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Financial instruments and financial risk factors (Tables)
 12 Months Ended
Dec. 31, 2017
Financial Instruments [Abstract]  
Disclosure of financial assets
Other investments
 
 
 
 
 
$ million

 
 
 
2017

 
2016

 
 
Current

Non-current

Current

Non-current

Equity investmentsa
 
15

418

2

405

Other
 
110

827

42

628

 
 
125

1,245

44

1,033

a 
The majority of equity investments are unlisted.
Other non-current investments includes $662 million relating to life insurance policies in the US (2016 $628 million) which are financial assets measured at fair value through profit or loss. The fair value is determined using the higher of the amount that would be received if the policies were cashed in and discounted future cash flows that would be received on maturity of the policies. It is considered a level 3 valuation under the fair value hierarchy. Future cash flows are estimated based on inputs that include life expectancy, investment performance and the cost of insurance cover. The pre-tax discount rate is based on a third-party high-quality US insurance company corporate bond index.
The accounting classification of each category of financial instruments, and their carrying amounts, are set out below.
 
 
 
 
 
 
 
 
 
$ million

At 31 December 2017
 
Note

Loans and
receivables

Available-
for-sale 
financial
assets

Held-to-
maturity
investments

At fair value
through profit
or loss

Derivative
hedging
instruments

Financial
liabilities
measured at
amortized cost

Total carrying
amount

Financial assets
 
 
 
 
 
 
 
 
 
Other investments – equity shares
 
16

—

433

—

—

—

—

433

 – other
 
16

—

275

—

662

—

—

937

Loans
 
 
836

—

—

—

—

—

836

Trade and other receivables
 
18

24,361

—

—

—

—

—

24,361

Derivative financial instruments
 
28

—

—

—

6,454

688

—

7,142

Cash and cash equivalents
 
23

21,916

2,270

1,400

—

—

—

25,586

Financial liabilities
 
 
 
 
 
 
 
 
 
Trade and other payables
 
20

—

—

—

—

—

(54,054
)
(54,054
)
Derivative financial instruments
 
28

—

—

—

(5,705
)
(864
)
—

(6,569
)
Accruals
 
 
—

—

 
—

—

(5,465
)
(5,465
)
Finance debt
 
24

—

—

—

—

—

(63,230
)
(63,230
)
 
 
 
47,113

2,978

1,400

1,411

(176
)
(122,749
)
(70,023
)
 
 
 
 
 
 
 
 
 
 
At 31 December 2016
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
Other investments – equity shares
 
16

—

407

—

—

—

—

407

 – other
 
16

—

42

—

628

—

—

670

Loans
 
 
791

—

—

—

—

—

791

Trade and other receivables
 
18

20,616

—

—

—

—

—

20,616

Derivative financial instruments
 
28

—

—

—

6,490

885

—

7,375

Cash and cash equivalents
 
23

21,539

1,749

196

—

—

—

23,484

Financial liabilities
 
 
 
 
 
 
 
 
 
Trade and other payables
 
20

—

—

—

—

—

(49,534
)
(49,534
)
Derivative financial instruments
 
28

—

—

—

(6,507
)
(1,997
)
—

(8,504
)
Accruals
 
 
—

—



—

—

(5,605
)
(5,605
)
Finance debt
 
24

—

—

—

—

—

(58,300
)
(58,300
)
 
 
 
42,946

2,198

196

611

(1,112
)
(113,439
)
(68,600
)
Disclosure of financial liabilities
The accounting classification of each category of financial instruments, and their carrying amounts, are set out below.
 
 
 
 
 
 
 
 
 
$ million

At 31 December 2017
 
Note

Loans and
receivables

Available-
for-sale 
financial
assets

Held-to-
maturity
investments

At fair value
through profit
or loss

Derivative
hedging
instruments

Financial
liabilities
measured at
amortized cost

Total carrying
amount

Financial assets
 
 
 
 
 
 
 
 
 
Other investments – equity shares
 
16

—

433

—

—

—

—

433

 – other
 
16

—

275

—

662

—

—

937

Loans
 
 
836

—

—

—

—

—

836

Trade and other receivables
 
18

24,361

—

—

—

—

—

24,361

Derivative financial instruments
 
28

—

—

—

6,454

688

—

7,142

Cash and cash equivalents
 
23

21,916

2,270

1,400

—

—

—

25,586

Financial liabilities
 
 
 
 
 
 
 
 
 
Trade and other payables
 
20

—

—

—

—

—

(54,054
)
(54,054
)
Derivative financial instruments
 
28

—

—

—

(5,705
)
(864
)
—

(6,569
)
Accruals
 
 
—

—

 
—

—

(5,465
)
(5,465
)
Finance debt
 
24

—

—

—

—

—

(63,230
)
(63,230
)
 
 
 
47,113

2,978

1,400

1,411

(176
)
(122,749
)
(70,023
)
 
 
 
 
 
 
 
 
 
 
At 31 December 2016
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
Other investments – equity shares
 
16

—

407

—

—

—

—

407

 – other
 
16

—

42

—

628

—

—

670

Loans
 
 
791

—

—

—

—

—

791

Trade and other receivables
 
18

20,616

—

—

—

—

—

20,616

Derivative financial instruments
 
28

—

—

—

6,490

885

—

7,375

Cash and cash equivalents
 
23

21,539

1,749

196

—

—

—

23,484

Financial liabilities
 
 
 
 
 
 
 
 
 
Trade and other payables
 
20

—

—

—

—

—

(49,534
)
(49,534
)
Derivative financial instruments
 
28

—

—

—

(6,507
)
(1,997
)
—

(8,504
)
Accruals
 
 
—

—



—

—

(5,605
)
(5,605
)
Finance debt
 
24

—

—

—

—

—

(58,300
)
(58,300
)
 
 
 
42,946

2,198

196

611

(1,112
)
(113,439
)
(68,600
)
Disclosure of financial assets that are either past due or impaired
 
 
 
$ million

Trade and other receivables at 31 December
 
2017

2016

Neither impaired nor past due
 
22,858

19,459

Impaired (net of provision)
 
53

71

Not impaired and past due in the following periods
 
 
 
within 30 days
 
637

446

31 to 60 days
 
130

116

61 to 90 days
 
114

56

over 90 days
 
569

468

 
 
24,361

20,616
Disclosure of offsetting of financial assets
The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet.
Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and collateral received or pledged, are also presented in the table to show the total net exposure of the group.
 
 
 
 
 
 
 
$ million

 
 
Gross
amounts of
recognized
financial
assets
(liabilities)

Amounts
set off

Net amounts
presented on
the balance
sheet

Related amounts not set off
in the balance sheet
 
Net amount

At 31 December 2017
 
Master
netting
arrangements

Cash
collateral
(received)
pledged

Derivative assets
 
8,522

(1,380
)
7,142

(1,554
)
(321
)
5,267

Derivative liabilities
 
(7,818
)
1,380

(6,438
)
1,554

—

(4,884
)
Trade and other receivables
 
11,648

(5,311
)
6,337

(2,156
)
(114
)
4,067

Trade and other payables
 
(12,543
)
5,311

(7,232
)
2,156

—

(5,076
)
At 31 December 2016
 
 
 
 
 
 
 
Derivative assets
 
9,025

(1,882
)
7,143

(1,058
)
(133
)
5,952

Derivative liabilities
 
(10,236
)
1,882

(8,354
)
1,058

—

(7,296
)
Trade and other receivables
 
8,815

(4,468
)
4,347

(1,039
)
(118
)
3,190

Trade and other payables
 
(9,664
)
4,468

(5,196
)
1,039

—

(4,157
)
Disclosure of offsetting of financial liabilities
The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet.
Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and collateral received or pledged, are also presented in the table to show the total net exposure of the group.
 
 
 
 
 
 
 
$ million

 
 
Gross
amounts of
recognized
financial
assets
(liabilities)

Amounts
set off

Net amounts
presented on
the balance
sheet

Related amounts not set off
in the balance sheet
 
Net amount

At 31 December 2017
 
Master
netting
arrangements

Cash
collateral
(received)
pledged

Derivative assets
 
8,522

(1,380
)
7,142

(1,554
)
(321
)
5,267

Derivative liabilities
 
(7,818
)
1,380

(6,438
)
1,554

—

(4,884
)
Trade and other receivables
 
11,648

(5,311
)
6,337

(2,156
)
(114
)
4,067

Trade and other payables
 
(12,543
)
5,311

(7,232
)
2,156

—

(5,076
)
At 31 December 2016
 
 
 
 
 
 
 
Derivative assets
 
9,025

(1,882
)
7,143

(1,058
)
(133
)
5,952

Derivative liabilities
 
(10,236
)
1,882

(8,354
)
1,058

—

(7,296
)
Trade and other receivables
 
8,815

(4,468
)
4,347

(1,039
)
(118
)
3,190

Trade and other payables
 
(9,664
)
4,468

(5,196
)
1,039

—

(4,157
)
Disclosure of detailed information of maturities of trade and other payables, accrued expenses, finance debt, and Interest
The amounts shown for finance debt in the table below include future minimum lease payments with respect to finance leases. The table also shows the timing of cash outflows relating to trade and other payables and accruals.
 
 
 
 
 
 
 
 
 
$ million

 
 
 
 
 
2017

 
 
 
2016

 
 
Trade and
other
payablesa

Accruals

Finance
debtb

Interest on finance debt

Trade and
other
payablesa

Accruals

Finance
debtb

Interest on finance debtc

Within one year
 
40,472

4,960

7,626

1,757

35,774

5,136

6,620

1,217

1 to 2 years
 
1,693

135

7,331

1,537

2,005

186

5,909

1,083

2 to 3 years
 
1,413

83

7,068

1,321

1,278

91

6,624

942

3 to 4 years
 
1,378

70

6,766

1,114

1,239

53

6,201

801

4 to 5 years
 
1,368

54

7,986

894

1,229

33

6,564

658

5 to 10 years
 
6,181

115

24,162

1,951

5,826

75

22,190

1,446

Over 10 years
 
6,125

48

2,089

390

7,248

31

3,573

382

 
 
58,630

5,465

63,028

8,964

54,599

5,605

57,681

6,529

a 2017 includes $18,918 million (2016 $21,644 million) in relation to the Gulf of Mexico oil spill.
b Fair value adjustments relating to hedging activity have been excluded from finance debt which therefore is not equal the amounts presented on the balance sheet. 2016 has been amended to conform with this presentation.
c 2016 has been amended to exclude interest payments that do not relate to finance debt. Interest on liabilities is included in trade and other payables.
Disclosure of maturity analysis for derivative financial liabilities
For further information on our derivative financial instruments, see Note 28.
 
 
 
$ million

Cash outflows for derivative financial instruments at 31 December
 
2017

2016

Within one year
 
1,505

2,677

1 to 2 years
 
1,700

1,505

2 to 3 years
 
1,678

1,700

3 to 4 years
 
2,384

1,678

4 to 5 years
 
2,838

2,384

5 to 10 years
 
11,238

9,985

Over 10 years
 
724

1,413

 
 
22,067

21,342

Derivative liabilities held for trading have the following fair values and maturities.
 
 
 
 
 
 
 
 
$ million

 
 
 
 
 
 
 
 
2017

 
 
Less than
1 year

1-2 years

2-3 years

3-4 years

4-5 years

Over
5 years

Total

Currency derivatives
 
(92
)
(232
)
(66
)
(188
)
(99
)
(79
)
(756
)
Oil price derivatives
 
(1,120
)
(118
)
(33
)
(4
)
(6
)
—

(1,281
)
Natural gas price derivatives
 
(973
)
(410
)
(334
)
(224
)
(194
)
(709
)
(2,844
)
Power price derivatives
 
(337
)
(134
)
(63
)
(39
)
(29
)
(91
)
(693
)
 
 
(2,522
)
(894
)
(496
)
(455
)
(328
)
(879
)
(5,574
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ million

 
 
 
 
 
 
 
 
2016

 
 
Less than
1 year

1-2 years

2-3 years

3-4 years

4-5 years

Over
5 years

Total

Currency derivatives
 
(379
)
(36
)
(402
)
(101
)
(338
)
(744
)
(2,000
)
Oil price derivatives
 
(787
)
(105
)
(40
)
(11
)
(3
)
(6
)
(952
)
Natural gas price derivatives
 
(947
)
(421
)
(257
)
(258
)
(197
)
(765
)
(2,845
)
Power price derivatives
 
(201
)
(126
)
(81
)
(39
)
(31
)
(82
)
(560
)
 
 
(2,314
)
(688
)
(780
)
(409
)
(569
)
(1,597
)
(6,357
)