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25 Noncurrent and current
other liabilities

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€ million

 

Current

 

Noncurrent

 

Carrying amount Dec. 31, 2011

 

Current

 

Noncurrent

 

Carrying amount Dec. 31, 2010

Payments on account received in respect of orders

 

4,140

 

1,134

 

5,275

 

1,917

 

0

 

1,917

Other liabilities to

 

 

 

 

 

 

 

 

 

 

 

 

affiliated companies

 

19

 

1

 

19

 

38

 

0

 

38

joint ventures

 

274

 

 

274

 

259

 

 

259

associates

 

0

 

 

0

 

0

 

 

0

other investees and investors

 

0

 

 

0

 

0

 

 

0

Negative fair values of derivative financial instruments

 

1,727

 

2,247

 

3,974

 

1,193

 

1,469

 

2,662

Liabilities relating to

 

 

 

 

 

 

 

 

 

 

 

 

other taxes

 

1,681

 

322

 

2,003

 

1,142

 

529

 

1,671

social security

 

433

 

38

 

471

 

336

 

33

 

369

wages and salaries

 

2,842

 

459

 

3,301

 

1,924

 

374

 

2,297

Miscellaneous liabilities

 

4,981

 

2,739

 

7,721

 

3,818

 

2,337

 

6,155

 

 

16,097

 

6,940

 

23,037

 

10,627

 

4,742

 

15,369

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

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€ million

 

Dec. 31, 2011

 

Dec. 31, 2010

Transactions for hedging against

 

 

 

 

foreign currency risk from assets using fair value hedges

 

14

 

10

foreign currency risk from liabilities using fair value hedges

 

85

 

241

interest rate risk using fair value hedges

 

168

 

59

interest rate risk using cash flow hedges

 

73

 

126

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

 

2,607

 

1,561

Hedging transactions

 

2,948

 

1,997

Assets related to derivatives not included in hedging relationships

 

1,026

 

665

 

 

3,974

 

2,662

Of the other liabilities reported in the consolidated balance sheet, a total of €539 million (previous year: €485 million) is secured, for the most part by real estate liens.

The negative fair value of transactions for hedging price risk from future cash flows (cash flow hedges) was €35 million (previous year: €0 million).

Negative fair values of €89 (previous year: €65 million) were recognized from transactions for hedging interest rate risk (fair value hedges) used in portfolio hedges.

Liabilities from derivatives not included in hedging relationships consist in particular of the put options written by Volkswagen AG to acquire the outstanding shares of Porsche Zwischenholding GmbH in the amount of €87 million (previous year: €233 million). For further information, see note 40 Related party disclosures in accordance with IAS 24.

Further details on derivative financial instruments as a whole are given in note 31 Financial risk management and financial instruments.

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