BP PLC
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2023 · Filed Mar 8, 2024
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Contents
Fair values
The estimated fair value of finance debt is shown in the table below together with the carrying amount as reflected in the balance sheet.
Long-term borrowings in the table below include the portion of debt that matures in the 12 months from 31 December 2023, whereas in the group balance sheet the amount is reported within current finance debt.
The carrying amount of the group’s short-term borrowings, comprising mainly of commercial paper, approximates their fair value. The fair values of the significant majority of the group’s long-term borrowings are determined using quoted prices in active markets, and so fall within level 1 of the fair value hierarchy. Where quoted prices are not available, quoted prices for similar instruments in active markets are used and such measurements are therefore categorized in level 2 of the fair value hierarchy.
| $ million | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Fair value | Carryingamount | Fair value | Carryingamount | |
| Short-term borrowings | 596 | 596 | 901 | 901 |
| Long-term borrowings | 48,199 | 51,358 | 41,689 | 46,043 |
| Total finance debt | 48,795 | 51,954 | 42,590 | 46,944 |
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