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Current financial debt and derivative financial instruments
 12 Months Ended
Dec. 31, 2022
Disclosure of current financial debt and derivative instruments [abstract]  
Current financial debt and derivative financial instruments
21. Current financial debt and derivative financial instruments
(USD millions)
2022
2021
Interest-bearing accounts of employees payable on demand  1
1 814
Bank and other financial debt 2
863
899
Commercial paper
2 772
893
Current portion of non-current financial debt
2 241
2 621
Derivative financial instruments
55
68
Total current financial debt and derivative financial instruments
5 931
6 295
 1  Weighted average interest rate 0.25% through September 30, 2022 (2021: 0.25%)
 2  Weighted average interest rate 9.7% (2021: 6.1%)
During the third quarter of 2022, Novartis closed the interest-bearing accounts of employees payable on demand, and paid out USD 0.9 billion to the respective beneficiaries on October 3, 2022. The net cash outflows from interest-bearing accounts of employees payable on demand were reported within the line change in current financial debts in the consolidated statements of cash flows. See Note 23.6.
The carrying amounts of current financial debt, other than the current portion of non-current financial debt, approximate the estimated fair value due to the short-term nature of these instruments.
Details on commercial papers and short-term borrowings are provided under “Liquidity risk” in Note 29.