26 Noncurrent and current other financial liabilities

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CARRYING AMOUNT

 

CARRYING AMOUNT

€ million

 

Current

 

Non­current

 

Dec. 31, 2017

 

Current

 

Non­current

 

Dec. 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Negative fair values of derivative financial instruments

 

1,212

 

1,034

 

2,246

 

3,428

 

2,630

 

6,058

Interest payable

 

570

 

44

 

614

 

581

 

48

 

630

Miscellaneous financial liabilities

 

6,788

 

1,586

 

8,374

 

5,428

 

1,810

 

7,239

 

 

8,570

 

2,665

 

11,234

 

9,438

 

4,488

 

13,926

The negative fair values of derivatives relate to the following items:

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€ million

 

Dec. 31, 2017

 

Dec. 31, 2016

 

 

 

 

 

Transactions for hedging

 

 

 

 

foreign currency risk from assets using fair value hedges

 

58

 

74

foreign currency risk from liabilities using fair value hedges

 

19

 

286

interest rate risk using fair value hedges

 

64

 

147

interest rate risk using cash flow hedges

 

24

 

11

foreign currency and price risk from future cash flows (cash flow hedges)

 

542

 

4,135

Hedging transactions

 

706

 

4,652

Liabilities related to derivatives not included in hedging relationships

 

1,540

 

1,406

 

 

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".