XML 223 R61.htm IDEA: XBRL DOCUMENT v3.22.0.1
Trade and Other Payables (Tables)
 12 Months Ended
Dec. 31, 2021
Text block [abstract]  
Summary of Movement in Deferred and Contingent Consideration
    
2021
$m
      2020
$m		                
Current
                                    
Trade payables
   
 
2,727
 
      2,164                    
Construction contract-related payables (i)
   
 
336
 
      318                    
Deferred and contingent acquisition consideration (ii)
   
 
33
 
      34                    
Accruals
   
 
2,184
 
      2,077                    
Other payables
   
 
410
 
      196                    
Amounts payable to equity accounted investments
   
 
2
 
      3                    
Total
   
 
5,692
 
      4,792                    
         
Non-current
                                    
Other payables
   
 
389
 
      381                    
Deferred and contingent acquisition consideration (ii)
   
 
328
 
      330                    
Total
   
 
717
 
      711                    
 
(i)
Construction contract-related payables include billings in excess of revenue, together with advances received from customers in respect of work to be performed under construction contracts and foreseeable losses thereon. $288 million was recognised in the Consolidated Income Statement during 2021 which was included in the contract-related payables balance at 31 December 2020. The movements in these balances during the year was as follows:
 
Summary of Advances Received And Billings In Excess Of Revenue Explanatory
   
 
Advances received
 
           
 
Billings in excess of
revenue
 
 
                                
   
 
2021
$m
 
 
     2020
$m		  
 		           
 
2021
$m
 
 
     2020
$m		  
 		                                
At 1 January
  
 
31
 
     12             
 
283
 
     239                                  
Translation adjustment
  
 
(3
) 
     2             
 
(5
) 
     6                                  
Additional contract balances recognised
  
 
58
 
     29             
 
255
 
     254                                  
Opening balances recognised as revenue
  
 
(30
) 
     (12 )            
 
(258
) 
     (216 )                                 
Disposals
  
 
-
 
     -             
 
(1
) 
     -                                  
At 31 December
  
 
56
 
     31             
 
274
 
     283                                  
 
 
The carrying amounts of trade payables, construction contract-related payables and other payables approximate their fair value largely due to the short-term maturities and nature of these instruments.
 
 
(ii)
The fair value of total contingent consideration is $317 million (2020: $301 million) (Level 3 in the fair value hierarchy), and deferred consideration is $44 million (2020: $63 million). On an undiscounted basis, the corresponding future payments relating to contingent consideration, for which the Group may be liable, ranges from $296 million to $449 million. This is based on a range of estimated potential outcomes of the expected payment amounts primarily dependent on underlying performance metrics as set out in the relevant agreements. The fair value of contingent consideration is arrived at through discounting the expected payment to present value. Based on a reasonable possible change in assumptions, the fair value ranges from $249 million to $380 million on a discounted basis. The movement in deferred and contingent consideration during the financial year was as follows:
 
 
    
2021
$m
      2020
$m		                       
At 1 January
   
 
364
 
      376                             
Translation adjustment
   
 
(1)
 
      1                             
Arising on acquisitions and investments during year (note 30)
   
 
1
 
      7                             
Changes in estimate
   
 
10
 
      13                             
Paid during year
   
 
(33)
 
   
 
(54)
 
                           
Discount unwinding
   
 
20
 
      21                             
At 31 December
   
 
361
 
      364