationship |  |  | — |  |  |  | 87 |  |  |  | — |
|  |  | 58 |  |  |  | 620 |  |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred consideration on acquisitions at fair value |  |  | — |  |  |  | — |  |  |  | 832 |
Derivatives at fair value through profit and loss |  |  | — |  |  |  | 5 611 |  |  |  | — |
Derivatives in a cash flow hedge relationship |  |  | 52 |  |  |  | 141 |  |  |  | — |
Derivatives in a net investment hedge relationship |  |  | — |  |  |  | 82 |  |  |  | — |
|  |  | 52 |  |  |  | 5 834 |  |  |  | 832 |
Fair value hierarchy 31 December 2020 |  | Quoted (unadjusted) |  |  | Observable market |  |  | Unobservable market |
Million US dollar |  | prices - level 1 |  |  | inputs - level 2 |  |  | inputs - level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Held for trading (non-derivatives) |  |  | — |  |  |  | 11 |  |  |  | — |
Derivatives at fair value through profit and loss |  |  | — |  |  |  | 457 |  |  |  | — |
Derivatives in a cash flow hedge relationship |  |  | 29 |  |  |  | 343 |  |  |  | — |
Derivatives in a fair value hedge relationship |  |  | — |  |  |  | 80 |  |  |  | — |
Derivatives in a net investment hedge relationship |  |  | — |  |  |  | 57 |  |  |  | — |
|  |  | 29 |  |  |  | 948 |  |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred consideration on acquisitions at fair value |  |  | — |  |  |  | — |  |  |  | 1 251 |
Derivatives at fair value through profit and loss |  |  | — |  |  |  | 6 119 |  |  |  | — |
Derivatives in a cash flow hedge relationship |  |  | 46 |  |  |  | 353 |  |  |  | — |
Derivatives in a net investment hedge relationship |  |  | — |  |  |  | 287 |  |  |  | — |
|  |  | 46 |  |  |  | 6 759 |  |  |  | 1 251 |
Summary of Hedging Reserve and Hedging Instruments | The company’s hedging reserves disclosed in Note 22 relate to the following instruments:
Million US dollar |  | Foreign currency |  |  | Commodities |  |  | Others |  |  | Total hedging reserves |
As per 1 January 2021 |  |  | 20 |  |  |  | 274 |  |  |  | 84 |  |  |  | 376 |
Change in fair value of hedging instrument recognized in OCI |  |  | 766 |  |  |  | 123 |  |  |  | — |  |  |  | 888 |
Reclassified to profit or loss / cost of inventory |  |  | (107 | ) |  |  | (703 | ) |  |  | 27 |  |  |  | (783 | )
As per 31 December 2021 |  |  | 679 |  |  |  | (306 | ) |  |  | 111 |  |  |  | 481 |
Million US dollar |  | Foreign currency |  |  | Commodities |  |  | Others |  |  | Total hedging reserves |
As per 1 January 2020 |  |  | 174 |  |  |  | 117 |  |  |  | 107 |  |  |  | 397 |
Change in fair value of hedging instrument recognized in OCI |  |  | 353 |  |  |  | 31 |  |  |  | — |  |  |  | 384 |
Reclassified to profit or loss / cost of inventory |  |  | (507 | ) |  |  | 126 |  |  |  | (23 | ) |  |  | (404 | )
As per 31 December 2020 |  |  | 20 |  |  |  | 274 |  |  |  | 84 |  |  |  | 376 |
Summary of Offsetting Financial Assets and Liabilities | The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements:
|  | 31 December 2021 |
Million US dollar |  | Gross amount |  |  | Net amount recognized in the statement of financial position 1 |  |  | Other offsetting agreements 2 |  |  | Total net amount |
Derivative assets |  |  | 670 |  |  |  | 670 |  |  |  | (651 | ) |  |  | 19 |
Derivative liabilities |  |  | (5 886 | ) |  |  | (5 886 | ) |  |  | 651 |  |  |  | (5 235 | )
|  | 31 December 2020 |
Million US dollar |  | Gross amount |  |  | Net amount recognized in the statement of financial position 1 |  |  | Other offsetting agreements 2 |  |  | Total net amount |
Derivative assets |  |  | 965 |  |  |  | 965 |  |  |  | (954 | ) |  |  | 11 |
Derivative liabilities |  |  | (6 804 | ) |  |  | (6 804 | ) |  |  | 954 |  |  |  | (5 851 | )

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