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Debt, cash and cash equivalents and lease liabilities | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Debt, cash and cash equivalents and lease liabilities | Debt, cash and cash equivalents and lease liabilities D.17.1. Debt, cash and cash equivalents Changes in Sanofi's financial position during the period were as follows:
(€ million) | 2023 | 2022 | 2021
Long-term debt | 14,347 |  | 14,857 |  | 17,123 |
Short-term debt and current portion of long-term debt | 2,045 |  | 4,174 |  | 3,183 |
Interest rate and currency derivatives used to manage debt | 139 |  | 187 |  | (56) |
Total debt | 16,531 |  | 19,218 |  | 20,250 |
Cash and cash equivalents | (8,710) |  | (12,736) |  | (10,098) |
Interest rate and currency derivatives used to manage cash and cash equivalents | (28) |  | (45) |  | (169) |
Net debt(a) | 7,793 |  | 6,437 |  | 9,983 |
(a) Net debt does not include lease liabilities, which amounted to €2,030 million as of December 31, 2023, €2,181 million as of December 31, 2022, and €2,108 million as of December 31, 2021 (see the maturity analysis at Note D.17.2.). “Net debt” is a non-IFRS financial measure used by management and investors to measure Sanofi’s overall net indebtedness. Reconciliation of carrying amount to value on redemption
|  |  |  | Value on redemption
(€ million) | Carrying amount at December 31, 2023 | Amortized cost | Adjustment to debt measured at fair value | December 31, 2023 | December 31, 2022 | December 31, 2021
Long-term debt | 14,347 |  | 42 |  | 157 |  | 14,546 |  | 15,143 |  | 17,176 |
Short-term debt and current portion of long-term debt | 2,045 |  | — |  | — |  | 2,045 |  | 4,178 |  | 3,183 |
Interest rate and currency derivatives used to manage debt | 139 |  | — |  | (157) |  | (18) |  | (48) |  | (45) |
Total debt | 16,531 |  | 42 |  | — |  | 16,573 |  | 19,273 |  | 20,314 |
Cash and cash equivalents | (8,710) |  | — |  | — |  | (8,710) |  | (12,736) |  | (10,098) |
Interest rate and currency derivatives used to manage cash and cash equivalents | (28) |  | — |  | — |  | (28) |  | (45) |  | (169) |
Net debt | 7,793 |  | 42 |  | — |  | 7,835 |  | 6,492 |  | 10,047 |
a) Principal financing transactions during the year The table below shows the movement in total debt during the period:
|  | Cash flows from financing activities | Non-cash items |
(€ million) | December 31, 2022 | Repayments | New borrowings | Other cash flows (a) | Currency translation differences(b) | Reclassification from non-current to current | Other items(c) | December 31, 2023
Long-term debt | 14,857 |  | (12) |  | 48 |  | — |  | (30) |  | (604) |  | 88 |  | 14,347 |
Short-term debt and current portion of long-term debt | 4,174 |  | (3,672) |  | — |  | 903 |  | (21) |  | 604 |  | 57 |  | 2,045 |
Interest rate and currency derivatives used to manage debt | 187 |  | — |  | — |  | (8) |  | 29 |  | — |  | (69) |  | 139 |
Total debt | 19,218 |  | (3,684) |  | 48 |  | 895 |  | (22) |  | — |  | 76 |  | 16,531 |
(a) These amounts mainly comprise €946 million related to the US commercial paper program. (b) These amounts include gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone. (c) These amounts mainly comprise changes in accrued interest balances, and fair value adjustments. Sanofi did not carry out any bond issues in 2023. Three bond issues were redeemed in 2023: i.€1,750 million issued in March 2018, redeemed at maturity on March 21, 2023; ii.$1,000 million issued in June 2018, redeemed at maturity on June 20, 2023; and iii.€1,000 million issued in November 2013, redeemed at maturity on November 14, 2023. Sanofi entered into the following transactions relating to its syndicated credit facilities during 2023: •a new €4 billion revolving credit facility, linked to sustainable development indicators, was put in place on March 8, 2023. This syndicated facility was initially due to mature in March 2028, and included two extension options of one year each; it replaced an existing €4 billion facility that was canceled on the same day; and •the maturity of this credit facility was extended to March 7, 2029, following the exercise of an extension option in December 2023. Consequently, as of December 31, 2023, Sanofi had two syndicated credit facilities to provide liquidity for the purposes of current operations, each of them linked to environmental and social indicators: •a €4 billion facility maturing December 6, 2027, with no further extension option available; and •a €4 billion facility maturing March 7, 2029, with a one-year extension option. In line with Sanofi’s commitment to embed sustainable development in the “Play to Win” strategy, those two revolving credit facilities build in an adjustment mechanism that links the credit spread to the attainment of two sustainable development performance indicators: •for the facility maturing in December 2027: (i) Sanofi’s contribution to polio eradication, and (ii) the reduction in Sanofi’s carbon footprint; and •for the facility maturing in March 2029: (i) Sanofi’s contribution to improving access to essential medicines in low-income and intermediate-income countries via its Sanofi Global Health non-profit unit, and (ii) the reduction in Sanofi’s carbon footprint. The table below shows the movement in total debt during prior periods:
|  | Cash flows from financing activities | Non-cash items |
(€ million) | December 31, 2021 | Repayments | New borrowings | Other cash flows | Currency translation differences(a) | Reclassification from non-current to current | Other items(b) | December 31, 2022
Long-term debt | 17,123 |  | (11) |  | 1,549 |  | — |  | 56 |  | (3,632) |  | (228) |  | 14,857 |
Short-term debt and current portion of long-term debt | 3,183 |  | (2,707) |  | — |  | 43 |  | 20 |  | 3,632 |  | 3 |  | 4,174 |
Interest rate and currency derivatives used to manage debt | (56) |  | — |  | — |  | (373) |  | 366 |  | 7 |  | 243 |  | 187 |
Total debt | 20,250 |  | (2,718) |  | 1,549 |  | (330) |  | 442 |  | 7 |  | 18 |  | 19,218 |
(a) These amounts include gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone. (b) These amounts include movements in accrued interest and fair value remeasurements.
|  | Cash flows from financing activities | Non-cash items |
(€ million) | December 31, 2020 | Repayments | New borrowings | Other cash flows | Currency translation differences (a) | Reclassification from non-current to current | Other items(b) | December 31, 2021
Long-term debt | 19,745 |  | (38) |  | — |  | — |  | 124 |  | (2,704) |  | (4) |  | 17,123 |
Short-term debt and current portion of long-term debt | 2,767 |  | (2,203) |  | — |  | (615) |  | 248 |  | 2,704 |  | 282 |  | 3,183 |
Interest rate and currency derivatives used to manage debt | 119 |  | — |  | — |  | (197) |  | 9 |  | — |  | 13 |  | (56) |
Total debt | 22,631 |  | (2,241) |  | — |  | (812) |  | 381 |  | — |  | 291 |  | 20,250 |
(a) These amounts include gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone. (b) These amounts include (i) effects of changes in the scope of consolidation, amounting to €299 million; (ii) movements in accrued interest; and (iii) fair value remeasurements. b) Net debt by type, at value on redemption
| 2023 | 2022 | 2021
(€ million) | Non- current | Current | Total | Non- current | Current | Total | Non- current | Current | Total
Bond issues | 14,416 |  | 718 |  | 15,134 |  | 15,044 |  | 3,817 |  | 18,861 |  | 17,118 |  | 2,828 |  | 19,946 |
Other bank borrowings | 130 |  | 1,118 |  | 1,248 |  | 99 |  | 187 |  | 286 |  | 21 |  | 163 |  | 184 |
Other borrowings | — |  | 6 |  | 6 |  | — |  | 6 |  | 6 |  | 37 |  | 3 |  | 40 |
Bank credit balances | — |  | 203 |  | 203 |  | — |  | 168 |  | 168 |  | – | 189 |  | 189 |
Interest rate and currency derivatives used to manage debt | — |  | (18) |  | (18) |  | — |  | (48) |  | (48) |  | – | (45) |  | (45) |
Total debt | 14,546 |  | 2,027 |  | 16,573 |  | 15,143 |  | 4,130 |  | 19,273 |  | 17,176 |  | 3,138 |  | 20,314 |
Cash and cash equivalents | — |  | (8,710) |  | (8,710) |  | — |  | (12,736) |  | (12,736) |  | – | (10,098) |  | (10,098) |
Interest rate and currency derivatives used to manage cash and cash equivalents | — |  | (28) |  | (28) |  | — |  | (45) |  | (45) |  | – | (169) |  | (169) |
Net debt(a) | 14,546 |  | (6,711) |  | 7,835 |  | 15,143 |  | (8,651) |  | 6,492 |  | 17,176 |  | (7,129) |  | 10,047 |
(a) Net debt does not include lease liabilities (see the maturity schedule in Note D.17.2.). Bond issues carried out by Sanofi under the Euro Medium Term Note (EMTN) program are as follows:
Issuer | ISIN code | Issue date | Maturity | Annual interest rate | Amount (€ million)
Sanofi | FR0013143997 | April 2016 | April 2024 | 0.625% |  | 600 |
Sanofi | FR0013505104 | March 2020 | April 2025 | 1.000% |  | 1,000 |
Sanofi | FR0014009KS6 | April 2022 | April 2025 | 0.875% |  | 850 |
Sanofi | FR0012969038 | September 2015 | September 2025 | 1.500% |  | 750 |
Sanofi | FR0013324340 | March 2018 | March 2026 | 1.000% |  | 1,500 |
Sanofi | FR0012146801 | September 2014 | September 2026 | 1.750% |  | 1,510 |
Sanofi | FR0013201639 | September 2016 | January 2027 | 0.500% |  | 1,150 |
Sanofi | FR0013144003 | April 2016 | April 2028 | 1.125% |  | 700 |
Sanofi | FR0013409844 | March 2019 | March 2029 | 0.875% |  | 650 |
Sanofi | FR0014009KQ0 | April 2022 | April 2029 | 1.250% |  | 650 |
Sanofi | FR0013324357 | March 2018 | March 2030 | 1.375% |  | 2,000 |
Sanofi | FR0013505112 | March 2020 | April 2030 | 1.500% |  | 1,000 |
Sanofi | FR0013409851 | March 2019 | March 2034 | 1.250% |  | 500 |
Sanofi | FR0013324373 | March 2018 | March 2038 | 1.875% |  | 1,250 |
Bond issues carried out by Sanofi under the public bond issue program (shelf registration statement) registered with the US Securities and Exchange Commission (SEC) comprise:
Issuer | ISIN code | Issue date | Maturity | Annual interest rate | Amount ($ million)
Sanofi | US801060AD60 | June 2018 | June 2028 | 3.625 | % | 1,000 |
The “Other borrowings” line mainly comprises participating shares issued between 1983 and 1987, of which 58,115 remain outstanding, with a nominal amount of €9 million. In order to manage its liquidity needs for current operations, as of December 31, 2023 Sanofi had: •a syndicated credit facility of €4 billion, drawable in euros and in US dollars, maturing December 6, 2027; and •a syndicated credit facility of €4 billion, drawable in euros and in US dollars, maturing March 7, 2029. Sanofi also has two commercial paper programs: •a €6 billion Negotiable European Commercial Paper program in France, with an average drawdown of €0.2 billion and a maximum drawdown of €0.8 billion during 2023, and an amount of €40 million drawn down as of December 31, 2023; and •a $10 billion Commercial Paper program in the United States, with an average drawdown of $3.7 billion and a maximum drawdown of $7.3 billion during 2023, and an amount of $1.0 billion drawn down as of December 31, 2023. The financing in place as of December 31, 2023 at the level of the holding company (which manages most of Sanofi’s financing needs centrally) is not subject to any financial covenants, and contains no clauses linking spreads or fees to the credit rating. c) Debt by maturity, at value on redemption
December 31, 2023 |  | Current | Non-current
(€ million) | Total | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and later
Bond issues | 15,134 |  | 718 |  | 2,600 |  | 3,010 |  | 1,150 |  | 1,606 |  | 6,050 |
Other bank borrowings | 1,248 |  | 1,118 |  | 98 |  | 1 |  | 1 |  | 1 |  | 29 |
Other borrowings | 6 |  | 6 |  | — |  | — |  | — |  | — |  | — |
Bank credit balances | 203 |  | 203 |  | — |  | — |  | — |  | — |  | — |
Interest rate and currency derivatives used to manage debt | (18) |  | (18) |  | — |  | — |  | — |  | — |  | — |
Total debt | 16,573 |  | 2,027 |  | 2,698 |  | 3,011 |  | 1,151 |  | 1,607 |  | 6,079 |
Cash and cash equivalents | (8,710) |  | (8,710) |  | — |  | — |  | — |  | — |  | — |
Interest rate and currency derivatives used to manage cash and cash equivalents | (28) |  | (28) |  | — |  | — |  | — |  | — |  | — |
Net debt(a) | 7,835 |  | (6,711) |  | 2,698 |  | 3,011 |  | 1,151 |  | 1,607 |  | 6,079 |
(a) Net debt does not include lease liabilities, which amounted to €2,030 million as of December 31, 2023; €2,181 million as of December 31, 2022; and €2,108 million as of December 31, 2021 (see the maturity analysis at Note D.17.2.). As of December 31, 2023, the main undrawn confirmed general-purpose credit facilities at holding company level amounted to €8 billion, half of which expired in 2027 and the other half of which expires in 2029. As of December 31, 2023, no single counterparty represented more than 6% of Sanofi’s undrawn confirmed credit facilities.
December 31, 2022 |  | Current | Non-current
(€ million) | Total | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and later
Bond issues | 18,861 |  | 3,817 |  | 600 |  | 2,600 |  | 4,160 |  | — |  | 7,684 |
Other bank borrowings | 286 |  | 187 |  | 61 |  | — |  | — |  | — |  | 38 |
Other borrowings | 6 |  | 6 |  | — |  | — |  | — |  | — |  | — |
Bank credit balances | 168 |  | 168 |  | — |  | — |  | — |  | — |  | — |
Interest rate and currency derivatives used to manage debt | (48) |  | (48) |  | — |  | — |  | — |  | — |  | — |
Total debt | 19,273 |  | 4,130 |  | 661 |  | 2,600 |  | 4,160 |  | — |  | 7,722 |
Cash and cash equivalents | (12,736) |  | (12,736) |  | — |  | — |  | — |  | — |  | — |
Interest rate and currency derivatives used to manage cash and cash equivalents | (45) |  | (45) |  | — |  | — |  | — |  | — |  | — |
Net debt | 6,492 |  | (8,651) |  | 661 |  | 2,600 |  | 4,160 |  | — |  | 7,722 |
December 31, 2021 |  | Current | Non-current
(€ million) | Total | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and later
Bond issues | 19,946 |  | 2,828 |  | 3,629 |  | 600 |  | 1,750 |  | 4,160 |  | 6,979 |
Other bank borrowings | 184 |  | 163 |  | 18 |  | 2 |  | 1 |  | – | — |
Other borrowings | 40 |  | 3 |  | – | – | – | – | 37 |
Bank credit balances | 189 |  | 189 |  | – | – | – | – | –
Interest rate and currency derivatives used to manage debt | (45) |  | (45) |  | – | – | – | – | –
Total debt | 20,314 |  | 3,138 |  | 3,647 |  | 602 |  | 1,751 |  | 4,160 |  | 7,016 |
Cash and cash equivalents | (10,098) |  | (10,098) |  | – | – | – | – | –
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) |  | (169) |  | – | – | – | – | –
Net debt | 10,047 |  | (7,129) |  | 3,647 |  | 602 |  | 1,751 |  | 4,160 |  | 7,016 |
d) Debt by interest rate, at value on redemption The table below splits net debt between fixed and floating rate, and by maturity, as of December 31, 2023. The figures shown are values on redemption, before the effects of derivative instruments:
(€ million) | Total | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and later
Fixed-rate debt | 16,080 | 1,664 |  | 2,600 |  | 3,010 |  | 1,150 |  | 1,606 |  | 6,050 |
of which euro | 14,228 |  |  |  |  |  |
of which US dollar | 1,852 |  |  |  |  |  |
% fixed-rate | 97 | % |  |  |  |  |  |
Floating-rate debt | 511 | 381 |  | 98 |  | 1 |  | 1 |  | 1 |  | 29 |
of which euro | — |  |  |  |  |  |
of which US dollar | 24 |  |  |  |  |  |
% floating-rate | 3 | % |  |  |  |  |  |
Debt | 16,591 | 2,045 |  | 2,698 |  | 3,011 |  | 1,151 |  | 1,607 |  | 6,079 |
Cash and cash equivalents | (8,710) | (8,710) |  | — |  | — |  | — |  | — |  | — |
of which euro | (4,115) |  |  |  |  |  |
of which US dollar | (4,251) |  |  |  |  |  |
% floating-rate | 100 | % |  |  |  |  |  |
Net debt | 7,881 | (6,665) |  | 2,698 |  | 3,011 |  | 1,151 |  | 1,607 |  | 6,079 |
Sanofi issues debt in two currencies, the euro and the US dollar, and also invests its cash and cash equivalents in those currencies. Sanofi also operates cash pooling arrangements to manage the surplus cash and short-term liquidity needs of foreign subsidiaries located outside the euro zone. To optimize the cost of debt or reduce the volatility of debt and manage its exposure to financial foreign exchange risk, Sanofi uses derivative instruments (interest rate swaps, currency swaps, foreign exchange swaps and forward contracts) that alter the fixed/floating rate split and the currency split of its net debt:
(€ million) | Total | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and later
Fixed-rate debt | 11,382 | (3,034) |  | 2,600 |  | 3,010 |  | 1,150 |  | 1,606 |  | 6,050 |
of which euro | 11,382 |  |  |  |  |  |
of which US dollar | — |  |  |  |  |  |
% fixed-rate | 69 | % |  |  |  |  |  |
Floating-rate debt | 5,191 | 5,061 |  | 98 |  | 1 |  | 1 |  | 1 |  | 29 |
of which euro | 113 |  |  |  |  |  |
of which US dollar | 3,300 |  |  |  |  |  |
% floating-rate | 31 | % |  |  |  |  |  |
Debt | 16,573 | 2,027 |  | 2,698 |  | 3,011 |  | 1,151 |  | 1,607 |  | 6,079 |
Cash and cash equivalents | (8,738) |  |  |  |  |  |
of which euro | (4,642) |  |  |  |  |  |
of which US dollar | (2,132) |  |  |  |  |  |
of which Singapore dollar | (1,143) |  |  |  |  |  |
% floating-rate | 100 | % |  |  |  |  |  |
Net debt | 7,835 | (6,711) |  | 2,698 |  | 3,011 |  | 1,151 |  | 1,607 |  | 6,079 |
The table below shows the fixed/floating rate split of net debt at value on redemption after taking account of derivative instruments as of December 31, 2022 and December 31, 2021:
(€ million) | 2022 | % | 2021 | %
Fixed-rate debt | 16,386 |  | 85 | % | 17,612 |  | 87 | %
Floating-rate debt | 2,886 |  | 15 | % | 2,702 |  | 13 | %
Debt | 19,273 |  | 100 | % | 20,314 |  | 100 | %
Cash and cash equivalents | (12,781) |  |  | (10,267) |  |
Net debt | 6,492 |  |  | 10,047 |  |
The weighted average interest rate on debt as of December 31, 2023 was 1.6% before derivative instruments and 2.1% after derivative instruments. Cash and cash equivalents were invested as of December 31, 2023 at an average rate of 3.9% before derivative instruments and 3.7% after derivative instruments. The projected full-year sensitivity of net debt to interest rate fluctuations for 2024 is as follows:
Change in short-term interest rates | Impact on pre-tax net income (€ million) | Impact on pre-tax income/(expense) recognized directly in equity (€ million)
+100 bp | 48 |  | — |
+25 bp | 12 |  | — |
-25 bp | (12) |  | — |
-100 bp | (48) |  | — |
e) Debt by currency, at value on redemption The table below shows net debt by currency at December 31, 2023, before and after derivative instruments contracted to convert the foreign-currency net debt of exposed entities into their functional currency:
(€ million) | Before derivative instruments | After derivative instruments
Euro | 10,113 |  | 6,852 |
US dollar | (2,376) |  | 1,169 |
Singapore dollar | (3) |  | (1,143) |
Pound sterling | — |  | 509 |
Chinese yuan renminbi | (19) |  | 189 |
Other currencies | 166 |  | 259 |
Net debt | 7,881 |  | 7,835 |
The table below shows net debt by currency at December 31, 2022 and 2021, after derivative instruments contracted to convert the foreign currency net debt of exposed entities into their functional currency:
(€ million) | 2022 | 2021
Euro | 10,489 |  | 13,129 |
US dollar | (2,404) |  | (669) |
Other currencies | (1,593) |  | (2,413) |
Net debt | 6,492 |  | 10,047 |
f) Market value of net debt The market value of Sanofi’s debt, net of cash and cash equivalents and derivatives and excluding accrued interest, is as follows:
(€ million) | 2023 | 2022 | 2021
Market value | 7,086 |  | 5,227 |  | 11,024 |
Value on redemption | 7,835 |  | 6,492 |  | 10,047 |
The fair value of debt is determined by reference to quoted market prices at the balance sheet date in the case of quoted instruments (level 1 in the IFRS 7 hierarchy, see Note D.12.), and by reference to the fair value of interest rate and currency derivatives used to manage net debt (level 2 in the IFRS 7 hierarchy, see Note D.12.). g) Future contractual cash flows relating to debt and related derivatives The table below shows the amount of future undiscounted contractual cash flows (principal and interest) relating to debt and to derivative instruments designated as hedges of debt:
December 31, 2023 |  | Payments due by period
(€ million) | Total | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and later
Debt | 17,710 |  | 2,153 |  | 2,912 |  | 3,187 |  | 1,285 |  | 1,719 |  | 6,454 |
Principal | 16,468 |  | 1,917 |  | 2,703 |  | 3,011 |  | 1,151 |  | 1,607 |  | 6,079 |
Interest(a) | 1,242 |  | 236 |  | 209 |  | 176 |  | 134 |  | 112 |  | 375 |
Net cash flows related to derivative instruments | 143 |  | 47 |  | 32 |  | 23 |  | 24 |  | 16 |  | 1 |
Total | 17,853 |  | 2,200 |  | 2,944 |  | 3,210 |  | 1,309 |  | 1,735 |  | 6,455 |
(a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2023. Future contractual cash flows are shown on the basis of the carrying amount in the balance sheet at the reporting date, without reference to any subsequent management decision that might materially alter the structure of Sanofi’s debt or its hedging policy. The tables below show the amount of future undiscounted contractual cash flows (principal and interest) relating to debt and to derivative instruments designated as hedges of debt as of December 31, 2022 and 2021:
December 31, 2022 |  | Payments due by period
(€ million) | Total | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and later
Debt | 20,408 |  | 4,206 |  | 868 |  | 2,803 |  | 3,184 |  | 1,283 |  | 8,064 |
Principal | 18,932 |  | 3,928 |  | 661 |  | 2,601 |  | 3,011 |  | 1,151 |  | 7,580 |
Interest(a) | 1,476 |  | 278 |  | 207 |  | 202 |  | 173 |  | 132 |  | 484 |
Net cash flows related to derivative instruments | 209 |  | 24 |  | 60 |  | 38 |  | 31 |  | 31 |  | 25 |
Total | 20,617 |  | 4,230 |  | 928 |  | 2,841 |  | 3,215 |  | 1,314 |  | 8,089 |
(a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2022.
December 31, 2021 |  | Payments due by period
(€ million) | Total | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and later
Debt | 21,728 |  | 3,330 |  | 3,826 |  | 791 |  | 1,937 |  | 3,176 |  | 8,668 |
Principal | 20,086 |  | 3,055 |  | 3,588 |  | 601 |  | 1,751 |  | 3,011 |  | 8,080 |
Interest(a) | 1,642 |  | 275 |  | 238 |  | 190 |  | 186 |  | 165 |  | 588 |
Net cash flows related to derivative instruments | (51) |  | (59) |  | (1) |  | 2 |  | 2 |  | 2 |  | 3 |
Total | 21,677 |  | 3,271 |  | 3,825 |  | 793 |  | 1,939 |  | 3,178 |  | 8,671 |
(a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2021. D.17.2. Lease liabilities A maturity analysis of lease liabilities as of December 31, 2023, 2022 and 2021 is set forth below:
| Total | Undiscounted future minimum lease payments
(€ million) | Less than 1 year | From 1 to 3 years | From 3 to 5 years | More than 5 years | Discounting effect
Total lease liabilities as of December 31, 2023 | 2,030 | 291 |  | 448 |  | 360 |  | 989 |  | (58) |
Total lease liabilities as of December 31, 2022 | 2,181 | 320 |  | 515 |  | 436 |  | 1,129 |  | (219) |
Total lease liabilities as of December 31, 2021 | 2,108 | 314 |  | 476 |  | 362 |  | 1,184 |  | (228) |
Lease liabilities include leases relating to real estate assets located at Cambridge, MA (United States), as described in Note D.3., which have a lease term of 15 years.

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