26 Noncurrent and current other financial liabilities

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CARRYING AMOUNT

 

CARRYING AMOUNT

€ million

 

Current

 

Non­current

 

Dec. 31, 2016

 

Current

 

Non­current

 

Dec. 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

Negative fair values of derivative financial instruments

 

3,428

 

2,630

 

6,058

 

4,799

 

3,905

 

8,703

Interest payable

 

581

 

48

 

630

 

668

 

70

 

739

Miscellaneous financial liabilities

 

5,428

 

1,810

 

7,239

 

4,883

 

1,926

 

6,809

 

 

9,438

 

4,488

 

13,926

 

10,350

 

5,901

 

16,251

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

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€ million

 

Dec. 31, 2016

 

Dec. 31, 2015

 

 

 

 

 

Transactions for hedging

 

 

 

 

foreign currency risk from assets using fair value hedges

 

74

 

71

foreign currency risk from liabilities using fair value hedges

 

286

 

106

interest rate risk using fair value hedges

 

147

 

71

interest rate risk using cash flow hedges

 

11

 

16

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

 

4,135

 

6,970

Hedging transactions

 

4,652

 

7,234

Liabilities related to derivatives not included in hedging relationships

 

1,406

 

1,469

 

 

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".