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FINANCIAL INSTRUMENTS | 6 Months Ended
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Jun. 30, 2021
Disclosure of detailed information about financial instruments [abstract] |
FINANCIAL INSTRUMENTS | NOTE 16 - FINANCIAL INSTRUMENTS 16.1 Financial assets and liabilities by categories
|  |  |  | At June 30, 2021 |  | At December 31, 2020
(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
Cash and cash equivalents |  | 9 |  | 290 |  | — |  | — |  | 290 |  | 439 |  | — |  | — |  | 439
Trade receivables |  | 10 |  | — |  | — |  | 586 |  | 586 |  | — |  | — |  | 341 |  | 341
Other financial assets |  |  |  | — |  | 73 |  | 6 |  | 79 |  | 3 |  | 40 |  | 14 |  | 57
Total |  |  |  | 290 |  | 73 |  | 592 |  | 955 |  | 442 |  | 40 |  | 355 |  | 837
|  |  |  | At June 30, 2021 |  | At December 31, 2020
(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 |  | 14 |  | 981 |  | — |  | — |  | 981 |  | 653 |  | — |  | — |  | 653
Borrowings |  | 15 |  | 2,257 |  | — |  | — |  | 2,257 |  | 2,391 |  | — |  | — |  | 2,391
Other financial liabilities |  |  |  | — |  | 34 |  | 2 |  | 36 |  | — |  | 85 |  | 2 |  | 87
Total |  |  |  | 3,238 |  | 34 |  | 2 |  | 3,274 |  | 3,044 |  | 85 |  | 2 |  | 3,131
16.2 Fair values The carrying value of the Group’s borrowings at maturity is the redemption value. The fair values of Constellium SE Senior Notes issued in November 2017, June 2020, February 2021 and June 2021 account for 102%, 108%, 99% and 100%, respectively, of the nominal values and amount to €839 million, €294 million, €418 million and €299 million, respectively, at June 30, 2021. All derivatives are presented at fair value in the Interim Statement of Financial Position. The fair values of the other financial assets and liabilities approximate their carrying values, as a result of their liquidity or short maturity.
|  | At June 30, 2021 |  | At December 31, 2020
(in millions of Euros) |  | Non-current |  | Current |  | Total |  | Non-current |  | Current |  | Total
Aluminium and premium future contracts |  | 8 |  | 42 |  | 50 |  | 1 |  | 18 |  | 19
Energy future contracts |  | — |  | 1 |  | 1 |  | — |  | — |  | —
Other future contracts |  | 1 |  | 3 |  | 4 |  | 1 |  | 1 |  | 2
Currency commercial contracts |  | 7 |  | 17 |  | 24 |  | 16 |  | 17 |  | 33
Margin call |  | — |  | — |  | — |  | — |  | 3 |  | 3
Other financial assets - derivatives |  | 16 |  | 63 |  | 79 |  | 18 |  | 39 |  | 57
Aluminium and premium future contracts |  | 1 |  | 7 |  | 8 |  | 3 |  | 6 |  | 9
Other future contracts |  | — |  | 1 |  | 1 |  | — |  | 1 |  | 1
Currency commercial contracts |  | 2 |  | 16 |  | 18 |  | 4 |  | 28 |  | 32
Currency net debt derivatives (A) |  | 7 |  | 2 |  | 9 |  | 34 |  | 11 |  | 45
Other financial liabilities - derivatives |  | 10 |  | 26 |  | 36 |  | 41 |  | 46 |  | 87
(A)For the six months ended June 30, 2021, forward purchases of $325 million versus the Euro using cross currency basis swaps were bought out before their initial maturity in relation with the refinancing of the Senior Notes. This buy-out generated a €27 million cash outflow which is presented in Other financing activities within the Interim Statement of Cash Flow s. 16.3 Valuation hierarchy The following table provides an analysis of financial instruments measured at fair value, grouped into levels based on the degree to which the fair value is observable: •Level 1 is based on a quoted price (unadjusted) in active markets for identical financial instruments. Level 1 includes aluminium, copper and zinc futures that are traded on the LME. •Level 2 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). Level 2 includes foreign exchange derivatives. The present value of future cash flows based on the forward or on the spot exchange rates at the balance sheet date is used to value foreign exchange derivatives. •Level 3 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 June 30, 2021 |  | At December 31, 2020
(in millions of Euros) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Other financial assets - derivatives |  | 44 |  | 35 |  | — |  | 79 |  | 20 |  | 37 |  | — |  | 57
Other financial liabilities - derivatives |  | 8 |  | 28 |  | — |  | 36 |  | 9 |  | 78 |  | — |  | 87
There was no material transfer of asset and liability categories into or out of Level 1, Level 2 or Level 3 during the six months ended June 30, 2021 or the year ended 2020.

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