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Financial Instruments | 6 Months Ended
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Jun. 30, 2018
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Financial Instruments | NOTE 18 - FINANCIAL INSTRUMENTS 18.1 Financial assets and liabilities by categories
|  | At June 30, 2018 |  |  | At December 31, 2017 |
(in millions of Euros) |  | Notes |  | At amortized cost |  |  | At Fair Value through Profit and loss |  |  | At Fair Value through OCI |  |  | Total |  |  | Loan and receivables |  |  | At Fair Value through Profit and loss |  |  | At Fair Value through OCI |  |  | Total |
Cash and cash equivalents |  | 10 |  |  | 166 |  |  |  | — |  |  |  | — |  |  |  | 166 |  |  |  | 269 |  |  |  | — |  |  |  | — |  |  |  | 269 |
Trade receivables |  | 11 |  |  | — |  |  |  | — |  |  |  | 526 |  |  |  | 526 |  |  |  | 306 |  |  |  | — |  |  |  | — |  |  |  | 306 |
Finance lease receivables |  | 11 |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 12 |
Other financial assets |  |  |  |  | 76 |  |  |  | 37 |  |  |  | 7 |  |  |  | 120 |  |  |  | 83 |  |  |  | 77 |  |  |  | 19 |  |  |  | 179 |
Total financial assets |  |  |  |  | 251 |  |  |  | 37 |  |  |  | 533 |  |  |  | 821 |  |  |  | 670 |  |  |  | 77 |  |  |  | 19 |  |  |  | 766 |
|  | At June 30, 2018 |  |  | At December 31, 2017 |
(in millions of Euros) |  | Notes |  | At amortized cost |  |  | At Fair Value through Profit and loss |  |  | At Fair Value through OCI |  |  | Total |  |  | At amortized cost |  |  | At Fair Value through Profit and loss |  |  | At Fair Value through OCI |  |  | Total |
Trade payables and fixed assets payables |  | 16 |  |  | 863 |  |  |  | — |  |  |  | — |  |  |  | 863 |  |  |  | 744 |  |  |  | — |  |  |  | — |  |  |  | 744 |
Borrowings |  | 17 |  |  | 2,184 |  |  |  | — |  |  |  | — |  |  |  | 2,184 |  |  |  | 2,127 |  |  |  | — |  |  |  | — |  |  |  | 2,127 |
Other financial liabilities |  |  |  |  | — |  |  |  | 56 |  |  |  | 1 |  |  |  | 57 |  |  |  | — |  |  |  | 66 |  |  |  | — |  |  |  | 66 |
Total financial liabilities |  |  |  |  | 3,047 |  |  |  | 56 |  |  |  | 1 |  |  |  | 3,104 |  |  |  | 2,871 |  |  |  | 66 |  |  |  | — |  |  |  | 2,937 |
The table below details other financial assets and other financial liabilities positions:
|  | At June 30, 2018 |  |  | At December 31, 2017 |
(in millions of Euros) |  | Non-current |  |  | Current |  |  | Total |  |  | Non-current |  |  | Current |  |  | Total |
Derivatives |  |  | 11 |  |  |  | 33 |  |  |  | 44 |  |  |  | 29 |  |  |  | 67 |  |  |  | 96 |
Aluminium and premium future contract |  |  | 3 |  |  |  | 13 |  |  |  | 16 |  |  |  | 6 |  |  |  | 39 |  |  |  | 45 |
Energy future contract |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other future contract |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Currency commercial contracts |  |  | 7 |  |  |  | 18 |  |  |  | 25 |  |  |  | 21 |  |  |  | 20 |  |  |  | 41 |
Currency net debt derivatives |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 2 |  |  |  | 7 |  |  |  | 9 |
Loans (A) |  |  | 74 |  |  |  | 2 |  |  |  | 76 |  |  |  | 81 |  |  |  | 2 |  |  |  | 83 |
Other financial assets |  |  | 85 |  |  |  | 35 |  |  |  | 120 |  |  |  | 110 |  |  |  | 69 |  |  |  | 179 |
Derivatives |  |  | 29 |  |  |  | 28 |  |  |  | 57 |  |  |  | 43 |  |  |  | 23 |  |  |  | 66 |
Aluminium and premium future contract |  |  | 3 |  |  |  | 12 |  |  |  | 15 |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Energy future contract |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other future contract |  |  | 3 |  |  |  | 2 |  |  |  | 5 |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Currency commercial contracts |  |  | 4 |  |  |  | 10 |  |  |  | 14 |  |  |  | 6 |  |  |  | 12 |  |  |  | 18 |
Currency net debt derivatives |  |  | 19 |  |  |  | 4 |  |  |  | 23 |  |  |  | 37 |  |  |  | 4 |  |  |  | 41 |
Other financial liabilities |  |  | 29 |  |  |  | 28 |  |  |  | 57 |  |  |  | 43 |  |  |  | 23 |  |  |  | 66 |
(A) | Corresponds to a loan facility to Constellium-UACJ ABS LLC (See NOTE 15 – Investments accounted for under the equity method).
18.2 Fair values All derivatives are presented at fair value in the Unaudited Interim Consolidated Statement of Financial Position. The carrying value of the Group’s borrowings at maturity is the redemption value. The fair value of Constellium N.V. Senior Notes issued in May 2014, February 2017 and November 2017 account for 99%, 101% and 97% respectively of the nominal value and amount to €639 million, €562 million and €804 million respectively at June 30, 2018. The fair value was classified as a level 1 measurement under the fair value hierarchy provided by IFRS 13. The fair values of other financial assets and liabilities approximate their carrying values, as a result of their liquidity or short maturity except for the loan facility to Constellium-UACJ ABS LLC (See NOTE 15 – Investments accounted for under the equity method). 18.3 Valuation hierarchy The following table provides an analysis of derivatives measured at fair value, grouped into levels based on the degree to which the fair value is observable:
| • |  | Level 1 valuation is based on quoted price (unadjusted) in active markets for identical financial instruments, it includes aluminium futures that are traded on the LME;
| • |  | Level 2 valuation is based on inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. prices) or indirectly (i.e. derived from prices), it includes foreign exchange derivatives;
| • |  | Level 3 valuation is based on inputs for the asset or liability that are not based on observable market data (unobservable inputs).
|  | At June 30, 2018 |  |  | At December 31, 2017 |
(in millions of Euros) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Other financial assets - derivatives |  |  | 14 |  |  |  | 30 |  |  |  | — |  |  |  | 44 |  |  |  | 46 |  |  |  | 50 |  |  |  | — |  |  |  | 96 |
Other financial liabilities - derivatives |  |  | 18 |  |  |  | 39 |  |  |  | — |  |  |  | 57 |  |  |  | 6 |  |  |  | 60 |  |  |  | — |  |  |  | 66 |
There was no transfer into or out of any Level 1, level 2 nor Level 3 during the six months ended June 30, 2018 and the year ended December 31, 2017.

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