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Financial instruments and risk management (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about financial instruments [abstract]

Summary of financial assets by categories

A (a) Financial assets and liabilities by categories

At 31 December 2020			Note			Total US$m			Amortised cost US$m			Fair value through other comprehensive income US$m			Fair value through profit and loss US$m
Financial assets
Cash and cash equivalents			20			10,381			3,970			—			6,411
Trade and other financial receivables(a)(b)			18			3,286			1,479			—			1,807
Equity shares and quoted funds			19			75			—			64			11
Other investments, including loans(c)			19			2,899			138			—			2,761
Derivatives related to net debt: designated as hedges(d)			19, 23			388			—			—			388
Derivatives and embedded derivatives not related to net debt: not designated as hedges(d)			19			204			—			—			204
Embedded derivatives not related to net debt: designated as hedges(d)			19			73			—			—			73
Loans to equity accounted units including quasi equity loans						153			153			—			—
Total financial assets						17,459			5,740			64			11,655
Financial liabilities
Trade and other financial payables(e)			24			(5,847)			(5,817)						(30)
Short-term borrowings and bank overdrafts			21			(584)			(584)						—
Medium-term and long-term borrowings			21			(13,247)			(13,247)						—
Derivatives related to net debt: designated as hedges(d)			21, 23			(140)			—						(140)
Derivatives and embedded derivatives not related to net debt: not designated as hedges(d)			21			(24)			—						(24)
Embedded derivatives not related to net debt: designated as hedges(d)			21			(20)			—						(20)
Other financial liabilities			21			—			—						—
Total financial liabilities						(19,862)			(19,648)						(214)

At 31 December 2019			Note			Total US$m			Amortised cost US$m			Fair value through other comprehensive income US$m			Fair value through profit and loss US$m
Financial assets
Cash and cash equivalents			20			8,027			2,707			—			5,320
Trade and other financial receivables(a)(b)			18			2,938			1,801			—			1,137
Equity shares and quoted funds			19			61			—			50			11
Other investments, including loans(c)			19			2,839			21			—			2,818
Derivatives related to net debt: designated as hedges(d)			19, 23			151			—			—			151
Derivatives and embedded derivatives not related to net debt: not designated as hedges(d)			19			149			—			—			149
Embedded derivatives not related to net debt: designated as hedges(d)			19			66			—			—			66
Loans to equity accounted units including quasi equity loans						152			152			—			—
Total financial assets						14,383			4,681			50			9,652
Financial liabilities
Trade and other financial payables(e)			24			(5,398)			(5,341)						(57)
Short-term borrowings and bank overdrafts			21			(1,022)			(1,022)						—
Medium-term and long-term borrowings			21			(13,093)			(13,093)						—
Derivatives related to net debt: designated as hedges(d)			21, 23			(298)			—						(298)
Derivatives and embedded derivatives not related to net debt: not designated as hedges(d)			21			(29)			—						(29)
Embedded derivatives not related to net debt: designated as hedges(d)			21			(24)			—						(24)
Other financial liabilities			21			(247)			(247)						—
Total financial liabilities						(20,111)			(19,703)						(408)

(a)Trade and other financial receivables comprise trade receivables, other financial receivables, receivables relating to net investments in finance leases and amounts due from equity accounted units within note 18.

(b)Provisionally priced receivables are fair valued.

(c)Other investments, including loans, include US$2,538 million (2019: US$2,584 million) of highly liquid financial assets in managed investment funds classified as held for trading.

(d)These financial assets and liabilities in aggregate agree to the total derivative financial instruments disclosed in notes 19 and 21.

(e)Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units within note 24. The trade and other payables held at fair value are valued using Level 2 inputs.

Summary of financial liabilities by categories

A (a) Financial assets and liabilities by categories

At 31 December 2020			Note			Total US$m			Amortised cost US$m			Fair value through other comprehensive income US$m			Fair value through profit and loss US$m
Financial assets
Cash and cash equivalents			20			10,381			3,970			—			6,411
Trade and other financial receivables(a)(b)			18			3,286			1,479			—			1,807
Equity shares and quoted funds			19			75			—			64			11
Other investments, including loans(c)			19			2,899			138			—			2,761
Derivatives related to net debt: designated as hedges(d)			19, 23			388			—			—			388
Derivatives and embedded derivatives not related to net debt: not designated as hedges(d)			19			204			—			—			204
Embedded derivatives not related to net debt: designated as hedges(d)			19			73			—			—			73
Loans to equity accounted units including quasi equity loans						153			153			—			—
Total financial assets						17,459			5,740			64			11,655
Financial liabilities
Trade and other financial payables(e)			24			(5,847)			(5,817)						(30)
Short-term borrowings and bank overdrafts			21			(584)			(584)						—
Medium-term and long-term borrowings			21			(13,247)			(13,247)						—
Derivatives related to net debt: designated as hedges(d)			21, 23			(140)			—						(140)
Derivatives and embedded derivatives not related to net debt: not designated as hedges(d)			21			(24)			—						(24)
Embedded derivatives not related to net debt: designated as hedges(d)			21			(20)			—						(20)
Other financial liabilities			21			—			—						—
Total financial liabilities						(19,862)			(19,648)						(214)

At 31 December 2019			Note			Total US$m			Amortised cost US$m			Fair value through other comprehensive income US$m			Fair value through profit and loss US$m
Financial assets
Cash and cash equivalents			20			8,027			2,707			—			5,320
Trade and other financial receivables(a)(b)			18			2,938			1,801			—			1,137
Equity shares and quoted funds			19			61			—			50			11
Other investments, including loans(c)			19			2,839			21			—			2,818
Derivatives related to net debt: designated as hedges(d)			19, 23			151			—			—			151
Derivatives and embedded derivatives not related to net debt: not designated as hedges(d)			19			149			—			—			149
Embedded derivatives not related to net debt: designated as hedges(d)			19			66			—			—			66
Loans to equity accounted units including quasi equity loans						152			152			—			—
Total financial assets						14,383			4,681			50			9,652
Financial liabilities
Trade and other financial payables(e)			24			(5,398)			(5,341)						(57)
Short-term borrowings and bank overdrafts			21			(1,022)			(1,022)						—
Medium-term and long-term borrowings			21			(13,093)			(13,093)						—
Derivatives related to net debt: designated as hedges(d)			21, 23			(298)			—						(298)
Derivatives and embedded derivatives not related to net debt: not designated as hedges(d)			21			(29)			—						(29)
Embedded derivatives not related to net debt: designated as hedges(d)			21			(24)			—						(24)
Other financial liabilities			21			(247)			(247)						—
Total financial liabilities						(20,111)			(19,703)						(408)

(a)Trade and other financial receivables comprise trade receivables, other financial receivables, receivables relating to net investments in finance leases and amounts due from equity accounted units within note 18.

(b)Provisionally priced receivables are fair valued.

(c)Other investments, including loans, include US$2,538 million (2019: US$2,584 million) of highly liquid financial assets in managed investment funds classified as held for trading.

(d)These financial assets and liabilities in aggregate agree to the total derivative financial instruments disclosed in notes 19 and 21.

(e)Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units within note 24. The trade and other payables held at fair value are valued using Level 2 inputs.

Disclosure of issued capital

Our total capital as at 31 December was:

Total capital			Note			2020 US$m			2019 US$m
Equity attributable to owners of Rio Tinto (see Group balance sheet)						47,054			40,532
Equity attributable to non-controlling interests (see Group balance sheet)						4,849			4,710
Net debt			23			664			3,651
Total capital						52,567			48,893

Summary of credit ratings

Our credit ratings, as provided by Standard & Poor’s and Moody’s investor services, as at 31 December were:

			2020			2019
Long-term rating			A/A2			A/A2
Short-term rating			A-1/P-1			A-1/P-1
Outlook			Stable/Stable			Stable/Stable

Summary of notional aluminium forward sales contracts embedded in power contracts

In the table below, we summarise the maturity profile of our financial liabilities based on contractual undiscounted payments, which will therefore not necessarily agree with the amounts disclosed in the balance sheet.

Financial liability analysis

At 31 December 2020 (Outflows)/Inflows			Within 1 year or on demand US$m			Between 1 and 2 years US$m			Between 2 and 3 years US$m			Between 3 and 4 years US$m			Between 4 and 5 years US$m			After 5 years US$m			Total US$m
Non-derivative financial liabilities
Trade and other financial payables(a)			(5,251)			(53)			(15)			(34)			(19)			(394)			(5,766)
Expected lease liability payments			(271)			(231)			(155)			(101)			(84)			(724)			(1,566)
Borrowings before swaps			(351)			(667)			(743)			(1,256)			(1,892)			(7,477)			(12,386)
Expected future interest payments(a)			(525)			(522)			(495)			(469)			(427)			(2,999)			(5,437)
Derivative financial liabilities(b)
Derivatives related to net debt – net settled			—			—			—			—			—			—			—
Derivatives related to net debt – gross settled(a):
– gross inflows			27			27			27			27			27			790			925
– gross outflows			(34)			(34)			(34)			(34)			(34)			(943)			(1,113)
Derivatives not related to net debt – net settled			(20)			(7)			(2)			(2)			(2)			(9)			(42)
Derivatives not related to net debt – gross settled:
– gross inflows			290			—			—			—			—			—			290
– gross outflows			(291)			—			—			—			—			—			(291)
Total			(6,426)			(1,487)			(1,417)			(1,869)			(2,431)			(11,756)			(25,386)

At 31 December 2019 (Outflows)/Inflows			Within 1 year or on demand US$m			Between 1 and 2 years US$m			Between 2 and 3 years US$m			Between 3 and 4 years US$m			Between 4 and 5 years US$m			After 5 years US$m			Total US$m
Non-derivative financial liabilities
Trade and other financial payables(a)			(4,841)			(45)			(12)			(14)			(15)			(380)			(5,307)
Expected lease liability payments			(349)			(267)			(157)			(133)			(93)			(671)			(1,670)
Borrowings before swaps			(723)			(171)			(665)			(741)			(1,209)			(9,320)			(12,829)
Expected future interest payments(a)			(607)			(594)			(590)			(551)			(514)			(3,518)			(6,374)
Other financial liabilities			(247)			—			—			—			—			—			(247)
Derivative financial liabilities(b)
Derivatives related to net debt – net settled			(16)			(16)			(16)			9			(3)			3			(39)
Derivatives related to net debt – gross settled(a):
– gross inflows			495			40			40			40			507			788			1,910
– gross outflows			(588)			(53)			(53)			(53)			(599)			(977)			(2,323)
Derivatives not related to net debt – net settled			(31)			—			—			(2)			(4)			(23)			(60)
Derivatives not related to net debt – gross settled:
– gross inflows			699			—			—			—			—			—			699
– gross outflows			(703)			—			—			—			—			—			(703)
Total			(6,911)			(1,106)			(1,453)			(1,445)			(1,930)			(14,098)			(26,943)

(a)The interest payable at year end was removed from trade and other financial payables and is shown within expected future interest payments. Interest payments have been projected using interest rates applicable at the end of the applicable financial year. Where debt is subject to variable interest rates, future interest payments are subject to change in line with market rates.

(b)The maturity grouping is based on the earliest payment date.

Summary of derivative financial instruments

We held the following notional aluminium forward sales contracts embedded in the power contracts:

At 31 December 2020			Total			Within 1 year			Between 1 and 5 years			Between 5 and 10 years			After 10 years
Notional amount (in tonnes)			640,963			72,548			287,587			280,828			—
Notional amount (in US$ millions)			1,522			159			663			701			—
Average hedged rate (in US$ per tonne)			2,375			2,189			2,305			2,495			—

At 31 December 2019			Total			Within 1 year			Between 1 and 5 years			Between 5 and 10 years			After 10 years
Notional amount (in tonnes)			704,370			65,226			286,617			352,527			—
Notional amount (in US$ millions)			1,656			138			647			871			—
Average hedged rate (in US$ per tonne)			2,351			2,114			2,257			2,471			—

In the table below we summarise our derivatives, including embedded derivatives, as at 31 December.

			Total fair value
			2020						2019
			Asset US$m			Liability US$m			Asset US$m			Liability US$m
Derivatives designated as hedges
Interest rate swaps(a)			386			(1)			151			(38)
Cross-currency interest rate swaps(b)			2			(139)			—			(260)
Aluminium embedded derivatives(c)			66			(20)			66			(24)
Currency forward contracts			7			—			—			—
Total derivatives designated as hedges			461			(160)			217			(322)
Derivatives not designated as hedges
Currency forward contracts and swaps			63			(1)			13			(5)
Aluminium embedded derivatives(c)			80			—			96			—
Other embedded derivatives			28			(16)			14			—
Other commodity contracts(d)			33			(7)			26			(24)
Total derivatives not designated as hedges			204			(24)			149			(29)
Total derivative instruments			665			(184)			366			(351)
Analysed by maturity:
Less than 1 year			134			(23)			58			(103)
Between 1 and 5 years			330			(14)			96			(86)
More than 5 years			201			(147)			212			(162)
Total			665			(184)			366			(351)
Total net derivative instruments			481						15

Reconciliation to balance sheet			Note			2020 US$m			2019 US$m
Non-current assets			19			531			308
Current assets			19			134			58
Current liabilities			21			(23)			(103)
Non-current liabilities			21			(161)			(248)
Total net derivative instruments						481			15

(a)The interest rate swaps are used to convert certain fixed rate borrowings to a floating rate.

(b)The cross-currency interest rate swaps are used to convert non-US dollar denominated borrowings to either fixed or floating US dollar borrowings.

(c)Aluminium embedded derivatives (forward contracts and options) are contained within certain aluminium smelter electricity purchase contracts. These contracts reduce our margin exposure to movements in the aluminium price.

(d)Other commodity derivatives mainly relate to forward contracts which we have entered into to swap some of our fixed priced product sales to prevailing market prices at the point of revenue recognition. None of these derivatives is in a hedge relationship.

Summary of impact of hedging instrument on statement of financial position

The impact on our financial statements of these hedging instruments and hedging items are:

			Aluminium embedded derivatives separated from the power contract (Hedging instrument)(a)												Highly probable forecast aluminium sales (Hedged item)
			Nominal US$m			Carrying amount US$m			Change in fair value in the period US$m						Cash flow hedge reserve(b) US$m			Change in fair value in the period US$m			Total hedging gain/(loss) recognised in reserves US$m			Hedge ineffective-ness in the period(c) US$m			Amount reclassified from reserves to income statement(d) US$m
2020			1,522			46			23						184			(49)			27			(4)			40
2019			1,656			42			29						196			(50)			36			(7)			19

(a)Aluminium embedded derivatives (forward contracts and options) are contained within certain aluminium smelter electricity purchase contracts. US$66 million (2019: US$66 million) of the carrying value is shown within "Other financial assets" and US$20 million (2019: US$24 million) shown within "Other financial liabilities".

(b)The difference between this amount and the total cash flow hedge reserve of the Group (shown in note 28) relates to our cash flow hedge on the sterling bond (refer to interest rate risk section).

(c)Hedge ineffectiveness is included in net operating costs (raw materials, consumables, repairs and maintenance) in the income statement.

(d)On realisation of the hedge, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement.

Summary of market price relevant to the aluminum purchase price swaps outstanding

Our commodity derivatives are impacted by changes in market prices. The table below summarises the impact that changes in aluminium market prices have on aluminium forward and option contracts embedded in power supply agreements outstanding at 31 December 2020. Any change in price will result in an offsetting change in our future earnings.

			Change in market prices			2020 US$m			2019 US$m
Effect on net earnings			+10		%	(19)			(28)
			(10)		%	19			27
Effect on equity			+10		%	(98)			(97)
			(10)		%	100			101

Summary of maximum credit risk exposure of the Group's financial assets

The maximum credit risk exposure arising on our financial assets at the balance sheet date is as follows:

			Note			2020 US$m			2019 US$m
Cash and cash equivalents			20			10,381			8,027
Trade and other financial receivables			18			3,286			2,938
Investments			19			2,899			2,839
Derivative assets			19			665			366
Loans to equity accounted units						41			39
Total						17,272			14,209

Summary by currency, the Group's net debt, after taking into account relevant cross currency interest rate swaps and foreign exchange contracts

The table below summarises, by currency, our net debt, after taking into account relevant cross currency interest rate swaps and foreign exchange contracts:

Net debt by currency			Total borrowings excluding overdrafts US$m			Lease liabilities US$m			Derivatives related to net debt US$m			Cash and cash equivalents US$m			Other investments US$m			Net debt 2020 US$m			Net debt 2019 US$m
US dollar			(12,102)			(342)			248			9,517			2,538			(141)			(2,843)
Australian dollar			(375)			(350)			—			439			—			(286)			(561)
Euro			(4)			(25)			—			43			—			14			10
South African rand			—			(1)			—			141			—			140			171
Canadian dollar			(170)			(199)			—			36			—			(333)			(322)
Other			(2)			(261)			—			205			—			(58)			(106)
Total			(12,653)			(1,178)			248			10,381			2,538			(664)			(3,651)

Disclosure of effect of changes in foreign exchange rates on earnings

Gains/(losses) associated with 10% strengthening of the US dollar

Currency exposure			Closing exchange rate US cents			Effect on net earnings US$m			Of which amount impacting underlying earnings US$m			Impact directly on equity US$m
Australian dollar			77			625			(11)			(1,105)
Canadian dollar			78			(167)			6			—
Euro			123			139			3			—

At 31 December 2019

Gains/(losses) associated with 10% strengthening of the US dollar

Currency exposure			Closing exchange rate US cents			Effect on net earnings US$m			Of which amount impacting underlying earnings US$m			Impact directly on equity US$m
Australian dollar			70			453			(4)			(1,002)
Canadian dollar			77			(143)			7			—
Euro			112			178			4			—

Disclosure of detailed information about hedges

												2020						2019
Nominal amount of the bond			Nominal amount of the hedging instrument			Maturity			Effective exchange rate			Gain in fair value of the interest component of the hedged item US$m			Loss in fair value of the interest component of the hedging instrument US$m			Loss in fair value of the interest component of the hedged item US$m			Gain in fair value of the interest component of the hedging instrument US$m
£500		million	US$807		million	November 2029			1.6132			7			(7)			(24)			24

The effective interest rates of our borrowings, impacted by swaps, are summarised below. All nominal values are fully hedged unless otherwise stated:

Borrowings in a hedge relationship			Nominal value US$m			Weighted average interest rate after swaps			Swap maturity			Carrying value 2020 US$m			Carrying value 2019 US$m
Rio Tinto Finance plc Euro Bonds 2.0% due 2020(a)			526			3 month LIBOR +1.35%			2020			—			455
Rio Tinto Finance plc Euro Bonds 2.875% due 2024			546			3 month LIBOR +1.64%			2024			555			508
Rio Tinto Finance (USA) Limited Bonds 3.75% 2025			1,200			3 month LIBOR +1.39%			2025			1,299			1,229
Rio Tinto Finance (USA) Limited Bonds 7.125% 2028			750			3 month LIBOR +3.27%			2028			1,005			958
Alcan Inc. Debentures 7.25% due 2028			100			3 month LIBOR +5.43%			2024			109			104
Rio Tinto Finance plc Sterling Bonds 4.0% due 2029			807			3 month LIBOR +2.65%			2024			717			647
Alcan Inc. US$400m Debentures 7.25% due 2031(b)			400			3 month LIBOR +5.72%			2025			438			—
Alcan Inc. US$750m Global Notes 6.125% due 2033(b)			750			3 month LIBOR +5.67%			2025			744			—
Alcan Inc. US$300m Global Notes 5.75% due 2035(b)			300			3 month LIBOR +5.18%			2025			292			—
Rio Tinto Finance (USA) Limited Bonds 5.2% 2040			1,150			3 month LIBOR +3.79%			2022			1,173			1,137
Rio Tinto Finance (USA) plc Bonds 4.75% 2042			500			3 month LIBOR +3.42%			2023			501			483
Rio Tinto Finance (USA) plc Bonds 4.125% 2042			750			3 month LIBOR +2.83%			2023			743			716

(a)On 11 May 2020 we repaid, in full, the nominal amount of the Rio Tinto Finance plc Euro Bonds 2% due 2020.

(b)In 2020 we entered into new swaps to convert the interest payable in relation to these bonds from fixed to floating rates.

Summary of fair value of financial instruments

The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which approximates their fair value at 31 December 2020 and 31 December 2019. The fair values of our cash equivalents, loans to equity accounted units and other financial liabilities approximate their carrying values because of their short maturity, or because they carry floating rates of interest.

						2020						2019
			Note			Carrying value US$m			Fair value US$m			Carrying value US$m			Fair value US$m
Borrowings			21			12,653			15,076			12,806			14,678

The tables below show the financial instruments by valuation method in accordance with IFRS 9 at 31 December 2020 and 31 December 2019.

									Held at fair value
At 31 December 2020			Note			Total US$m			Level 1(a) US$m			Level 2(b) US$m			Level 3(c) US$m			Held at amortised cost US$m
Assets
Cash and cash equivalents(d)						10,381			6,411			—			—			3,970
Investments in equity shares and funds						75			35			—			40			—
Other investments, including loans(e)			19			2,899			2,563			—			198			138
Trade and other financial receivables(f)			18			3,286			5			1,802			—			1,479
Derivatives (net)
Forward contracts and option contracts: designated as hedges(g) (Section B)						53			—			7			46			—
Forward contracts and option contracts, not designated as hedges(g) (Section B)						180			—			69			111			—
Derivatives related to net debt(h) (Section B)						248			—			248			—			—
Liabilities
Trade and other financial payables			24			(5,847)			—			(30)			—			(5,817)
Total						11,275			9,014			2,096			395			(230)

									Held at fair value
At 31 December 2019			Note			Total US$m			Level 1(a) US$m			Level 2(b) US$m			Level 3(c) US$m			Held at amortised costs US$m
Assets
Cash and cash equivalents(d)						8,027			5,320			—			—			2,707
Investments in equity shares and funds						61			26			—			35			—
Other investments, including loans(e)			19			2,839			2,607			—			211			21
Trade and other financial receivables(f)			18			2,938			15			1,122			—			1,801
Derivatives (net)
Forward contracts and option contracts: designated as hedges(g) (Section B)						42			—			—			42			—
Forward contracts and option contracts, not designated as hedges(g) (Section B)						120			—			25			95			—
Derivatives related to net debt(h) (Section B)						(147)			—			(147)			—			—
Liabilities
Trade and other financial payables			24			(5,398)			—			(57)			—			(5,341)
Total						8,482			7,968			943			383			(812)

(a)Valuation is based on unadjusted quoted prices in active markets for identical financial instruments. This category includes listed equity shares and other quoted funds.

(b)Valuation is based on inputs that are observable for the financial instruments; which include quoted prices for similar instruments or identical instruments in markets which are not considered to be active, or inputs, either directly or indirectly based on observable market data.

(c)Valuation is based on inputs that are not based on observable market data (unobservable inputs).

(d)Cash and cash equivalents include money market funds which are treated as fair value through profit or loss (FVPL) under IFRS 9 with the fair value movements going into finance income.

(e)Other investments, including loans, comprise: cash deposits in rehabilitation funds, government bonds, managed investment funds and royalty receivables. The royalty receivables are valued based on future expected output as well as forward commodity prices.

(f)Trade receivables include provisionally priced invoices. The related revenue is initially based on forward market selling prices for the quotation periods stipulated in the contracts with changes between the provisional price and the final price recorded separately within "Other revenue". The selling price can be measured reliably for the Group's products, as it operates in active and freely traded commodity markets. At 31 December 2020, US$1,671 million (31 December 2019: US$1,040 million) of provisionally priced receivables were recognised.

(g)Level 3 derivatives consist of derivatives embedded in electricity purchase contracts linked to the LME with terms expiring between 2025 and 2029 (2019: 2025 and 2030). The embedded derivatives are measured using discounted cash flows and option model valuation techniques.

(h)Interest rate and currency interest rate swaps are valued using applicable market quoted swap yield curves adjusted for relevant basis and credit default spreads. Currency interest rate swap valuations also use market quoted foreign exchange rates. A discounted cash flow approach is used to derive fair value from these inputs to the underlying cash flows.

Summary of changes in the fair value of Level 3 financial assets and financial liabilities

The table below shows the summary of changes in the fair value of the Group's level 3 financial assets and financial liabilities.

			2020 Level 3 financial assets and financial liabilities US$m			2019 Level 3 financial assets and financial liabilities US$m
Opening balance			383			637
Currency translation adjustments			16			(1)
Total realised gains/(losses) included in:
– consolidated sales revenue			11			—
– net operating costs			(39)			(7)
Total unrealised (losses)/gains included in:
– net operating costs			24			(254)
Total unrealised gains transferred into other comprehensive income through cash flow hedges			26			28
Additions			1			1
Disposals/maturity of financial instruments			(27)			(21)
Closing balance			395			383
Net losses for the year included in the income statement for assets and liabilities held at year end(a)			—			(263)

(a)In 2020 gains and losses included in the income statement offset each other to the extent that the net result is less than US$1 million.

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