4.3.25Trade and Other Payables
Trade and other payables (summary)
Notes | 31 December 2022 | 31 December 2021 | |
|---|---|---|---|
Trade payables | 204 | 151 | |
Accruals on projects | 933 | 593 | |
Accruals regarding delivered orders | 15 | 27 | |
Other payables | 88 | 91 | |
Contract liability | 42 | 64 | |
Pension taxation | 9 | 8 | |
Taxation and social security costs | 81 | 76 | |
Current portion of deferred income | 3 | 6 | |
Other non-trade payables | 125 | 95 | |
Total | 1,501 | 1,111 |
The 'trade payables' and 'accruals on projects' together increased due to the higher Turnkey project activities during 2022, mainly related to FPSO Alexandre de Gusmão and FPSO ONE GUYANA.
For 'Contract liability' refer to note 4.3.3. Revenue where the movement in contract liabilities is explained.
Payables related to 'Taxation and social security' concerns uncertain tax positions related mainly to various taxes other than corporate income tax.
'Other non-trade payables' include mostly interest payable and the short-term portion of the outstanding payments related to the Leniency Agreement and the settlement with Brazilian Federal Prosecutor’s Office (Ministério Público Federal – ’MPF’). The long-term portion of the outstanding payments related to these agreements is presented in the line item ’Other non-current liabilities’ in the Company’s statement of financial position.
The line item ’Other non-current liabilities’ in the consolidated statement of financial position (refer to 4.2.3 Consolidated Statement of Financial Position) also includes a prepayment of US$52 million relating to the future potential participation of partners to charter contracts.
The contractual maturity of the trade payables is analyzed in the liquidity risk section in 4.3.27 Financial Instruments − Fair Values and Risk Management.