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Annual Report

26 Noncurrent and current other liabilities

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€ million

 

current

 

noncurrent

 

Carrying amount
Dec. 31, 2010

 

current

 

noncurrent

 

Carrying amount
Dec. 31, 2009

Payments on account received in respect of orders

 

1,917

 

0

 

1,917

 

1,222

 

0

 

1,222

Other liabilities to

 

 

 

 

 

 

 

 

 

 

 

 

affiliated companies

 

38

 

0

 

38

 

66

 

 

66

joint ventures

 

259

 

 

259

 

255

 

 

255

associates

 

0

 

 

0

 

 

 

other investees and investors

 

0

 

 

0

 

0

 

 

0

Negative fair values of derivative financial instruments

 

1,193

 

1,469

 

2,662

 

718

 

703

 

1,421

Liabilities relating to

 

 

 

 

 

 

 

 

 

 

 

 

other taxes

 

1,142

 

529

 

1,671

 

833

 

310

 

1,143

social security

 

336

 

33

 

369

 

283

 

28

 

311

wages and salaries

 

1,924

 

374

 

2,297

 

1,381

 

304

 

1,686

Miscellaneous liabilities

 

3,818

 

2,337

 

6,155

 

3,478

 

1,683

 

5,161

 

 

10,627

 

4,742

 

15,369

 

8,237

 

3,028

 

11,265

The negative fair values of derivatives relate to the following items:

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€ million

 

Dec. 31, 2010

 

Dec. 31, 2009

Transactions for hedging against

 

 

 

 

foreign currency risk from assets using fair value hedges

 

10

 

22

foreign currency risk from liabilities using fair value hedges

 

241

 

141

interest rate risk using fair value hedges

 

59

 

149

interest rate risk using cash flow hedges

 

126

 

193

foreign currency and price risk from future cash flows (cash flow hedges)

 

1,561

 

351

Hedging transactions

 

1,997

 

856

Liabilities arising from ineffective hedging derivatives

 

665

 

565

 

 

2,662

 

1,421

Of the other liabilities reported in the consolidated balance sheet, a total of €485 million (previous year: €361 million) is secured, for the most part by real estate liens.

The negative fair value of transactions for hedging against price risk from future cash flows (cash flow hedges) was €0 million (previous year: €7 million).

Negative fair values of €65 million (previous year: €73 million) were recognized from transactions for hedging against interest rate risk (fair value hedges) used in portfolio hedges.

Liabilities from ineffective hedging derivatives include in particular the put options written by Volkswagen AG to acquire the outstanding shares of Porsche Zwischenholding GmbH in the amount of €233 million (previous year: €65 million). For further information, please see note 41 Related party disclosures in accordance with IAS 24.

Further details on derivative financial instruments as a whole are given in note 32 Financial risk management and financial instruments.

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