26 Noncurrent and current other financial liabilities
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CARRYING AMOUNT |
CARRYING AMOUNT |
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€ million |
Current |
Noncurrent |
Dec. 31, 2013 |
Current |
Noncurrent |
Dec. 31, 2012 | ||||||
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Negative fair values of derivative financial instruments |
1,070 |
1,169 |
2,239 |
1,230 |
1,587 |
2,818 |
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Interest payable |
667 |
62 |
730 |
731 |
6 |
737 |
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Miscellaneous financial liabilities |
2,789 |
1,074 |
3,863 |
2,464 |
803 |
3,267 |
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4,526 |
2,305 |
6,832 |
4,425 |
2,397 |
6,822 |
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The negative fair values of derivatives relate to the following items:
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€ million |
Dec. 31, 2013 |
Dec. 31, 2012 | ||
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Transactions for hedging |
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foreign currency risk from assets using fair value hedges |
34 |
21 |
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foreign currency risk from liabilities using fair value hedges |
300 |
53 |
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interest rate risk using fair value hedges |
117 |
238 |
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interest rate risk using cash flow hedges |
30 |
77 |
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foreign currency and price risk from future cash flows (cash flow hedges) |
996 |
1,822 |
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Hedging transactions |
1,476 |
2,211 |
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Liabilities related to derivatives not included in hedging relationships |
762 |
607 |
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2,239 |
2,818 |
The negative fair value of transactions for hedging price risk from future cash flows (cash flow hedges) amounted to €61 million (previous year: €26 million).
Negative fair values of €41 million (previous year: €158 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 note 33.