26 Noncurrent and current other financial liabilities
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CARRYING AMOUNT |
CARRYING AMOUNT |
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€ million |
Current |
Noncurrent |
Dec. 31, 2016 |
Current |
Noncurrent |
Dec. 31, 2015 |
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Negative fair values of derivative financial instruments |
3,428 |
2,630 |
6,058 |
4,799 |
3,905 |
8,703 |
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Interest payable |
581 |
48 |
630 |
668 |
70 |
739 |
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Miscellaneous financial liabilities |
5,428 |
1,810 |
7,239 |
4,883 |
1,926 |
6,809 |
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9,438 |
4,488 |
13,926 |
10,350 |
5,901 |
16,251 |
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The negative fair values of derivatives relate to the following items:
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€ million |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Transactions for hedging |
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foreign currency risk from assets using fair value hedges |
74 |
71 |
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foreign currency risk from liabilities using fair value hedges |
286 |
106 |
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interest rate risk using fair value hedges |
147 |
71 |
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interest rate risk using cash flow hedges |
11 |
16 |
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foreign currency and price risk from future cash flows (cash flow hedges) |
4,135 |
6,970 |
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Hedging transactions |
4,652 |
7,234 |
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Liabilities related to derivatives not included in hedging relationships |
1,406 |
1,469 |
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6,058 |
8,703 |
The negative fair value of transactions for hedging price risk from future cash flows (cash flow hedges) amounted to €21 million (previous year: €166 million).
Negative fair values of €85 million (previous year: €44 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".