P16. Long-term and short-term borrowings

Open-market financing programs

For information on Telia Company AB’s open-market financing programs, see Notes to consolidated financial statements (corresponding section in Note C20).

Borrowings

Long-term and short-term borrowings were distributed as follows.

SEK in millions

Dec 31, 2016

Dec 31, 2015

Carrying value

Fair value

Carrying value

Fair value

Long-term borrowings

       

Open-market financing program borrowings in fair value hedge relationships

37,189

46,135

37,672

41,021

Interest rate swaps at fair value

37

37

621

621

of which designated as hedging instruments

18

18

591

591

of which held-for-trading

18

18

30

30

Cross currency interest rate swaps at fair value

2,648

2,648

1,694

1,694

of which hedging net investments

1,778

1,778

1,334

1,334

of which designated as hedging instruments

549

549

171

171

of which held-for-trading

320

320

190

190

Subtotal (see Fair value hierarchy levels – Note P19)

39,873

48,819

39,988

43,337

Open-market financing program borrowings at amortized cost

41,334

45,209

47,908

53,577

Subtotal (see Categories – Note P19)

81,207

94,028

87,896

96,914

Borrowings from subsidiaries

 

190

 

of which other borrowings

 

190

 

Total long-term borrowings

81,207

 

88,086

 

Short-term borrowings

       

Open-market financing program borrowings in fair value hedge relationships

7,486

7,551

Interest rate swaps designated as hedging instruments

43

43

Interest rate swaps designated as held-for trading

3

3

7

7

Cross currency interest rate swaps as held-for trading

191

191

Subtotal (see Fair value hierarchy levels – Note P19)

7,679

7,744

51

51

Open-market financing program borrowings at amortized cost

2,258

2,265

5,627

5,648

of which hedging net investments

1,584

1,589

of which at amortized cost

2,258

2,265

4,043

4,059

Other borrowings at amortized cost

559

559

3,354

3,354

Subtotal (see Categories – Note P19)

10,496

10,567

9,031

9,052

Borrowings from subsidiaries

19,146

 

28,506

 

of which cash pool balances

9,229

 

26,603

 

of which other borrowings

9,917

 

1,903

 

Total short-term borrowings

29,642

 

37,537

 

As of December 31, 2016 and 2015, fully unutilized bank overdraft facilities had a total limit of SEK 1,342 million and SEK 973 million, respectively.

For additional information on financial instruments classified by category/fair value hierarchy level, refer to Note P19 “Financial assets and liabilities by category and level,” and for information on maturities and liquidity risks, refer to section “Liquidity risk management” in Note P20 “Financial risk management.” Refer to Notes to consolidated financial statements (corresponding section in Note C20) for further information on borrowings and the swap portfolio. Conventional commercial terms apply for borrowings from subsidiaries, which comprise cash-pool balances and other borrowings.