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Section B: Notes to the Group financial statements for the year ended 30 June 2026
B13 Borrowings The following table shows the carrying amounts of borrowings included in the Group's consolidated balance sheet.
2026
2025
$M
$M
Current Capital markets debt US private placement
942 224
1,223
237 323
Term debt
77
Total current borrowings
1,243
1,783
Non-current Capital markets debt US private placement
14,061
14,484
2,286 3,050
2,619 2,186
Term debt
Total non-current borrowings
19,397
19,289
Total borrowings
20,640
21,072
Borrowings accounting policy Initial recognition and subsequent measurement Borrowings are initially recognised on the trade date (the date on which the Group becomes a party to the contractual provisions of the instrument). Borrowings are initially measured at fair value, which typically reflects the proceeds received, net of directly attributable transaction costs. Borrowings are subsequently measured at amortised cost, using the effective interest method. Any difference between the proceeds (net of directly attributable transaction costs) and the amount payable at maturity is recognised in the profit and loss over the term of the borrowings using the effective interest method. Borrowings that are in designated fair value hedging relationships are adjusted for fair value movements attributable to the hedged risk. Fees paid on the establishment of loan facilities are recognised as directly attributable transaction costs of the borrowing to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Classification Borrowings are classified as current liabilities unless the Group has a right to defer settlement of the liability for at least 12 months after the Borrowing costs are recognised as expenses in the period in which they are incurred, except to the extent that they relate to the construction of qualifying assets (assets under construction), in which case specifically identifiable borrowing costs are capitalised as part of the cost of the asset. Borrowing costs include interest on short-term and long-term borrowings. Derecognition Borrowings are derecognised when the contractual obligations are discharged, cancelled or expired. Any gain or loss is recognised in profit and loss when the borrowing is derecognised. reporting period. Borrowing costs
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