Note 31 - Financial instruments

31.1 CARRYING AMOUNT OF DERIVATIVE FINANCIAL INSTRUMENTS​
Financial assets and liabilities measured at fair value consist of the following derivative instruments:

  31 Dec. 2019 31 Dec. 2018
Derivative financial instruments with a positive fair value – Assets 1 12
  • Financial instruments designated as hedges of debt(*)
 - 8
  • Currency swaps (effective portion)
 1 4
Derivative financial instruments with a negative fair value – Liabilities (10) (4)
  • Financial instruments designated as hedges of debt
 (8) (1)
  • Currency swaps (effective portion)
 (2) (3)
Total (net) (9) 8

(*) Including €5 million recognised under non-current assets and €3 million under current assets at 31 December 2018.

31.2 FINANCIAL INSTRUMENTS RECOGNISED IN THE BALANCE SHEET​

  31 Dec. 2019 Breakdown by category of instrument(1)
  Carrying
amount		 Fair value Amortised
cost		 Fair value
through other
comprehensive
income
subsequently
reclassified to
profit or loss		 Fair value
through other
comprehensive
income not
subsequently
reclassified to
profit or loss		 Fair value
through
profit or
loss		 Derivative
financial
instruments
Investments in nonconsolidated companies 43 43     43    
Other non-current
financial assets		 111 111 111        
Trade receivables 1,068 1,068 1,068        
Derivative financial
instruments		 1 1         1
Other current financial assets 715 715 715        
Short-term investments - -     -    
Cash equivalents 33 33       33  
Cash 880 880 880        
Assets 2,851 2,851 2,774   43 33 1
Bonds and bank loans 1,754 1,794   1,754      
Other debt 612 612   612      
Other non-current
financial liabilities		 37 37 37        
Trade payables 1,249 1,249 1,249        
Derivative financial
instruments		 10 10         10
Other current
financial liabilities		 1,207 1,207 1,207        
Liabilities 4,869 4,909 2,493 2,366     10

(1) There were no reclassifications between categories of financial instruments in 2019.

  31 Dec. 2018(1) Breakdown by category of instrument(2)
  Carrying
amount		 Fair value Amortised
cost		 Fair value
through other
comprehensive
income
subsequently
reclassified to
profit or loss		 Fair value
through other
comprehensive
income not
subsequently
reclassified to
profit or loss		 Fair value
through
profit or
loss		 Derivative
financial
instruments
Investments in nonconsolidated companies  30 30     30    
Other non-current
financial assets		 160 160 160        
Trade receivables 1,294 1,294 1,294        
Derivative financial
instruments		 12 12         12
Other current financial assets 861 861 861        
Short-term investments - - -   -    
Cash equivalents 213 213       213  
Cash 497 497 497        
Assets 3,067 3,067 2,812   30 213 12
Bonds and bank loans 1,493 1,517   1,493      
Other debt 591 591   591      
Other non-current
financial liabilities		 224 224 224        
Trade payables 1,188 1,188 1,188        
Derivative financial
instruments		 4 4         4
Other current
financial liabilities		 1,449 1,449 1,449        
Liabilities 4,949 4,973 2,861 2,084     4

(1) Data at 31 December 2018 restated for the full retrospective application of IFRS 16 (see note 1.1).
(2) There were no reclassifications between categories of financial instruments in 2018.

31.3 FINANCIAL INSTRUMENTS – FAIR VALUE HIERARCHY​
The revised version of IFRS 7 – Financial Instruments – Disclosures, sets out the methods to be used in determining fair value by reference to a fair value hierarchy which has the following levels:
Level 1: Instrument listed in an active market.
Level 2: Instrument valued using techniques based on observable market data.
Level 3: Instrument valued using techniques based on unobservable data.
In addition, certain investments are carried at acquisition cost if the Group does not have sufficiently reliable information for valuation, particularly when there is no active market for an instrument (see note 3.14 above).

  Category of instrument(1) Fair value hierarchy(2)  
31 December 2019 Fair value through other
comprehensive income not
subsequently reclassified
to profit or loss		 Fair value
through
profit or
loss		 Derivative
financial
instruments		 Level 1 Level 2 Level 3 Acquisition
cost
Investments in non-consolidated companies
  • FCPI Idinvest Digital Fund II
  • Other
 43
11
32		           43
11
32
Derivative financial instruments
with a positive fair value		     1   1    
Short-term investments
  • Shares
  • Bonds
 -
-
-		     -
-
-		      
Cash equivalents
  • Marketable securities
   33
33		   33
33		      
Total financial instruments
with a positive fair value		 43 33 1 33 1   43
Derivative financial instruments
with a negative fair value		     10   10    
Total financial instruments
with a negative fair value		     10   10    

(1) There were no reclassifications between categories of financial instruments in 2019.
(2) There were no reclassifications between fair value hierarchy levels in 2019.

  Category of instrument(1) Fair value hierarchy(2)  
31 December 2018 Fair value through other
comprehensive income not
subsequently reclassified
to profit or loss		 Fair value
through
profit or
loss		 Derivative
financial
instruments		 Level 1 Level 2 Level 3 Acquisition
cost
Investments in non-consolidated companies
  • FCPI Idinvest Digital Fund II
  • Other
 30
11
19		           30
11
19
Derivative financial instruments
with a positive fair value		     12   12    
Short-term investments
  • Shares
  • Bonds
 -
-
-		     -
-
-		      
Cash equivalents
  • Marketable securities
   213
213		   213
213		      
Total financial instruments
with a positive fair value		 30 213 12 213 12   30
Derivative financial instruments
with a negative fair value		     4   4    
Total financial instruments
with a negative fair value		     4   4    

(1) There were no reclassifications between categories of financial instruments in 2018.
(2) There were no reclassifications between fair value hierarchy levels in 2018.