Universal Registration Document 2021

/ Financial instruments – liabilities

(in millions of euros)	December 31, 2021	December 31, 2020
Derivatives qualified as hedging instruments	Derivatives qualified as hedging instruments December 31, 2021	Derivatives qualified as hedging instruments December 31, 2020
Derivatives hedging current assets and liabilities	Derivatives hedging current assets and liabilities December 31, 2021 10	Derivatives hedging current assets and liabilities December 31, 2020 14
Derivatives hedging intercompany loans and borrowings	Derivatives hedging intercompany loans and borrowings December 31, 2021 21	Derivatives hedging intercompany loans and borrowings December 31, 2020 90
Derivatives hedging Eurobond	Derivatives hedging Eurobond December 31, 2021 97	Derivatives hedging Eurobond December 31, 2020 -
Instruments at amortized cost	Instruments at amortized cost December 31, 2021	Instruments at amortized cost December 31, 2020
Trade and other payables	Trade and other payables December 31, 2021 14,693	Trade and other payables December 31, 2020 13,098
Short-term borrowings	Short-term borrowings December 31, 2021 184	Short-term borrowings December 31, 2020 856
Total financial instruments – current liabilities	Total financial instruments – current liabilitiesDecember 31, 202115,005	Total financial instruments – current liabilitiesDecember 31, 202014,058
Instruments at amortized cost	Instruments at amortized cost December 31, 2021	Instruments at amortized cost December 31, 2020
Long-term borrowings	Long-term borrowings December 31, 2021 3,446	Long-term borrowings December 31, 2020 3,653
Total financial instruments – non-current liabilities	Total financial instruments – non-current liabilitiesDecember 31, 20213,446	Total financial instruments – non-current liabilitiesDecember 31, 20203,653

Fair value

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 3,668 million at December 31, 2021 (versus a carrying amount of euro 3,630 million). At December 31, 2020, the fair value of financial liabilities was euro 4,555 million (versus a carrying amount of euro 4,509 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 (Level 2 fair value).

Fair value hierarchy

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:

level 1: quoted prices in active markets for identical instruments;
level 2: observable data other than quoted prices for identical instruments in active markets;
level 3: significant unobservable data.

/ December 31, 2021

(in millions of euros)	Level 1	Level 2	Level 3	Total
Short-term liquid investments	Short-term liquid investmentsLevel 1 2,136	Short-term liquid investmentsLevel 2 -	Short-term liquid investmentsLevel 3 -	Short-term liquid investmentsTotal 2,136
Venture Capital Funds and other securities	Venture Capital Funds and other securitiesLevel 1 154	Venture Capital Funds and other securitiesLevel 2 -	Venture Capital Funds and other securitiesLevel 3 12	Venture Capital Funds and other securitiesTotal 166
Derivative instruments – assets	Derivative instruments – assetsLevel 1 -	Derivative instruments – assetsLevel 2 21	Derivative instruments – assetsLevel 3 -	Derivative instruments – assetsTotal 21
Total financial instruments at fair value – Assets	Total financial instruments at fair value – AssetsLevel 12,290	Total financial instruments at fair value – AssetsLevel 221	Total financial instruments at fair value – AssetsLevel 312	Total financial instruments at fair value – AssetsTotal2,323
Derivative instruments – liabilities	Derivative instruments – liabilitiesLevel 1 -	Derivative instruments – liabilitiesLevel 2 128	Derivative instruments – liabilitiesLevel 3 -	Derivative instruments – liabilitiesTotal 128
Total financial instruments liabilities at fair value	Total financial instruments liabilities at fair valueLevel 1-	Total financial instruments liabilities at fair valueLevel 2128	Total financial instruments liabilities at fair valueLevel 3-	Total financial instruments liabilities at fair valueTotal128

Universal Registration Document 2021

Chapter 6. 2021 Consolidated financial statements

/ Financial instruments – liabilities

Fair value

Fair value hierarchy

/ December 31, 2021