Universal Registration Document 2022

/ Financial instruments – liabilities

(in millions of euros)	December 31, 2022	December 31, 2021
Derivatives qualified as hedging instruments	Derivatives qualified as hedging instrumentsDecember 31, 2022	Derivatives qualified as hedging instrumentsDecember 31, 2021
Derivatives hedging current assets and liabilities	Derivatives hedging current assets and liabilities December 31, 2022 26	Derivatives hedging current assets and liabilities December 31, 2021 10
Derivatives hedging intercompany loans and borrowings	Derivatives hedging intercompany loans and borrowings December 31, 2022 128	Derivatives hedging intercompany loans and borrowings December 31, 2021 21
Derivatives hedging Eurobond	Derivatives hedging Eurobond December 31, 2022 260	Derivatives hedging Eurobond December 31, 2021 97
Instruments at amortized cost	Instruments at amortized costDecember 31, 2022	Instruments at amortized costDecember 31, 2021
Trade and other payables	Trade and other payables December 31, 2022 15,809	Trade and other payables December 31, 2021 14,693
Short-term borrowings	Short-term borrowings December 31, 2022 627	Short-term borrowings December 31, 2021 184
(in millions of euros) Total financial instruments – current liabilities	December 31, 202216,850	December 31, 202115,005
Instruments at amortized cost	Instruments at amortized costDecember 31, 2022	Instruments at amortized costDecember 31, 2021
Long-term borrowings	Long-term borrowings December 31, 2022 2,989	Long-term borrowings December 31, 2021 3,446
(in millions of euros) Total financial instruments – non-current liabilities	December 31, 20222,989	December 31, 20213,446

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 3,655 million at December 31, 2022 (versus a carrying amount of euro 3,616 million). At December 31, 2021, the fair value of financial liabilities was euro 3,668 million (versus a carrying amount of euro 3,630 million).

The fair value of Eurobonds 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, 2022

(in millions of euros)	Level 1	Level 2	Level 3	Total
Short-term liquid investments	Short-term liquid investments Level 1 2,819	Short-term liquid investments Level 2 -	Short-term liquid investments Level 3 -	Short-term liquid investments Total 2,819
Venture Capital Funds and other securities	Venture Capital Funds and other securities Level 1 166	Venture Capital Funds and other securities Level 2 -	Venture Capital Funds and other securities Level 3 12	Venture Capital Funds and other securities Total 178
Derivative instruments – assets	Derivative instruments – assets Level 1 -	Derivative instruments – assets Level 2 50	Derivative instruments – assets Level 3 -	Derivative instruments – assets Total 50
(in millions of euros) Total financial instruments at fair value – assets	Level 12,985	Level 250	Level 312	Total3,047
Derivative instruments – liabilities	Derivative instruments – liabilities Level 1 -	Derivative instruments – liabilities Level 2 414	Derivative instruments – liabilities Level 3 -	Derivative instruments – liabilities Total 414
(in millions of euros) Total financial instruments at fair value – liabilities	Level 1-	Level 2414	Level 3-	Total414

Universal Registration Document 2022

Groupe Profile

Fair value

Fair value hierarchy