5 _399 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements 16.3 Contractual amounts of derivatives The contractual amounts of derivative instruments are presented in the table below: (in € millions) December 31, 2023 December 31, 2022 Current Noncurrent Total Current Noncurrent Total Currency derivatives 5,084 1,752 6,836 4,588 1,754 6,342 Interest rate derivatives 76 237 313 94 324 418 Other - - - 1,130 - 1,130 Derivatives not qualifying for hedge accounting 5,160 1,989 7,149 5,812 2,078 7,890 Interest rate derivatives - - - - - - Derivatives qualifying as fair value hedges - - - - - - Currency derivatives 7 - 7 462 - 462 Interest rate derivatives - - - - - - Other 3 1 4 7 1 8 Derivatives qualifying as cash flow hedges 10 1 11 469 1 470 TOTAL 5,170 1,990 7,160 6,281 2,079 8,360 At December 31, 2022, “Other” derivatives not qualifying for hedge accounting included options embedded in convertible bonds in USD (notes 16.1, 16.2 and 26). 16.4 Hedge accounting Summarized financial data for hedging instruments are set out in the table below: (in € millions) Notional amount of the hedging instrument Carrying amount of the hedging instrument in assets/(liabilities) Cash flow hedge reserve Amount recognized in profit or loss Line item affected in profit or loss DERIVATIVES QUALIFYING AS CASH FLOW HEDGES Forward foreign exchange contracts on bonds denominated in foreign currencies - - - (7) Cost of net debt/Other financial income and expense Commodity price risk – forward purchase contracts 4 - - (1) Operating income Interest rate swaps - - (11) (3) Cost of net debt Interest component of cross currency swaps - - - - Cost of net debt Forward foreign exchange contracts on forecast sales 4 - - 1 Operating income Hedges of currency risk on raw materials purchases 3 - - (1) Operating income CURRENT AND NON-CURRENT HEDGING INSTRUMENTS 11 - (11) (11) Gains and losses on cash flow hedges are included in equity, under "Other reserves" (note 25). These reserves are used to recognize the effective portion of derivatives that qualify for hedge accounting (note 3.5.2). The gains and losses accumulated in the reserve are subsequently reclassified as part of the initial cost of a non‑financial asset or transferred to the income statement. Cash flow hedge reserves correspond mainly to advance hedging of interest rate risks on the August 2018 bond issues for a negative amount of €11 million (note 26.1). The gains and losses are reclassified to the income statement when the interest affects profit or loss.
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