g)@
Notes to the Consolidated Financial Statements
12.3 Income tax on other comprehensive income
13. Other
13.1 Fair value
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-
1 1 Q Heineken N.V. Report of the Report of the Financial Sustainability Other
J- J-Annual Report 2020 Introduction Executive Board Supervisory Board Statements Review Information
2020 2019
Amount Amount Amount Amount
In millions of before tax Tax net of tax before tax Tax net of tax
Items that will not be reclassified
to profit or loss:
Remeasurement of post-retirement
obligations
Net change in fair value through
OCI investments
Items that may be subsequently
reclassified to profit or loss:
Currency translation differences
Change in fair value of net
investment hedges
Change in fair value of cash
flow hedges
Cash flow hedges reclassified
to profit or loss
Net change in fair value through
OCI investments
Cost of hedging
Share of other comprehensive
income of associates/joint ventures
Other comprehensive (2,060) 44 (2,016) 161 25 186
income/(loss)
In this note more information is disclosed regarding the fair value and the different methods of determining
fair values.
Financial instruments - hierarchy
The financial instruments included on the HEINEKEN statement of financial position are measured at
either fair value or amortised cost. To measure the fair value, HEINEKEN generally uses external valuations
with market inputs. The measurement of fair value can be subjective in some cases and may be dependent
on inputs used in the calculations. The different valuation methods are referred to as 'hierarchies' as
described below.
- Level 1: The fair value is determined using quoted prices (unadjusted) in active markets for identical assets
or liabilities
- Level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that
are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived
from prices)
- Level 3: The fair value is determined using inputs for the asset or liability that are not based on observable
market data (unobservable inputs)
The following table shows the carrying amounts and fair values of financial assets and liabilities according to
their fair value hierarchy.
Carrying amount Fair value
In millions of
Note
Level 1
Level 2
Level 3
Fair value through OCI investments
8.5
117
33
84
Non-current derivative assets
11.6
21
20
1
Current derivative assets
11.6
77
77
Total 2020
215
33
97
85
Total 2019 438 283 30 125
53
(90)
9
(8)
62
(98)
(268)
6
58
3
(210)
9
(2,169)
76
58
5
(1)
(8)
16
55
(13)
(1)
(2,114)
76
45
4
(1)
(6)
16
412
(43)
52
27
1
(6)
(20)
(43)
12
(6)
369
(43)
64
21
1
(5)
(20)
Non-current derivative liabilities 11 6 (35) (35)
Borrowings1 11 3 (14,854) (15,508) (1,076)
Current derivative liabilities 11 6 (52) (52)
Total 2020
(14,941)
(15,508)
(1,163)
Total 2019
11.3
(13,526)
(13,824)
(737)
1 Borrowings excluding lease liabilities, deposits, bank overdrafts and other interest-bearing liabilities.
