Group Management Report Corporate Governance Environment, Safety, and Corporate Social Responsibility Consolidated Financial Statements 123 26. Other Liabilities Other liabilities consist of the following: Measurement of Financial Instruments Based on Categories ALTANA employs different financial instruments. In accordance with accounting regulations for financial instruments, these financial instruments are classified based on their nature and function into several valuation categories. The following tables provide reconciliation from the items of the statement of financial position to the different categories of financial instruments, their carrying amounts and their fair values at December 31, 2015 and 2014. The carrying amounts of cash and cash equivalents as well as of trade accounts receivable approximate their fair values due to the short-term maturities of these instruments. The carrying amounts of marketable securities and equity investments equal their fair values, provided that the fair values can be determined reliably. For marketable securities and investments traded on the stock exchange the fair values correspond to the quotation on the stock exchange (hierarchy level 1) at the reporting date. Investments not traded on the stock exchange are measured at cost, because their future estimated cash flows cannot be determined reliably. A sale of these investments is currently not planned. The carrying amounts of derivative financial assets and liabilities equal their fair values. The fair values of interest bearing other non-derivative financial assets and liabilities measured at amortized cost and of lease obligations equal the present values of their future estimated cash flows. The present values are calculated taking the currency, interest rates and duration parameters at each reporting date into consideration. Trade accounts payable and other non-interest bearing non-derivative liabilities generally have a short-term remaining maturity; therefore, their carrying amount approximates their fair value. The fair value of loan receivables, other financial assets and liabilities, bank debt, lease obligations, and derivative financial assets and liabilities is measured at the present value of the expected cash inflows or cash outflows of the related financial instruments and is there- fore allocated to hierarchy level 2. 27. Additional Disclosures for Financial Instruments Dec. 31, 2014 Dec. 31, 2015 Other non-current liabilities Other current liabilities Other non-current liabilities Other current liabilities Balances due to fiscal authorities (incl. payroll taxes) 225 12,226 48 15,667 Personnel-related liabilities 0 10,551 0 9,951 Social security contributions 375 2,251 393 2,027 Employee incentive plans 16,366 2,478 19,164 4,105 Commissions 0 3,078 0 3,566 Credit notes to customers 0 1,954 0 1,090 Balances due to related parties 0 24 0 103 Derivative financial instruments 2,127 14,711 1,180 11,851 Deferred income 3,563 1,625 2,956 1,717 Other 1,829 8,140 224 8,163 24,485 57,038 23,965 58,240
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