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FINANCIAL INSTRUMENTS | 6 Months Ended
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Jun. 30, 2024
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, 2024 |  | At December 31, 2023
(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 |  | 213 |  | — |  | — |  | 213 |  | 202 |  | — |  | — |  | 202
Trade receivables |  | 10 |  | — |  | — |  | 578 |  | 578 |  | — |  | — |  | 386 |  | 386
Other financial assets |  |  |  | — |  | 24 |  | — |  | 24 |  | — |  | 31 |  | 1 |  | 32
Total |  |  |  | 213 |  | 24 |  | 578 |  | 815 |  | 202 |  | 31 |  | 387 |  | 620
|  |  |  | At June 30, 2024 |  | At December 31, 2023
(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 asset payables |  | 14 |  | 1,140 |  | — |  | — |  | 1,140 |  | 966 |  | — |  | — |  | 966
Borrowings |  | 15 |  | 1,895 |  | — |  | — |  | 1,895 |  | 1,868 |  | — |  | — |  | 1,868
Other financial liabilities |  |  |  | — |  | 31 |  | 10 |  | 41 |  | — |  | 35 |  | 7 |  | 42
Total |  |  |  | 3,035 |  | 31 |  | 10 |  | 3,076 |  | 2,834 |  | 35 |  | 7 |  | 2,876
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 are 99.5%, 97.8%, 90.4% and 93.4%, respectively, of the nominal values and amount to €631 million, €297 million, €422 million and €280 million, respectiv ely, at June 30, 2024. All derivatives are presented at fair value in the Interim Statement of Financial Position. The fair values of trade receivables, other financial assets and liabilities approximate their carrying values, as a result of their liquidity or short maturity.
|  | At June 30, 2024 |  | At December 31, 2023
(in millions of Euros) |  | Non-current |  | Current |  | Total |  | Non-current |  | Current |  | Total
Aluminium and premium derivatives |  | 2 |  | 15 |  | 17 |  | 1 |  | 17 |  | 18
Other commodity derivatives |  | — |  | 4 |  | 4 |  | — |  | 1 |  | 1
Currency commercial derivatives |  | — |  | 3 |  | 3 |  | 1 |  | 10 |  | 11
Currency net debt derivatives |  | — |  | — |  | — |  | — |  | 2 |  | 2
Other financial assets - derivatives |  | 2 |  | 22 |  | 24 |  | 2 |  | 30 |  | 32
Aluminium and premium derivatives |  | 1 |  | 6 |  | 7 |  | 1 |  | 9 |  | 10
Energy derivatives |  | 1 |  | 6 |  | 7 |  | 3 |  | 9 |  | 12
Other commodity derivatives |  | — |  | 1 |  | 1 |  | — |  | 2 |  | 2
Currency commercial derivatives |  | 9 |  | 17 |  | 26 |  | 4 |  | 14 |  | 18
Other financial liabilities - derivatives |  | 11 |  | 30 |  | 41 |  | 8 |  | 34 |  | 42
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, natural gas derivatives, silver derivatives and premium 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, 2024 |  | At December 31, 2023
(in millions of Euros) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Other financial assets - derivatives |  | 15 |  | 9 |  | — |  | 24 |  | 17 |  | 15 |  | — |  | 32
Other financial liabilities - derivatives |  | 6 |  | 35 |  | — |  | 41 |  | 7 |  | 35 |  | — |  | 42
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, 2024 nor the year ended December 31, 2023.

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