30. Financial Instruments

The system used by the Bayer Group to manage credit risks, liquidity risks and the various types of market risks (interest-rate, currency and other price risks), together with its objectives, methods and procedures, is outlined in the Risk Report, which forms part of the Combined Management Report.

30.1 Financial instruments by category

The following table shows the carrying amounts and fair values of financial assets and liabilities for each financial instrument category and a reconciliation to the corresponding line item in the statements of financial position. Since the line items “Other receivables,” “Trade accounts payable” and “Other liabilities” contain both financial instruments and nonfinancial assets or liabilities (such as other tax receivables or advance payments for services to be received in the future), the reconciliation is shown in the column headed “Nonfinancial assets / liabilities.”

Carrying Amounts and Fair Values of Financial Instruments

 

 

Dec. 31, 2014

 

Dec. 31, 2015

 

 

Carried at amortized cost

 

Carried at fair value [Fair Value for information1]

 

Nonfinancial assets / liabilities

 

Carrying amount in the statement of financial position

 

Carried at amortized cost

 

Carried at fair value [Fair value for information1]

 

Nonfinancial assets / liabilities

 

Carrying amount in the statement of financial position

 

 

Carrying amount

 

Based on quoted prices in active markets (Level 1)

Based on observable market data (Level 2)

Based on unobservable inputs (Level 3)

 

Carrying amount

 

 

 

Carrying amount

 

Based on quoted prices in active markets (Level 1)

Based on observable market data (Level 2)

Based on unobservable inputs (Level 3)

 

Carrying amount

 

 

 

 

 

Carrying amount

Carrying amount

Carrying amount

 

 

 

 

 

Carrying amount

Carrying amount

Carrying amount

 

 

 

 

 

€ million

 

€ million

€ million

€ million

 

€ million

 

€ million

 

€ million

 

€ million

€ million

€ million

 

€ million

 

€ million

2014 figures restated

1

The exemption provisions under IFRS 7.29a were applied for information on specific fair values.

Trade accounts receivable

 

9,097

 

 

 

 

 

 

 

9,097

 

9,933

 

 

 

 

 

 

 

9,933

Loans and receivables

 

9,097

 

 

 

 

 

 

 

9,097

 

9,933

 

 

 

 

 

 

 

9,933

Other financial assets

 

276

 

325

450

779

 

 

 

1,830

 

185

 

363

509

791

 

 

 

1,848

Loans and receivables

 

178

 

 

[170]

[19]

 

 

 

178

 

72

 

 

[64]

[18]

 

 

 

72

Available-for-sale financial assets

 

29

 

325

 

745

 

 

 

1,099

 

40

 

363

 

774

 

 

 

1,177

Held-to-maturity financial assets

 

69

 

 

[70]

 

 

 

 

69

 

73

 

 

[74]

 

 

 

 

73

Derivatives that qualify for hedge accounting

 

 

 

 

189

 

 

 

 

189

 

 

 

 

125

 

 

 

 

125

Derivatives that do not qualify for hedge accounting

 

 

 

 

261

34

 

 

 

295

 

 

 

 

384

17

 

 

 

401

Other receivables

 

620

 

 

 

58

 

1,257

 

1,935

 

506

 

 

 

59

 

1,882

 

2,447

Loans and receivables

 

620

 

 

[620]

 

 

 

 

620

 

506

 

 

[506]

 

 

 

 

506

Available-for-sale financial assets

 

 

 

 

 

58

 

 

 

58

 

 

 

 

 

59

 

 

 

59

Nonfinancial assets

 

 

 

 

 

 

 

1,257

 

1,257

 

 

 

 

 

 

 

1,882

 

1,882

Cash and cash equivalents

 

1,853

 

 

 

 

 

 

 

1,853

 

1,859

 

 

 

 

 

 

 

1,859

Loans and receivables

 

1,853

 

 

[1,853]

 

 

 

 

1,853

 

1,859

 

 

[1,859]

 

 

 

 

1,859

Total financial assets

 

11,846

 

325

450

837

 

 

 

13,458

 

12,483

 

363

509

850

 

 

 

14,205

of which loans and receivables

 

11,748

 

 

 

 

 

 

 

11,748

 

12,370

 

 

 

 

 

 

 

12,370

of which available-for-sale financial assets

 

29

 

325

 

803

 

 

 

1,157

 

40

 

363

 

833

 

 

 

1,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

21,216

 

 

644

 

 

 

 

21,860

 

19,169

 

 

765

 

 

 

 

19,934

Carried at amortized cost

 

21,216

 

[15,129]

[6,628]

 

 

 

 

21,216

 

19,169

 

[15,440]

[4,121]

 

 

 

 

19,169

Derivatives that qualify for hedge accounting

 

 

 

 

284

 

 

 

 

284

 

 

 

 

470

 

 

 

 

470

Derivatives that do not qualify for hedge accounting

 

 

 

 

360

 

 

 

 

360

 

 

 

 

295

 

 

 

 

295

Trade accounts payable

 

5,113

 

 

 

 

 

250

 

5,363

 

5,680

 

 

 

 

 

265

 

5,945

Carried at amortized cost

 

5,113

 

 

 

 

 

 

 

5,113

 

5,680

 

 

 

 

 

 

 

5,680

Nonfinancial liabilities

 

 

 

 

 

 

 

250

 

250

 

 

 

 

 

 

 

265

 

265

Other liabilities

 

790

 

 

176

59

 

1,852

 

2,877

 

606

 

 

117

45

 

1,831

 

2,599

Carried at amortized cost

 

790

 

 

[790]

 

 

 

 

790

 

606

 

 

[606]

 

 

 

 

606

Carried at fair value (nonderivative)

 

 

 

 

 

31

 

 

 

31

 

 

 

 

 

37

 

 

 

37

Derivatives that qualify for hedge accounting

 

 

 

 

156

 

 

 

 

156

 

 

 

 

93

 

 

 

 

93

Derivatives that do not qualify for hedge accounting

 

 

 

 

20

28

 

 

 

48

 

 

 

 

24

8

 

 

 

32

Nonfinancial liabilities

 

 

 

 

 

 

 

1,852

 

1,852

 

 

 

 

 

 

 

1,831

 

1,831

Total financial liabilities

 

27,119

 

 

820

59

 

 

 

27,998

 

25,455

 

 

882

45

 

 

 

26,382

of which carried at amortized cost

 

27,119

 

 

 

 

 

 

 

27,119

 

25,455

 

 

 

 

 

 

 

25,455

of which derivatives that qualify for hedge accounting

 

 

 

 

440

 

 

 

 

440

 

 

 

 

563

 

 

 

 

563

of which derivatives that do not qualify for hedge accounting

 

 

 

 

380

28

 

 

 

408

 

 

 

 

319

8

 

 

 

327

The loans and receivables reflected in other financial assets and the liabilities measured at amortized cost also include receivables and liabilities under finance leases in which Bayer is the lessor or lessee and which are therefore measured in accordance with IAS 17.

Because of the short maturities of most trade accounts receivable and payable, other receivables and liabilities, and cash and cash equivalents, their carrying amounts at the closing date did not significantly differ from the fair values.

The fair values of loans and receivables, held-to-maturity financial investments and of financial liabilities carried at amortized cost that are given for information are the present values of the respective future Cash flow Key indicator for assessing a company’s financial strength; in addition to gross cash flow, the statement of cash flows also reports the cash flow from operating activities (net cash flow), which shows the amount of funds available from operating activities for financing investments, repaying debts or distributing dividends. The cash flows from investing and financing activities are also reported. . The present values were determined by discounting the cash flows at a closing-date interest rate, taking into account the term of the assets or liabilities and the creditworthiness of the counterparty. Where a market price was available, however, this was deemed to be the fair value.

The fair values of available-for-sale financial assets correspond to quoted prices in active markets (Level 1) or are the present values of the respective future cash flows, determined on the basis of unobservable inputs (Level 3).

The fair values of derivatives for which no publicly quoted prices existed in active markets (Level 1) were determined using valuation techniques based on observable market data as of the end of the reporting period (Level 2). In applying valuation techniques, credit value adjustments were determined to allow for the contracting party’s credit risk.

Currency and commodity forward contracts were measured individually at their forward rates or forward prices on the closing date. These depend on spot rates or prices, including time spreads. The fair values of interest-rate hedging instruments and cross-currency interest-rate swaps were determined by discounting future Cash flow Key indicator for assessing a company’s financial strength; in addition to gross cash flow, the statement of cash flows also reports the cash flow from operating activities (net cash flow), which shows the amount of funds available from operating activities for financing investments, repaying debts or distributing dividends. The cash flows from investing and financing activities are also reported. over the remaining terms of the instruments at market rates of interest, taking into account any foreign currency translation as of the closing date.

Fair values measured using unobservable inputs are categorized within Level 3 of the fair value hierarchy. This applies to certain available-for-sale debt or equity instruments, in some cases to the fair values of embedded derivatives, and to obligations for contingent consideration in business combinations. Credit risk is frequently the principal unobservable input used to determine the fair values of debt instruments classified as available-for-sale financial assets by the discounted cash flow method. Here we refer to credit spreads of comparable issuers. A significant increase in credit risk could result in a lower fair value, whereas a significant decrease could result in a higher fair value. However, a 10% relative change in the credit spread would not materially affect fair value.

Embedded derivatives are separated from their respective host contracts. Such host contracts are generally sales or purchase agreements relating to the operational business. The embedded derivatives cause the cash flows from the contracts to vary with exchange-rate or price fluctuations. The internal measurement of embedded derivatives is mainly performed using the discounted cash flow method, which is based on unobservable inputs. These included planned sales and purchase volumes, and prices derived from market data. Regular monitoring is carried out based on these fair values as part of quarterly reporting.

The changes in the amount of financial assets and liabilities recognized at fair value based on unobservable inputs (Level 3) for each financial instrument category were as follows:

Changes in the Amount of Financial Assets and Liabilities Recognized at Fair Value Based on Unobservable Inputs

 

 

2014

 

2015

 

 

Available-for-sale financial assets

Derivatives (net)

Liabilities measured at fair value (non-derivative)

Total

 

Available-for-sale financial assets

Derivatives (net)

Liabilities measured at fair value (non-derivative)

Total

2014 figures restated

 

 

€ million

€ million

€ million

€ million

 

€ million

€ million

€ million

€ million

Carrying amounts of net assets / (net liabilities), Jan. 1

 

824

(7)

817

 

803

6

(31)

778

Gains (losses) recognized in profit or loss

 

10

(8)

2

 

22

(12)

(3)

7

of which related to assets / liabilities recognized in the statements of financial position

 

10

(8)

2

 

22

(17)

(3)

2

Gains (losses) recognized outside profit or loss

 

 

19

19

Additions of assets / (liabilities)

 

(31)

(31)

 

11

(4)

7

Settlements of (assets) / liabilities

 

(31)

21

(10)

 

(22)

9

1

(12)

Transfers (IFRS 5)

 

 

6

6

Carrying amounts of net assets / (net liabilities), Dec. 31

 

803

6

(31)

778

 

833

9

(37)

805

The changes recognized in profit or loss were included in other operating income / expenses, interest income or exchange gains / losses.

Income, expense, gains and losses on financial instruments can be assigned to the following categories:

Income, Expense, Gains and Losses on Financial Instruments

 

 

2015

 

 

Loans and receivables

 

Held-to-maturity financial investments

 

Available-for-sale financial assets

 

Held for trading

 

Liabilities carried at amortized cost

 

Total

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Interest income

 

55

 

1

 

22

 

25

 

86

 

189

Interest expense

 

 

 

 

(25)

 

(703)

 

(728)

Income / expenses from affiliated companies

 

 

 

3

 

 

 

3

Changes in fair value

 

 

 

 

147

 

 

147

Impairment losses

 

(93)

 

 

(1)

 

 

 

(94)

Impairment loss reversals

 

32

 

 

 

 

 

32

Exchange gains / losses

 

450

 

 

 

(235)

 

(679)

 

(464)

Gains / losses from retirements

 

 

 

31

 

 

 

31

Other financial income / expenses

 

(1)

 

 

13

 

 

(12)

 

Net result

 

443

 

1

 

68

 

(88)

 

(1,308)

 

(884)

Income, Expense, Gains and Losses on Financial Instruments (Previous Year)

 

 

2014

 

 

Loans and receivables

 

Held-to-maturity financial investments

 

Available-for-sale financial assets

 

Held for trading

 

Liabilities carried at amortized cost

 

Total

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

2014 figures restated

Interest income

 

88

 

1

 

11

 

54

 

122

 

276

Interest expense

 

 

 

 

(75)

 

(550)

 

(625)

Income / expenses from affiliated companies

 

 

 

1

 

 

 

1

Changes in fair value

 

 

 

 

32

 

 

32

Impairment losses

 

(87)

 

 

 

 

 

(87)

Impairment loss reversals

 

24

 

 

2

 

 

 

26

Exchange gains / losses

 

590

 

 

 

(245)

 

(552)

 

(207)

Gains / losses from retirements

 

 

 

 

 

 

Other financial income / expenses

 

 

 

 

 

(44)

 

(44)

Net result

 

615

 

1

 

14

 

(234)

 

(1,024)

 

(628)

The interest expense of €703 million (2014: €550 million) from nonderivative financial liabilities also included the income and expense from interest-rate swaps that qualified for hedge accounting. Interest income from financial assets not measured at fair value through profit or loss amounted to €73 million (2014: €54 million). Interest income from interest-rate derivatives that qualified for hedge accounting was €86 million (2014: €122 million). The changes in fair values of financial assets held for trading related mainly to forward commodity contracts and embedded derivatives.

Derivatives that constitute financial assets and form part of a master netting arrangement but do not satisfy, or only partially satisfy, the offsetting criteria and are only enforceable in the event of breach of contract by, or insolvency of, one of the contracting parties amounted to €415 million (2014: €360 million), the related financial liabilities (derivatives) to €256 million (2014: €242 million). Derivatives classified as financial liabilities and forming part of a master netting arrangement amounted to €761 million (2014: €773 million), the related financial assets (derivatives) to €256 million (2014: €242 million).

30.2 Maturity analysis

The liquidity risks to which the Bayer Group was exposed from its financial instruments at the end of the reporting period comprised obligations for future interest and repayment installments on financial liabilities and the liquidity risk arising from derivatives, as shown in the table in Note [30.3].

In addition, loan commitments existed for an as yet unpaid €1,213 million (2014: €1,005 million) portion of the effective initial fund of Bayer-Pensionskasse VVaG, which may result in further payments by Bayer AG (€1,005 million) and / or Covestro AG (€208 million) in subsequent years.

Maturity Analysis of Financial Instruments

 

 

Dec. 31, 2015

 

Cash flows 2016

 

Cash flows 2017

 

Cash flows 2018

 

Cash flows 2019

 

Cash flows 2020

 

Cash flows after 2020

 

 

Carrying amount

 

Interest and repayment

 

Interest and repayment

 

Interest and repayment

 

Interest and repayment

 

Interest and repayment

 

Interest and repayment

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bonds and notes / promissory notes

 

15,547

 

1,475

 

2,334

 

1,704

 

2,282

 

277

 

9,845

Liabilities to banks

 

2,779

 

1,221

 

298

 

1,387

 

38

 

 

10

Remaining liabilities

 

843

 

440

 

79

 

69

 

60

 

61

 

307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts payable

 

5,680

 

5,673

 

3

 

3

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued interest on liabilities

 

189

 

180

 

1

 

2

 

1

 

1

 

4

Remaining liabilities

 

454

 

420

 

5

 

2

 

1

 

1

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities from derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives that qualify for hedge accounting

 

563

 

397

 

11

 

122

 

50

 

 

Derivatives that do not qualify for hedge accounting

 

327

 

312

 

8

 

1

 

3

 

1

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivables from derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives that qualify for hedge accounting

 

125

 

66

 

26

 

13

 

2

 

2

 

1

Derivatives that do not qualify for hedge accounting

 

401

 

379

 

2

 

3

 

2

 

2

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan commitments

 

 

1,213

 

 

 

 

 

Financial guarantees

 

 

14

 

 

 

 

 

2

 

 

Dec. 31, 2014

 

Cash flows 2015

 

Cash flows 2016

 

Cash flows 2017

 

Cash flows 2018

 

Cash flows 2019

 

Cash flows after 2019

 

 

Carrying amount

 

Interest and repayment

 

Interest and repayment

 

Interest and repayment

 

Interest and repayment

 

Interest and repayment

 

Interest and repayment

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

1

Repayment of the €1,300 million 100-year hybrid bond is reflected at the earliest possible repayment date in 2015.

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bonds and notes / promissory notes1

 

14,964

 

1,690

 

1,521

 

2,131

 

1,612

 

2,037

 

8,353

Liabilities to banks

 

3,835

 

1,281

 

475

 

277

 

1,921

 

65

 

18

Remaining liabilities

 

2,417

 

1,714

 

405

 

65

 

55

 

48

 

294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts payable

 

5,113

 

5,114

 

6

 

3

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued interest on liabilities

 

201

 

192

 

2

 

1

 

1

 

1

 

4

Remaining liabilities

 

620

 

582

 

6

 

9

 

4

 

1

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities from derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives that qualify for hedge accounting

 

440

 

169

 

131

 

11

 

109

 

24

 

Derivatives that do not qualify for hedge accounting

 

408

 

311

 

80

 

13

 

1

 

1

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivables from derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives that qualify for hedge accounting

 

189

 

144

 

21

 

21

 

2

 

2

 

3

Derivatives that do not qualify for hedge accounting

 

295

 

257

 

2

 

23

 

2

 

1

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan commitments

 

 

1,006

 

 

 

 

 

Financial guarantees

 

 

25

 

 

 

 

 

2

30.3 Information on derivatives

Asset and liability fair values and future cash flows are exposed to currency, interest-rate and commodity price risks. Derivatives are used to reduce this risk. In some cases they are designated as hedging instruments in a hedge accounting relationship.

Currency risks

Foreign currency receivables and liabilities are hedged using Foreign exchange Claims for payments in foreign currencies traded on foreign stock exchanges, usually in the form of assets held in foreign banks or bills of exchange or checks payable abroad; banknotes and coins denominated in foreign currencies are not considered to be foreign exchange. derivatives without the existence of a hedge accounting relationship. A bond of Bayer AG denominated in British pounds was swapped on the issuance date into a fixed-rate euro bond by means of a cross-currency interest-rate swap, which was designated as a cash flow hedge. Certain forward exchange contracts and cross-currency interest-rate swaps used to hedge intra-Group loans are also designated as cash flow hedges.

Fluctuations in future cash flows resulting from forecasted foreign currency transactions and procurement activities are avoided partly through derivatives contracts, most of which are designated as cash flow hedges.

Interest-rate risks

The interest-rate risks from fixed-interest borrowings are managed in part using interest-rate swaps. This applies mainly to the €750 million bond issued in 2014, which matures in 2021. Hedge accounting is applied to the respective borrowings and hedging instruments (fair-value hedge).

Losses of €26 million (2014: €47 million) were recorded on fair-value hedging instruments in 2015. Gains of €25 million (2014: €47 million) were recorded on the underlying hedged items.

Commodity price risks

Hedging contracts are also used to partly reduce exposure to fluctuations in future cash outflows resulting from price changes on procurement markets.

Hedging of obligations under stock-based employee compensation programs

A portion of the obligations to make variable payments to employees under stock-based compensation programs (Aspire) is hedged against share price fluctuations using derivatives contracts that are settled in cash at maturity. These derivatives are designated as cash flow hedges.

Further information on cash flow hedges

Accumulated other comprehensive income from cash flow hedges in 2015 decreased by €203 million (2014: €102 million) due to changes in the fair values of derivatives net of tax. Losses of €304 million (2014: gains of €46 million) from fair-value changes – originally recognized in accumulated other comprehensive income – of derivatives designated as cash flow hedges were reclassified to profit or loss. The respective pro-rated deferred tax income of €88 million (2014: deferred tax expense of €13 million) was likewise reclassified to profit or loss.

No material ineffective portions of hedges required recognition in profit or loss in 2015 or 2014.

The income and expense from cash flow hedges recognized in accumulated other comprehensive income mainly comprised gains of €91 million (2014: €115 million) and losses of €90 million (2014: €156 million) from the hedging of forecasted transactions in foreign currencies. Of these gains and losses, gains of €79 million (2014: €81 million) and losses of €84 million (2014: €152 million) will be reclassifiable to profit or loss within one year and gains of €12 million (2014: €34 million) and losses of €6 million (2014: €4 million) in subsequent years.

The fair values of existing contracts in the major categories at the end of the reporting period are indicated in the following table together with the included volumes of cash flow hedges.

Fair Values of Derivatives

 

 

Dec. 31, 2014

 

Dec. 31, 2015

 

 

Notional amount1

Positive fair value

Negative fair value

 

Notional amount1

Positive fair value

Negative fair value

 

 

€ million

€ million

€ million

 

€ million

€ million

€ million

Currency hedging of recorded transactions

 

14,023

176

(618)

 

22,275

337

(753)

1

The notional amount is reported as gross volume, which also contains economically closed hedges.

2

The portion of the fair value of long-term interest-rate swaps that relates to current interest payments was classified as current.

Forward exchange contracts

 

11,754

176

(334)

 

19,896

336

(283)

of which cash flow hedges

 

 

Cross-currency interest-rate swaps

 

2,269

(284)

 

2,379

1

(470)

of which cash flow hedges

 

2,269

(284)

 

2,362

(470)

 

 

 

 

 

 

 

 

 

Currency hedging of forecasted transactions

 

3,743

117

(159)

 

4,082

99

(100)

Forward exchange contracts

 

3,230

83

(151)

 

3,627

86

(99)

of which cash flow hedges

 

3,158

82

(150)

 

3,255

78

(90)

Currency options

 

513

34

(8)

 

455

13

(1)

of which cash flow hedges

 

430

33

(6)

 

368

13

(1)

 

 

 

 

 

 

 

 

 

Interest-rate hedging of recorded transactions

 

2,771

83

(24)

 

200

13

Interest-rate swaps

 

2,771

83

(24)

 

200

13

of which fair value hedges

 

1,665

62

 

200

13

 

 

 

 

 

 

 

 

 

Commodity price hedging

 

27

3

(2)

 

91

14

(12)

Forward commodity contracts

 

5

1

 

86

12

(10)

Commodity option contracts

 

22

2

(2)

 

5

2

(2)

 

 

 

 

 

 

 

 

 

Hedging of stock-based employee compensation programs

 

14

12

 

80

21

(2)

Share price options

 

14

12

 

30

21

of which cash flow hedges

 

14

12

 

30

21

Share price forwards

 

 

50

(2)

of which cash flow hedges

 

 

50

(2)

 

 

 

 

 

 

 

 

 

Total

 

20,578

391

(803)

 

26,728

484

(867)

of which current derivatives

 

17,092

329

(455)

 

25,022

435

(692)

for currency hedging

 

14,494

251

(429)

 

24,931

420

(680)

for interest-rate hedging2

 

2,571

75

(24)

 

1

for commodity hedging

 

27

3

(2)

 

91

14

(12)

for hedging of stock-based employee compensation programs