Siemens 2014 Annual Report Download - page 278

108 A. To our Shareholders 131 B. Corporate Governance 171 C. Combined Management Report
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NOTE  Other financial assets
September ,
(in millions of €)  
Loans receivable 10,919 8,012
Receivables from finance leases, see
NOTE  TRADE AND OTHER RECEIVABLES 3,357 3,340
Derivative financial instruments 2,111 1,894
Available-for-sale financial assets 1,803 1,560
Other 226 311
18,416 15,117
Item Loans receivable primarily relate to long-term loan trans-
actions of SFS.
NOTE  Other current financial liabilities
September ,
(in millions of €)  
Derivative financial instruments,
see NOTES  AND  680 350
Accrued interest expense 210 221
Other 826 944
1,717 1,515
NOTE  Other current liabilities
September ,
(in millions of €)  
Billings in excess of costs and estimated earn-
ings on uncompleted contracts and related
advances 9,559 10,559
Payroll obligations and social security taxes 1,438 1,561
Other employee related costs 1,644 2,103
Deferred income 1,068 1,035
Accruals for pending invoices 1,059 1,067
Bonus obligations 1,785 1,683
Miscellaneous tax liabilities 663 669
Deferred reservation fees received 56 101
Other 682 923
17,954 19,701
Item Other employee related costs primarily includes vacation
payments, accrued overtime and service anniversary awards,
severance payments, as well as liabilities related to termination
benefits.
NOTE  Debt
September ,
(in millions of €)  
Short-term
Notes and bonds –1,431
Loans from banks 773 412
Other financial indebtedness 826 82
Obligations under finance leases 21 20
Short-term debt and current maturities
of long-term debt 1,620 1,944
Long-term
Notes and bonds (maturing until ) 18,165 17,060
Loans from banks (maturing until ) 968 1,233
Other financial indebtedness
(maturing until ) 85 106
Obligations under finance leases 108 110
Long-term debt 19,326 18,509
20,947 20,453
Interest rates in this Note are per annum. In fiscal  and
, weighted-average interest rates for loans from banks,
other financial indebtedness and obligations under finance
leases were . % (: . %), . % (: . %) and . %
(: . %), respectively.
. COMMERCIAL PAPER PROGRAM
Siemens has a US$ . billion (€ . billion as of September ,
) multi-currency commercial paper program in place includ-
ing US$ extendible notes capabilities. As of September , 
US$ . billion (€  million as of September , ) were out-
standing. As of September ,  no commercial papers were
outstanding. Siemens’ commercial papers have a maturity of
generally less than  days. Interest rates ranged from . % to
. % in fiscal  and from . % to . % in fiscal .