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BP » Topics » Fair values

This excerpt taken from the BP 20-F filed Mar 4, 2008.
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 year from 31 December 2007, whereas in the balance sheet the amount would be reported as current liabilities.
     The carrying amount of the group’s short-term borrowings, comprising mainly commercial paper, bank loans, overdrafts and US Industrial Revenue/ Municipal Bonds, approximates their fair value. The fair value of the group’s long-term borrowings and finance lease obligations is estimated using quoted prices or, where these are not available, discounted cash flow analyses based on the group’s current incremental borrowing rates for similar types and maturities of borrowing.

                $ million  
        2007       2006  
        Carrying       Carrying  
    Fair value   amount   Fair value   amount  
Short-term borrowings   11,212   11,212   9,661   9,661  
Long-term borrowings   19,094   18,941   13,580   13,534  
Net obligations under finance leases   908   892   832   815  
Total finance debt   31,214   31,045   24,073   24,010  
This excerpt taken from the BP 6-K filed Mar 13, 2006.
Fair values The fair value of quoted investments is determined by reference to bid prices at the close of business on the balance sheet date. Where there is no active market, fair value is determined using valuation techniques. These include using recent arm’s-length market transactions; reference to the current market value of another instrument which is substantially the same; discounted cash flow analysis; and pricing models. Otherwise assets are carried at cost.

 

EXCERPTS ON THIS PAGE:

20-F
Mar 4, 2008
6-K
Mar 13, 2006

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