| (in millions of euros) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Derivatives qualified as hedging instruments | Derivatives qualified as hedging instrumentsDecember 31, 2023not-included | Derivatives qualified as hedging instrumentsDecember 31, 2022not-included |
| Derivatives hedging current assets and liabilities | Derivatives hedging current assets and liabilities December 31, 20232 |
Derivatives hedging current assets and liabilities December 31, 202226 |
| Derivatives hedging intercompany loans and borrowings | Derivatives hedging intercompany loans and borrowings December 31, 202341 |
Derivatives hedging intercompany loans and borrowings December 31, 2022128 |
| Derivatives hedging Eurobond | Derivatives hedging Eurobond December 31, 2023117 |
Derivatives hedging Eurobond December 31, 2022260 |
| Instruments at amortized cost | Instruments at amortized costDecember 31, 2023not-included | Instruments at amortized costDecember 31, 2022not-included |
| Trade and other payables | Trade and other payables December 31, 202317,490 |
Trade and other payables December 31, 202215,809 |
| Short‑term borrowings | Short‑term borrowings December 31, 2023678 |
Short‑term borrowings December 31, 2022627 |
| Instruments at fair value through profit and loss | Instruments at fair value through profit and lossDecember 31, 2023not-included | Instruments at fair value through profit and lossDecember 31, 2022not-included |
| Short‑term borrowings | Short‑term borrowings December 31, 202348 |
Short‑term borrowings December 31, 2022not-included |
| Total financial instruments – current liabilities | Total financial instruments – current liabilitiesDecember 31, 202318,376 | Total financial instruments – current liabilitiesDecember 31, 202216,850 |
| Instruments at amortized cost | Instruments at amortized costDecember 31, 2023not-included | Instruments at amortized costDecember 31, 2022not-included |
| Long‑term borrowings | Long‑term borrowings December 31, 20232,257 |
Long‑term borrowings December 31, 20222,989 |
| Instruments at fair value through profit and loss | Instruments at fair value through profit and lossDecember 31, 2023not-included | Instruments at fair value through profit and lossDecember 31, 2022not-included |
| Long‑term borrowings | Long‑term borrowings December 31, 2023205 |
Long‑term borrowings December 31, 2022not-included |
| Total financial instruments – non‑current liabilities | Total financial instruments – non‑current liabilitiesDecember 31, 20232,462 | Total financial instruments – non‑current liabilitiesDecember 31, 20222,989 |
The carrying amount of financial assets and liabilities recognized at amortized cost approximates fair value, except for financial liabilities, whose fair value is euro 3,225 million as of December 31, 2023 (versus a carrying amount of euro 3,188 million). As of December 31, 2022, the fair value of financial liabilities was euro 3,655 million (versus a carrying amount of euro 3,616 million). The fair value of Eurobonds has been calculated by discounting the expected future cash flows at market interest rates (Level 2 fair value).
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:
| (in millions of euros) | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Short‑term liquid investments | Short‑term liquid investments Level 1 2,610 |
Short‑term liquid investments Level 2 - |
Short‑term liquid investments Level 3 - |
Short‑term liquid investments Total 2,610 |
| Venture Capital Funds and other securities | Venture Capital Funds and other securities Level 1 144 |
Venture Capital Funds and other securities Level 2 - |
Venture Capital Funds and other securities Level 3 11 |
Venture Capital Funds and other securities Total 155 |
| Surplus of plan assets for pension commitments | Surplus of plan assets for pension commitments Level 1 35 |
Surplus of plan assets for pension commitments Level 2 - |
Surplus of plan assets for pension commitments Level 3 - |
Surplus of plan assets for pension commitments Total 35 |
| Derivative instruments – assets | Derivative instruments – assets Level 1 - |
Derivative instruments – assets Level 2 9 |
Derivative instruments – assets Level 3 - |
Derivative instruments – assets Total 9 |
| Total financial instruments at fair value – assets | Total financial instruments at fair value – assets Level 1 2,789 |
Total financial instruments at fair value – assets Level 2 9 |
Total financial instruments at fair value – assets Level 3 11 |
Total financial instruments at fair value – assets Total 2,809 |
| Derivative instruments – liabilities | Derivative instruments – liabilities Level 1 - |
Derivative instruments – liabilities Level 2 160 |
Derivative instruments – liabilities Level 3 - |
Derivative instruments – liabilities Total 160 |
| Total financial instruments at fair value – liabilities | Total financial instruments at fair value – liabilities Level 1 - |
Total financial instruments at fair value – liabilities Level 2 160 |
Total financial instruments at fair value – liabilities Level 3 - |
Total financial instruments at fair value – liabilities Total 160 |
