Finance cost and income (Tables)

12 Months Ended

Dec. 31, 2018

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Summary of Finance Costs Included in Income Statement

The finance costs included in the income statement are as follows:

Million US dollar	2018			2017			2016
Interest expense		(4 141	)		(4 314	)		(4 092	)
Capitalization of borrowing costs		23			22			12
Net interest on net defined benefit liabilities		(94	)		(101	)		(113	)
Accretion expense		(400	)		(614	)		(648	)
Net foreign exchange losses (net of the effect of foreign exchange derivative instruments)		—			(304	)		(21	)
Net losses on hedging instruments that are not part of a hedge accounting relationship		(2 222	)		(674	)		(797	)
Tax on financial transactions		(110	)		(68	)		(70	)
Other financial costs, including bank fees		(242	)		(139	)		(131	)
		(7 186	)		(6 192	)		(5 860	)
Exceptional finance cost		(1 982	)		(693	)		(3 522	)
Finance costs		(9 168	)		(6 885	)		(9 382	)

Summary of Finance Income Included in Income Statement

Finance income included in the income statement is as follows:

Million US dollar	2018		2017		2016
Interest income		333		287		561
Hyperinflation monetary adjustments		46		—		—
Other financial income		61		91		91
Finance income, excluding exceptional items		440		378		652
Exceptional finance income		—		—		166
Finance income		440		378		818

Summary of Interest Income

The interest income stems from the following financial assets:

Million US dollar	2018		2017		2016
Cash and cash equivalents		256		207		479
Investment debt securities held for trading		22		16		16
Other loans and receivables		55		64		66
Total		333		287		561