_398 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements 16.2 Derivatives recognized as liabilities (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 4 12 Interest rate derivatives - 2 Other derivatives(1) - - Non-current derivative instruments (note 26) 4 14 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 16 98 Interest rate derivatives - - Other derivatives(1) - 2 Current derivative instruments (note 26) 16 100 TOTAL LIABILITIES 20 114 (1) The amount at December 31, 2022 corresponded to the options embedded in convertible bonds (note 26.1). The Group holds cash collateral covering its credit risk on derivatives with a negative fair value. Collateral received at December 31, 2023 amounted to €51 million (2022: €110 million).
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