26 Noncurrent and current other financial liabilities
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CARRYING AMOUNT |
CARRYING AMOUNT |
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€ million |
Current |
Noncurrent |
Dec. 31, 2017 |
Current |
Noncurrent |
Dec. 31, 2016 |
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Negative fair values of derivative financial instruments |
1,212 |
1,034 |
2,246 |
3,428 |
2,630 |
6,058 |
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Interest payable |
570 |
44 |
614 |
581 |
48 |
630 |
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Miscellaneous financial liabilities |
6,788 |
1,586 |
8,374 |
5,428 |
1,810 |
7,239 |
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8,570 |
2,665 |
11,234 |
9,438 |
4,488 |
13,926 |
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The negative fair values of derivatives relate to the following items:
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€ million |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Transactions for hedging |
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foreign currency risk from assets using fair value hedges |
58 |
74 |
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foreign currency risk from liabilities using fair value hedges |
19 |
286 |
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interest rate risk using fair value hedges |
64 |
147 |
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interest rate risk using cash flow hedges |
24 |
11 |
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foreign currency and price risk from future cash flows (cash flow hedges) |
542 |
4,135 |
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Hedging transactions |
706 |
4,652 |
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Liabilities related to derivatives not included in hedging relationships |
1,540 |
1,406 |
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2,246 |
6,058 |
The negative fair value of transactions for hedging price risk from future cash flows (cash flow hedges) amounted to €– million (previous year: €21 million).
Negative fair values of €22 million (previous year: €85 million) were recognized from transactions for hedging interest rate risk (fair value hedges) used in portfolio hedges.
Further details on derivative financial instruments as a whole are given in the section entitled “Financial risk management and financial instruments".