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Post-retirement benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure of information about defined benefit plans [abstract]  
Summary of fair value of plan assets
The proportions of the total fair value of assets in the pension plans for each asset class at the balance sheet date were:

20212020
Equities
17.6 %21.1 %
– Quoted
13.4 %17.9 %
– Private
4.2 %3.2 %
Bonds
60.2 %55.8 %
– Government fixed income
23.2 %17.7 %
– Government inflation-linked
9.5 %9.6 %
– Corporate and other publicly quoted
20.6 %22.6 %
– Private
6.9 %5.9 %
Property
7.9 %7.5 %
– Quoted property funds
3.4 %3.1 %
– Unquoted property funds
4.5 %4.4 %
Qualifying insurance policies
10.5 %11.3 %
Cash & other
3.8 %4.3 %
Total
100.0 %100.0 %
Summary of maturity of defined benefit obligations An approximate analysis of the maturity of the obligations is given in the table below:

Pension
benefits		Other
benefits
2021
Total
2020
Total
2019
Total
Proportion relating to current employees
20 %17 %20 %21 %20 %
Proportion relating to former employees not yet retired
12 %0 %11 %11 %12 %
Proportion relating to retirees
68 %83 %69 %68 %68 %
Total
100 %100 %100 %100 %100 %
Average duration of obligations (years)
13.813.113.814.314.4
Summary of geographical distribution of defined benefit obligations
An approximate analysis of the geographic distribution of the obligations is given in the table below:
Pension
benefits		Other
benefits
2021
Total
2020
Total
2019
Total
Canada
56 %48 %55 %53 %53 %
UK
29 %2 %28 %28 %28 %
US
8 %47 %10 %10 %10 %
Switzerland
5 %0 %5 %5 %5 %
Other
2 %3 %2 %4 %4 %
Total
100 %100 %100 %100 %100 %
Summary of total expense recognised in the income statement

Pension
benefits
US$m		Other
benefits
US$m
2021
Total
US$m
2020
Total
US$m
2019
Total
US$m
Current employer service cost for defined benefit plans
(159)(8)(167)(137)(125)
Past service cost— (2)(2)(2)— 
Settlement (losses)/gains(3)— (3)(1)51 
Net interest on net defined benefit liability
(28)(24)(52)(49)(58)
Non-investment expenses paid from the plans
(15)— (15)(16)(14)
Total defined benefit expense
(205)(34)(239)(205)(146)
Current employer service cost for defined contribution and industry-wide plans
(313)(2)(315)(264)(238)
Total expense recognised in the income statement
(518)(36)(554)(469)(384)
Summary of total amount recognised in other comprehensive income before tax

2021
US$m
2020
US$m
2019
US$m
Actuarial gains/(losses)655 (1,242)(1,295)
Return on assets, net of interest on assets
371 768 1,033 
Re-measurement gains/(losses) on pension and post-retirement healthcare plans1,026 (474)(262)
Summary of amount recognised in balance sheet The following amounts were measured in accordance with IAS 19 at 31 December:

Pension
benefits
US$m		Other
benefits
US$m
2021
Total
US$m
2020
Total
US$m
Total fair value of plan assets
14,700 — 14,700 14,905 
Present value of obligations – funded
(14,462)— (14,462)(15,731)
Present value of obligations – unfunded
(432)(834)(1,266)(1,447)
Present value of obligations – total
(14,894)(834)(15,728)(17,178)
Net deficit to be shown in the balance sheet
(194)(834)(1,028)(2,273)
Comprising:
– Deficits
(1,264)(834)(2,098)(3,055)
– Surpluses
1,070 — 1,070 782 
Net deficits on pension plans
(194)— (194)(1,305)
Unfunded post-retirement healthcare obligation
— (834)(834)(968)
Summary of funding policy and contributions to plans

Pension
benefits
US$m		Other
benefits
US$m
2021
Total
US$m
2020
Total
US$m
2019
Total
US$m
Contributions to defined benefit plans
425 39 464 201 257 
Contributions to defined contribution plans309 2 311 261 235 
Total734 41 775 462 492 
Summary of movement in net defined benefit liability
A summary of the movement in the net defined benefit liability is shown in the first table below. The subsequent tables provide a more detailed analysis of the movements in the present value of the obligations and the fair value of assets.

Pension
benefits
US$m		Other
benefits
US$m
2021
Total
US$m
2020
Total
US$m
Change in the net defined benefit liability
Net defined benefit liability at the start of the year
(1,305)(968)(2,273)(1,730)
Amounts recognised in income statement(205)(34)(239)(205)
Amounts recognised in other comprehensive income898 128 1,026 (474)
Employer contributions
425 39 464 201 
Assets transferred to defined contribution section
(4)— (4)(3)
Currency exchange rate (loss)/gain(3)1 (2)(62)
Net defined benefit liability at the end of the year
(194)(834)(1,028)(2,273)

Pension
benefits
US$m		Other
benefits
US$m
2021
Total
US$m
2020
Total
US$m
Change in present value of obligation
Present value of obligation at the start of the year
(16,210)(968)(17,178)(15,653)
Current employer service costs
(159)(8)(167)(137)
Past service cost
— (2)(2)(2)
Settlements
380 — 380 6 
Interest on obligation
(304)(24)(328)(384)
Contributions by plan participants
(22)— (22)(22)
Benefits paid
798 39 837 778 
Experience gains
27 62 89 61 
Changes in financial assumptions gain/(loss)454 67 521 (1,442)
Changes in demographic assumptions gain/(loss)46 (1)45 139 
Currency exchange rate gain/(loss)96 1 97 (522)
Present value of obligation at the end of the year
(14,894)(834)(15,728)(17,178)
42 Post-retirement benefits continued

Pension
benefits
US$m		Other
benefits
US$m
2021
Total
US$m
2020
Total
US$m
Change in plan assets
Fair value of plan assets at the start of the year
14,905 — 14,905 13,923 
Settlements
(383)— (383)(7)
Interest on assets
276 — 276 335 
Contributions by plan participants
22 — 22 22 
Contributions by employer
425 39 464 201 
Benefits paid
(798)(39)(837)(778)
Non-investment expenses
(15)— (15)(16)
Return on plan assets, net of interest on assets371 — 371 768 
Assets transferred to defined contribution section
(4)— (4)(3)
Currency exchange rate (loss)/ gain(99)— (99)460 
Fair value of plan assets at the end of the year
14,700 — 14,700 14,905 
Summary of main assumptions rate for valuations of plans and sensitivity analysis
The main assumptions for the valuations of the plans under IAS 19 are set out below. Where there are multiple plans in a country the rates below are weighted-average figures.
CanadaUKUSSwitzerland
At 31 December 2021
Discount rate
2.9 %1.9 %2.8 %0.3 %
Inflation(a)
1.9 %3.4 %2.4 %0.9 %
Rate of increase in pensions
0.3 %2.9 %— %1.8 %
Rate of increase in salaries
3.1 %4.2 %3.9 %1.9 %
At 31 December 2020
Discount rate
2.5 %1.2 %2.2 %0.1 %
Inflation(a)
1.6 %2.9 %2.1 %0.9 %
Rate of increase in pensions
0.1 %2.5 %— %0.5 %
Rate of increase in salaries
2.8 %3.6 %3.6 %1.9 %
(a)The inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2021 was 2.7% (2020: 2.1%).
20212020
Approximate
(increase)/decrease in obligations		Approximate
(increase)/decrease in obligations
AssumptionChange in assumptionPensions
US$m		Other
US$m		Pensions
US$m		Other
US$m
Discount rate
Increase of 0.5 percentage points
854 51 988 62 
Decrease of 0.5 percentage points
(915)(55)(1,186)(66)
Inflation
Increase of 0.5 percentage points
(393)(14)(484)(19)
Decrease of 0.5 percentage points
374 13 450 17 
Salary increases
Increase of 0.5 percentage points
(55)(1)(81)(1)
Decrease of 0.5 percentage points
54 1 72 1 
Demographic – allowance for future improvements in longevity
Participants assumed to have the mortality rates of individuals who are one year older
441 15 520 19 
Participants assumed to have the mortality rates of individuals who are one year younger
(441)(15)(562)(19)