BP 2015 Annual Report Download - page 143

17. Other investments
$ million
2015 2014
Current Non-current Current Non-current
Equity investmentsa– 397 – 420
Other 219 605 329 808
219 1,002 329 1,228
aThe majority of equity investments are unlisted.
Other non-current investments includes $605 million relating to life insurance policies (2014 $599 million) which have been designated as financial
assets at fair value through profit and loss and their valuation methodology is in level 3 of the fair value hierarchy.
18. Inventories
$ million
2015 2014
Crude oil 3,467 5,614
Natural gas 251 285
Refined petroleum and petrochemical products 7,470 8,975
11,188 14,874
Supplies 2,626 3,051
13,814 17,925
Trading inventories 328 448
14,142 18,373
Cost of inventories expensed in the income statement 164,790 281,907
The inventory valuation at 31 December 2015 is stated net of a provision of $1,295 million (2014 $2,879 million) to write inventories down to their net
realizable value. The net credit to the income statement in the year in respect of inventory net realizable value provisions was $1,507 million (2014
$2,625 million charge).
Trading inventories are valued using quoted benchmark bid prices adjusted as appropriate for location and quality differentials. As such they are
predominantly categorized within level 2 of the fair value hierarchy.
19. Trade and other receivables
$ million
2015 2014
Current Non-current Current Non-current
Financial assets
Trade receivables 13,682 72 19,671 166
Amounts receivable from joint ventures and associates 1,303 – 1,558 –
Other receivables 5,908 1,249 7,863 1,293
20,893 1,321 29,092 1,459
Non-financial assets
Gulf of Mexico oil spill trust fund reimbursement asseta686 – 1,154 2,701
Other receivables 744 895 792 627
1,430 895 1,946 3,328
22,323 2,216 31,038 4,787
aSee Note 2 for further information.
Trade and other receivables are predominantly non-interest bearing. See Note 28 for further information.
20. Valuation and qualifying accounts
$ million
2015 2014 2013
Accounts
receivable
Fixed asset
investments
Accounts
receivable
Fixed asset
investments
Accounts
receivable
Fixed asset
investments
At 1 January 331 517 343 168 489 349
Charged to costs and expenses 243 195 127 438 82 4
Charged to other accountsa(23) (4) (24) (2) (4) 4
Deductions (104) (273) (115) (87) (224) (189)
At 31 December 447 435 331 517 343 168
aPrincipally exchange adjustments.
Valuation and qualifying accounts comprise impairment provisions for accounts receivable and fixed asset investments, and are deducted in the
balance sheet from the assets to which they apply.
For information on significant estimates and judgements made in relation to the recoverability of trade receivables see Impairment of loans and
receivables within Note 1.
BP Annual Report and Form 20-F 2015 139
Financial statements