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Financial Instruments | 12 Months Ended
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Dec. 31, 2018
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Financial Instruments | NOTE 22— FINANCIAL INSTRUMENTS 22.1 Financial assets and liabilities by categories
|  |  |  |  | At December 31, 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 |  |  | 13 |  |  |  | 164 |  |  |  | — |  |  |  | — |  |  |  | 164 |  |  |  | 269 |  |  |  | — |  |  |  | — |  |  |  | 269 |
Trade receivables |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 481 |  |  |  | 481 |  |  |  | 306 |  |  |  | — |  |  |  | — |  |  |  | 306 |
Finance lease receivables |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 12 |
Other financial assets |  |  |  |  |  |  | 74 |  |  |  | 30 |  |  |  |  |  |  |  | 104 |  |  |  | 83 |  |  |  | 77 |  |  |  | 19 |  |  |  | 179 |
Total financial assets |  |  |  |  |  |  | 238 |  |  |  | 30 |  |  |  | 481 |  |  |  | 749 |  |  |  | 670 |  |  |  | 77 |  |  |  | 19 |  |  |  | 766 |
|  |  |  |  | At December 31, 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 |  |  | 20 |  |  |  | 715 |  |  |  | — |  |  |  | — |  |  |  | 715 |  |  |  | 744 |  |  |  | — |  |  |  | — |  |  |  | 744 |
Borrowings |  |  | 21 |  |  |  | 2,151 |  |  |  | — |  |  |  | — |  |  |  | 2,151 |  |  |  | 2,127 |  |  |  | — |  |  |  | — |  |  |  | 2,127 |
Other financial liabilities |  |  |  |  |  |  | — |  |  |  | 79 |  |  |  | 10 |  |  |  | 89 |  |  |  | — |  |  |  | 66 |  |  |  | — |  |  |  | 66 |
Total financial liabilities |  |  |  |  |  |  | 2,866 |  |  |  | 79 |  |  |  | 10 |  |  |  | 2,955 |  |  |  | 2,871 |  |  |  | 66 |  |  |  | — |  |  |  | 2,937 |
The table below details other financial assets and other financial liabilities positions:
|  | At December 31, 2018 |  |  | At December 31, 2017 |
(in millions of Euros) |  | Non-current |  |  | Current |  |  | Total |  |  | Non-current |  |  | Current |  |  | Total |
Derivatives |  |  | 7 |  |  |  | 23 |  |  |  | 30 |  |  |  | 29 |  |  |  | 67 |  |  |  | 96 |
Aluminium and premium future contracts |  |  | 2 |  |  |  | 7 |  |  |  | 9 |  |  |  | 6 |  |  |  | 39 |  |  |  | 45 |
Energy future contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other future contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Currency commercial contracts |  |  | 3 |  |  |  | 12 |  |  |  | 15 |  |  |  | 21 |  |  |  | 20 |  |  |  | 41 |
Currency net debt derivatives |  |  | 2 |  |  |  | 4 |  |  |  | 6 |  |  |  | 2 |  |  |  | 7 |  |  |  | 9 |
Loans (A) |  |  | 67 |  |  |  | 2 |  |  |  | 69 |  |  |  | 81 |  |  |  | 2 |  |  |  | 83 |
Margin call |  |  | — |  |  |  | 5 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 74 |  |  |  | 30 |  |  |  | 104 |  |  |  | 110 |  |  |  | 69 |  |  |  | 179 |
Derivatives |  |  | 29 |  |  |  | 60 |  |  |  | 89 |  |  |  | 43 |  |  |  | 23 |  |  |  | 66 |
Aluminium and premium future contracts |  |  | 6 |  |  |  | 38 |  |  |  | 44 |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Energy future contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other future contracts |  |  | 5 |  |  |  | 3 |  |  |  | 8 |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Currency commercial contracts |  |  | 7 |  |  |  | 12 |  |  |  | 19 |  |  |  | 6 |  |  |  | 12 |  |  |  | 18 |
Net investment hedge |  |  | — |  |  |  | 4 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |
Currency net debt derivatives |  |  | 11 |  |  |  | 3 |  |  |  | 14 |  |  |  | 37 |  |  |  | 4 |  |  |  | 41 |
Other financial liabilities |  |  | 29 |  |  |  | 60 |  |  |  | 89 |  |  |  | 43 |  |  |  | 23 |  |  |  | 66 |
(A) | Corresponds to a loan facility to Constellium-UACJ ABS LLC (See NOTE 18 – Investments accounted for under the equity method).
22.2 Fair values All derivatives are presented at fair value in the 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 97%, 94% and 91% respectively of the nominal value and amount to €627 million, €533 million and €760 million, respectively, at December 31, 2018. The fair value was classified as a Level 1 measurement under the fair value hierarchy provided by IFRS 13 – Fair Value Measurement. The fair values of the 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 18—Investments accounted for under the equity method). 22.3 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, copper and zinc 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). Trade receivables are classified as a Level 3 measurement under the fair value hierarchy.
|  | At December 31, 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 |  |  | 9 |  |  |  | 21 |  |  |  | — |  |  |  | 30 |  |  |  | 46 |  |  |  | 50 |  |  |  | — |  |  |  | 96 |
Other financial liabilities—derivatives |  |  | 50 |  |  |  | 39 |  |  |  | — |  |  |  | 89 |  |  |  | 6 |  |  |  | 60 |  |  |  | — |  |  |  | 66 |
There was no material transfer into or out of any Level 1, Level 2 nor Level 3 during the year ended December 31, 2018 and the year ended December 31, 2017.

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- Definition The entire disclosure for financial instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2018-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=7&date=2018-03-01&anchor=sect_Scope&doctype=Standard -URIDate 2018-03-16 + Details
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