| (in millions of euros) |
December 31, 2019 |
December 31, 2018 |
|---|---|---|
|
Derivatives qualified as hedging instruments |
Derivatives qualified as hedging instruments December 31, 2019
|
Derivatives qualified as hedging instruments December 31, 2018
|
|
• derivatives hedging current assets and liabilities |
• derivatives hedging current assets and liabilities December 31, 2019 12 |
• derivatives hedging current assets and liabilities December 31, 2018 16 |
|
• derivatives on intercompany loans and borrowings |
• derivatives on intercompany loans and borrowings December 31, 2019 67 |
• derivatives on intercompany loans and borrowings December 31, 2018 20 |
|
• Eurobond derivatives |
• Eurobond derivatives December 31, 2019 199 |
• Eurobond derivatives December 31, 2018 46 |
|
Instruments at amortized cost |
Instruments at amortized cost December 31, 2019
|
Instruments at amortized cost December 31, 2018
|
|
• trade and other payables |
• trade and other payables December 31, 2019 13,521 |
• trade and other payables December 31, 2018 12,315 |
|
• short-term borrowings |
• short-term borrowings December 31, 2019 1,602 |
• short-term borrowings December 31, 2018 449 |
|
Total financial instruments – current liabilities |
Total financial instruments – current liabilities December 31, 2019 15,401 |
Total financial instruments – current liabilities December 31, 2018 12,846 |
|
Instruments at amortized cost |
Instruments at amortized cost December 31, 2019
|
Instruments at amortized cost December 31, 2018
|
|
• long-term borrowings |
• long-term borrowings December 31, 2019 4,286 |
• long-term borrowings December 31, 2018 2,425 |
|
Total financial instruments – non-current liabilitiess |
Total financial instruments – non-current liabilitiess December 31, 2019 4,286 |
Total financial instruments – non-current liabilitiess December 31, 2018 2,425 |
The carrying amount of financial assets and liabilities recognized at amortized cost approximates fair value, except for financial liabilities, which had a fair value of euro 6,004 million at December 31, 2019 (versus a carrying amount of euro 5.88 million). At December 31, 2018, the fair value of financial liabilities was euro 2,979 million (versus a carrying amount of euro 2,874 million).
The fair value of Eurobonds, bonds with a convertible option on the debt portion, has been calculated by discounting the expected future cash flows at market interest rates (fair value Level 2).
The table below breaks down financial instruments recognized at fair value according to the measurement method used. The different levels of fair value have been defined as follows:
|
December 31, 2019 (in millions of euros) |
Level 1 |
Level 2 |
Level 3 |
Total |
|---|---|---|---|---|
|
Short-term liquid investments |
Short-term liquid investments Level 1 2,268 |
Short-term liquid investments Level 2 - |
Short-term liquid investments Level 3 - |
Short-term liquid investments Total 2,268 |
|
Innovation mutual funds and other securities |
Innovation mutual funds and other securities Level 1 87 |
Innovation mutual funds and other securities Level 2 - |
Innovation mutual funds and other securities Level 3 13 |
Innovation mutual funds and other securities Total 100 |
|
Derivative instruments – assets |
Derivative instruments – assets Level 1 - |
Derivative instruments – assets Level 2 38 |
Derivative instruments – assets Level 3 - |
Derivative instruments – assets Total 38 |
|
|
Level 1 2,355 |
Level 2 38 |
Level 3 13 |
Total 2,406 |
|
Derivative instruments – liabilities |
Derivative instruments – liabilities Level 1 - |
Derivative instruments – liabilities Level 2 (278) |
Derivative instruments – liabilities Level 3 - |
Derivative instruments – liabilities Total (278) |
|
Total |
Total Level 1 2,355 |
Total Level 2 (240) |
Total Level 3 13 |
Total Total 2,128 |
|
December 31, 2018 (in millions of euros) |
Level 1 |
Level 2 |
Level 3 |
Total |
|---|---|---|---|---|
|
Short-term liquid investments |
Short-term liquid investments Level 1 2,273 |
Short-term liquid investments Level 2 - |
Short-term liquid investments Level 3 - |
Short-term liquid investments Total 2,273 |
|
Innovation mutual funds and other securities |
Innovation mutual funds and other securities Level 1 88 |
Innovation mutual funds and other securities Level 2 - |
Innovation mutual funds and other securities Level 3 20 |
Innovation mutual funds and other securities Total 108 |
|
Derivative instruments – assets |
Derivative instruments – assets Level 1 - |
Derivative instruments – assets Level 2 30 |
Derivative instruments – assets Level 3 - |
Derivative instruments – assets Total 30 |
|
|
Level 1 2,361 |
Level 2 30 |
Level 3 20 |
Total 2,411 |
|
Derivative instruments – liabilities |
Derivative instruments – liabilities Level 1 - |
Derivative instruments – liabilities Level 2 (82) |
Derivative instruments – liabilities Level 3 - |
Derivative instruments – liabilities Total (82) |
|
Total |
Total Level 1 2,361 |
Total Level 2 (52) |
Total Level 3 20 |
Total Total 2,329 |
