XML 214 R52.htm IDEA: XBRL DOCUMENT v3.22.0.1
Finance Costs and Finance Income (Tables)
 12 Months Ended
Dec. 31, 2021
Text block [abstract]  
Summary of Finance Costs and Finance Income
 
  
2021
$m
 
  
2020
$m
 
  
2019
$m
 
Finance costs
  
 
 
 
  
 
 
 
  
 
 
 
Interest payable on borrowings
   
 
344
 
      381        374  
Net (income)/cost on interest rate and currency swaps
   
 
(31)
 
      2        15  
Mark-to-market
of derivatives and related fixed rate debt:
                           
- interest rate swaps (i)
   
 
85
 
      (97)        (72)  
- currency forwards and currency swaps
   
 
1
 
      2        2  
- fixed rate debt (i)
   
 
(90)
 
      80        68  
Net (gain)/loss on
non-derivative
financial instruments
   
 
(4)
 
      21        -  
Interest payable on cash and cash equivalents and other
   
 
6
 
      -        -  
Net finance cost on gross debt including related derivatives
   
 
311
 
      389        387  
       
Finance income
                           
Interest receivable on loans to joint ventures and associates
   
 
-
 
      -        (5)  
Interest receivable on cash and cash equivalents and other
   
 
-
 
      -        (17)  
Finance income
   
 
-
 
      -        (22)  
                            
Finance costs less income
   
 
311
 
      389        365  
       
Other financial expense
                           
Unwinding of discount element of lease liabilities (note 20)
   
 
64
 
      68        69  
Unwinding of discount element of provisions for liabilities (note 26)
   
 
18
 
      21        25  
Unwinding of discount applicable to deferred and contingent acquisition consideration
 (note 18)
   
 
20
 
      21        16  
Unwinding of discount applicable to deferred divestment proceeds   
 
(12)
 
      (24)        -  
Unwinding of discount applicable to leased mineral reserves   
 
6
 
      4        -  
Pension-related finance cost (net) (note 28)
   
 
10
 
      11        15  
Net other financial expense
   
 
106
 
      101        125  
                            
Total net finance costs (ii)
   
 
417
 
      490        490  
 
(i)
The Group uses interest rate swaps to convert fixed rate debt to floating rate. Fixed rate debt, which has been converted to floating rate through the use of interest rate swaps, is stated in the Consolidated Balance Sheet at adjusted value to reflect movements in underlying fixed rates. The movement on this adjustment, together with the offsetting movement in the fair value of the related interest rate swaps, is included in finance costs in each reporting period.
 
(ii)
Net finance costs in 2019, including discontinued operations, amounted to $498 million.