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Fair value of financial assets and liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Fair value of financial assets and liabilities [Abstract] |
Fair value of financial assets and liabilities - Fair value of financial assets and liabilities [Text Block] | Philips Group Fair value of financial assets and liabilities in millions of EUR
| carrying amount | estimated fair value1) | Level 1 | Level 2 | Level 3
--- | --- | --- | --- | --- | ---
December 31, 2023 |  |  |  |  |
Financial assets |  |  |  |  |
Carried at fair value: |  |  |  |  |
Debt instruments | 226 | 226 |  |  | 226
Equity instruments | 2 | 2 |  |  | 2
Other financial assets | 56 | 56 |  | 34 | 22
Financial assets carried at FVTP&L | 284 | 284 |  | 34 | 250
Debt instruments | 27 | 27 |  | 26 |
Equity instruments | 231 | 231 | 14 |  | 217
Current financial assets | 3 | 3 |  |  | 3
Receivables - current | 32 | 32 |  |  | 32
Financial assets carried at FVTOCI | 293 | 293 | 14 | 26 | 253
Derivative financial instruments | 48 | 48 |  | 48 |
Financial assets carried at fair value | 624 | 624 | 14 | 108 | 503
Carried at (amortized) cost: |  |  |  |  |
Cash and cash equivalents | 1,869 |  |  |  |
Loans and receivables: |  |  |  |  |
Current loans receivables | - |  |  |  |
Other non-current loans and receivables | 77 |  |  |  |
Receivables - current | 3,701 |  |  |  |
Receivables - non-current | 193 |  |  |  |
Financial assets carried at (amortized) cost | 5,840 |  |  |  |
Total financial assets | 6,465 |  |  |  |
Financial liabilities |  |  |  |  |
Carried at fair value: |  |  |  |  |
Contingent consideration | (115) | (115) |  |  | (115)
Financial liabilities carried at FVTP&L | (115) | (115) |  |  | (115)
Derivative financial instruments | (43) | (43) |  | (43) |
Financial liabilities carried at fair value | (158) | (158) |  | (43) | (115)
Carried at (amortized) cost: |  |  |  |  |
Accounts payable | (1,917) |  |  |  |
Interest accrual | (76) |  |  |  |
Debt (Corporate bonds and leases) | (6,969) | (6,798) | (5,724) | (1,074) |
Debt (excluding corporate bonds and leases) | (721) |  |  |  |
Financial liabilities carried at (amortized) cost | (9,682) |  |  |  |
Total financial liabilities | (9,840) |  |  |  |
1)For Cash and cash equivalents, Loans and receivables, Accounts payable, interest accrual and Debt (excluding corporate bonds and leases), the carrying amounts approximate fair value because of the nature of these instruments (including maturity and interest conditions) and therefore fair value information is not included in the table above. Philips Group Fair value of financial assets and liabilities in millions of EUR
| carrying amount | estimated fair value1) | Level 1 | Level 2 | Level 3
--- | --- | --- | --- | --- | ---
December 31, 2022 |  |  |  |  |
Financial assets |  |  |  |  |
Carried at fair value: |  |  |  |  |
Debt instruments | 232 | 232 |  |  | 232
Equity instruments | 4 | 4 | 1 |  | 2
Other financial assets | 86 | 86 |  | 35 | 51
Financial assets carried at FVTP&L | 322 | 322 | 1 | 35 | 285
Debt instruments | 25 | 25 |  | 25 |
Equity instruments | 259 | 259 | 30 |  | 229
Current financial assets | 9 | 9 |  |  | 9
Receivables - current | 26 | 26 |  |  | 26
Financial assets carried at FVTOCI | 319 | 319 | 30 | 25 | 264
Derivative financial instruments | 127 | 127 |  | 127 |
Financial assets carried at fair value | 768 | 768 | 32 | 187 | 549
Carried at (amortized) cost: |  |  |  |  |
Cash and cash equivalents | 1,172 |  |  |  |
Loans and receivables: |  |  |  |  |
Current loans receivables | 2 |  |  |  |
Other non-current loans and receivables | 54 |  |  |  |
Receivables - current | 4,088 |  |  |  |
Receivables - non-current | 279 |  |  |  |
Financial assets carried at (amortized) cost | 5,596 |  |  |  |
Total financial assets | 6,364 |  |  |  |
Financial liabilities |  |  |  |  |
Carried at fair value: |  |  |  |  |
Contingent consideration | (113) | (113) |  |  | (113)
Financial liabilities carried at FVTP&L | (113) | (113) |  |  | (113)
Derivative financial instruments | (211) | (211) |  | (211) |
Financial liabilities carried at fair value | (324) | (324) |  | (211) | (113)
Carried at (amortized) cost: |  |  |  |  |
Accounts payable | (1,968) |  |  |  |
Interest accrual | (71) |  |  |  |
Debt (Corporate bonds and leases) | (6,520) | (6,083) | (5,001) | (1,082) |
Debt (excluding corporate bonds and leases) | (1,680) |  |  |  |
Financial liabilities carried at (amortized) cost | (10,240) |  |  |  |
Total financial liabilities | (10,564) |  |  |  |
1)For Cash and cash equivalents, Loans and receivables, Accounts payable, interest accrual and Debt (excluding corporate bonds and leases), the carrying amounts approximate fair value because of the nature of these instruments (including maturity and interest conditions) and therefore fair value information is not included in the table above.
Fair value of financial assets and liabilities - Reconciliation of Level 3 fair value measurements [Text Block] | Philips Group Reconciliation of Level 3 fair value measurements in millions of EUR
| Financial assets | Financial liabilities
--- | --- | ---
Balance as of January 1, 2023 | 549 | 113
Acquisitions |  | 6
Purchase | 85 |
Sales | (56) |
Utilizations |  | (20)
Recognized in profit and loss: |  |
other business income |  | 16
financial income and expenses1) | (43) | 1
Recognized in other comprehensive income2) | (40) | (2)
Receivables held to collect and sell | 6 |
Reclassification |  | 1
Balance as of December 31, 2023 | 503 | 115
1)Refer to Financial income and expenses for details. 2)Includes translation differences Philips Group Reconciliation of Level 3 fair value measurements in millions of EUR
| Financial assets | Financial liabilities
--- | --- | ---
Balance as of January 1, 2022 | 523 | 208
Acquisitions |  | 96
Purchase | 131 |
Sales | (76) |
Utilizations |  | (105)
Recognized in profit and loss: |  |
other business income |  | (85)
financial income and expenses | 7 | (8)
Recognized in other comprehensive income1) |  | 8
Receivables held to collect and sell | (41) |
Reclassification from associates | 5 |
Balance as of December 31, 2022 | 549 | 113
1)Includes translation differences
Fair value of financial assets and liabilities - Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [Text Block] | Philips Group Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in millions of EUR
| 2022 | 2023
--- | --- | ---
Derivatives |  |
Gross amounts of recognized financial assets | 127 | 48
Gross amounts of recognized financial liabilities offset in the balance sheet |  |
Net amounts of financial assets presented in the balance sheet | 127 | 48
Related amounts not offset in the balance sheet |  |
Financial instruments | (54) | (34)
Net amount | 73 | 13
Fair value of financial assets and liabilities - Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [Text Block] | Philips Group Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in millions of EUR
| 2022 | 2023
--- | --- | ---
Derivatives |  |
Gross amounts of recognized financial liabilities | (211) | (43)
Gross amounts of recognized financial assets offset in the balance sheet |  |
Net amounts of financial liabilities presented in the balance sheet | (211) | (43)
Related amounts not offset in the balance sheet |  |
Financial instruments | 54 | 34
Net amount | (157) | (9)

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