BP 2014 Annual Report Download - page 214

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Non-GAAP information on fair value accounting effects
The impacts of fair value accounting effects, relative to management’s internal measure of performance, and a reconciliation to GAAP information is
set out below. Further information on fair value accounting effects is provided on page 253.
$ million
2014 2013 2012
Upstream
Unrecognized gains (losses) brought forward from previous period (160) (404) (538)
Unrecognized (gains) losses carried forward 191 160 404
Favourable (unfavourable) impact relative to management’s measure of performance 31 (244) (134)
Downstreama
Unrecognized gains (losses) brought forward from previous period 679 501 74
Unrecognized (gains) losses carried forward 188 (679) (501)
Favourable (unfavourable) impact relative to management’s measure of performance 867 (178) (427)
898 (422) (561)
Taxation credit (charge)b(341) 142 216
557 (280) (345)
By region
Upstream
US 23 (269) (67)
Non-US 825 (67)
31 (244) (134)
Downstreama
US 914 (211) (441)
Non-US (47) 33 14
867 (178) (427)
aFair value accounting effects arise solely in the fuels business.
bFrom 2014, tax is calculated using statutory rates. For earlier periods tax is calculated using the group’s discrete quarterly effective tax rate (adjusted for certain non-operating items, equity-accounted
earnings and certain deferred tax adjustments relating to changes in UK taxation).
Reconciliation of non-GAAP information
$ million
2014 2013 2012
Upstream
RC profit before interest and tax adjusted for fair value accounting effects 8,903 16,901 22,625
Impact of fair value accounting effects 31 (244) (134)
RC profit before interest and tax 8,934 16,657 22,491
Downstream
RC profit before interest and tax adjusted for fair value accounting effects 2,871 3,097 3,291
Impact of fair value accounting effects 867 (178) (427)
RC profit before interest and tax 3,738 2,919 2,864
Total group
Profit before interest and tax adjusted for fair value accounting effects 5,514 32,191 20,330
Impact of fair value accounting effects 898 (422) (561)
Profit before interest and tax 6,412 31,769 19,769
Operating capital employed*
$ million
2014
Upstream 107,524
Downstream 38,878
TNK-BP –
Rosneft 7,312
Other businesses and corporate 20,689
Gulf of Mexico oil spill response (7,986)
Consolidation adjustment - UPII*(31)
Total operating capital employed 166,386
Liabilities for current and deferred taxation (12,758)
Goodwill 11,868
Finance debt (52,854)
Net assets 112,642
210 BP Annual Report and Form 20-F 2014