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Other financial assets | 12 Months Ended
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Dec. 31, 2023
Other financial assets [Abstract] |
Other financial assets [Text Block] | ### 13Other financial assets ###### Accounting policies ###### Classification and measurement of financial assets The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the company’s business model for managing them. The company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. For the purposes of subsequent measurement, financial assets are classified into four categories: Financial assets at amortized cost (debt instruments). Financial assets at fair value through other comprehensive income (OCI) with recycling of cumulative gains and losses (debt instruments). Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments). Financial assets at fair value through profit or loss (debt instruments and equity instruments). ###### Impairment of financial assets The company recognizes a loss allowance for expected credit losses for trade receivables, contract assets, lease receivables, debt investments carried at amortized cost and fair value through other comprehensive income (FVTOCI). At each balance sheet date, the company assesses whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit losses for financial assets measured at either amortized costs or at fair value through other comprehensive income. If, at the reporting date, the credit risk on a financial instrument has not increased significantly since initial recognition, the company measures the loss allowance for the financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly since initial recognition, the company measures the loss allowance for the financial instrument at an amount equal to the lifetime-expected credit losses. For all trade receivables, contract assets and lease receivables the company measures the loss allowance at an amount equal to lifetime-expected credit losses. ###### Accounting estimates and judgments The determination of fair value is subject to estimates for investments that are not publicly traded. Refer to Fair value of financial assets and liabilities Financial assets classified at amortized cost and at fair value through OCI are subject to impairment assessment. The calculation of expected credit losses requires the company to apply significant judgment and make estimates and assumptions that involve significant uncertainty at the time they are made. Changes to these estimates and assumptions can result in significant changes to the timing and amount of expected credit losses to be recognized. ##### Other current financial assets In 2023, Other current financial assets decreased from EUR 11 million to EUR 3 million (2022: increased from EUR 2 million to EUR 11 million). ##### Other non-current financial assets The company’s investments in Other non-current financial assets mainly consist of investments in common shares of companies in various industries and investments in limited life funds. The changes during 2023 and 2022 were as follows: Philips Group Other non-current financial assets in millions of EUR
| Non-current financial assets at FVTP&L | Non-current financial assets at FVTOCI | Non-current financial assets at Amortized cost | Total
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Balance as of January 1, 2023 | 322 | 284 | 54 | 660
Changes: |  |  |  |
Acquisitions/additions | 71 | 14 | 20 | 105
Sales/redemptions/reductions | (33) | (14) | (11) | (58)
Impairments |  |  |  |
Value adjustment through OCI | - | (17) |  | (17)
Value adjustment through P&L | (39) |  | - | (39)
Translation differences and other | (29) | (14) | (1) | (44)
Reclassifications | (8) | 5 | 15 | 12
Balance as of December 31, 2023 | 284 | 258 | 77 | 619
Philips Group Other non-current financial assets in millions of EUR
| Non-current financial assets at FVTP&L | Non-current financial assets at FVTOCI | Non-current financial assets at Amortized cost | Total
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Balance as of January 1, 2022 | 283 | 300 | 47 | 630
Changes: |  |  |  |
Acquisitions/additions | 114 | 18 | 18 | 150
Sales/redemptions/reductions | (75) | (3) | (8) | (86)
Impairments | (3) |  | (1) | (5)
Value adjustment through OCI | - | (35) |  | (35)
Value adjustment through P&L | 5 |  | - | 5
Translation differences and other | (2) | 5 | (1) | 2
Reclassifications | 1 | (2) | (1) | (2)
Balance as of December 31, 2022 | 322 | 284 | 54 | 660
As of December 31, 2023, equity investments of EUR 231 million (2022: EUR 259 million) are accounted under the FVTOCI category based on the company's election at initial recognition mainly because such investments are neither held for trading purposes nor primarily for their increase in value and the elected presentation is considered to reflect the nature and purpose of the investment.

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