- Definition

The amount of financial liabilities that meet either of the following conditions: (a) they meet the definition of held for trading; or (b) upon initial recognition they are designated by the entity as at fair value through profit or loss. An entity may use this designation only when permitted by paragraph 4.3.5 of IFRS 9 (embedded derivatives) or when doing so results in more relevant information, because either: (a) it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as ‘an accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity’s key management personnel (as defined in IAS 24). [Refer: At fair value [member]; Key management personnel of entity or parent [member]; Derivatives [member]; Financial assets; Financial liabilities]

+ References + Details

INVESTMENTS, DEBT AND DERIVATIVES - Fair value hierarchy (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at fair value through other comprehensive income	$ 38	$ 30
Financial liabilities measured at fair value through profit and loss	27	0
Warrants
Disclosure of fair value measurement of assets and liabilities [line items]
Financial liabilities measured at fair value through profit and loss	27	0
Level 1
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at fair value through other comprehensive income	0	0
Financial liabilities measured at fair value through profit and loss	27
Level 1 \| Warrants
Disclosure of fair value measurement of assets and liabilities [line items]
Financial liabilities measured at fair value through profit and loss	27
Level 2
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at fair value through other comprehensive income	0	0
Financial liabilities measured at fair value through profit and loss	0
Level 2 \| Warrants
Disclosure of fair value measurement of assets and liabilities [line items]
Financial liabilities measured at fair value through profit and loss	0
Level 3
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at fair value through other comprehensive income	38	30
Financial liabilities measured at fair value through profit and loss	0
Level 3 \| Warrants
Disclosure of fair value measurement of assets and liabilities [line items]
Financial liabilities measured at fair value through profit and loss	0
Other investments
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at fair value through other comprehensive income	38	30
Other investments \| Level 1
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at fair value through other comprehensive income	0	0
Other investments \| Level 2
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at fair value through other comprehensive income	0	0
Other investments \| Level 3
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at fair value through other comprehensive income	$ 38	$ 30	$ 41