5 _397 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Note 16. DERIVATIVE INSTRUMENTS As mentioned in note 3.5, some derivatives, while complying with the Group's financial risk management policies, do not qualify or have not been designated as hedging instruments for hedge accounting purposes. 16.1 Derivatives recognized as assets (in € millions) December 31, 2023 December 31, 2022 Derivatives qualifying as fair value hedges - - Derivatives qualifying as cash flow hedges Currency derivatives - - Interest rate derivatives - - Other derivatives - - Derivatives not qualifying for hedge accounting Currency derivatives 83 54 Interest rate derivatives - 1 Other derivatives(1) - - Non-current derivative instruments (note 15) 83 55 Derivatives qualifying as fair value hedges - - Derivatives qualifying as cash flow hedges Currency derivatives - 118 Interest rate derivatives - - Other derivatives - - Derivatives not qualifying for hedge accounting Currency derivatives 34 33 Interest rate derivatives 1 1 Other derivatives(1) - 1 Current derivative instruments (note 21) 35 153 TOTAL ASSETS 118 208 (1) The amount at December 31, 2022 corresponded primarily to the financial instruments acquired as hedges of the options embedded in convertible bonds (note 26.1). The Group grants cash collateral to cover counterparties' credit risk on derivatives with a positive fair value. Collateral given at December 31, 2023 amounted to €43 million (2022: €57 million).
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