The table includes both interest and principal cash flows: 2021 in millions of Swiss francs Up to 6 months 6−12 months 1−5 years Over 5 years Tot al Short-term debt (excluding bank overdrafts) (176) (214) (390) Accounts payable (1,008) (1,008) Net settled derivative financial instruments (9) (44) (53) Gross settled derivative financial instruments − outflows (2 ,74 8) (679) (3,427) Gross settled derivative financial instruments − inflows 2,730 677 3,407 Long-term debt (24) (28) (1,340) (2,622) (4,014) Balance as at 31 December (1,226) (244) (1,349) (2,666) (5,485) 2020 in millions of Swiss francs Up to 6 months 6−12 months 1−5 years Over 5 years Tot al Short-term debt (excluding bank overdrafts) (5) (164) (169) Accounts payable (809) (809) Net settled derivative financial instruments (18) (113) (131) Gross settled derivative financial instruments − outflows (1,860) (700) (2,560) Gross settled derivative financial instruments − inflows 1,889 706 2,595 Long-term debt (24) (28) (1,787) (2,477) (4,316) Balance as at 31 December (809) (186) (1,805) (2,590) (5,390) The undiscounted cash flows related to lease liabilities are CHF 52 million (2020: CHF 52 million) within 1 year, CHF 129 million (2020: CHF 146 million) within 1 to 5 years and CHF 268 million (2020: CHF 261 million) thereafter. 5.3 Fair Value Measurements The following tables present the Group’s assets and liabilities that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is measured: – Level 1 inputs to measure fair value are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; – Level 2 inputs to measure fair value are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and – Level 3 inputs to measure fair value are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2021 in millions of Swiss francs Level 1 Level 2 Level 3 Tot al Financial assets at fair value through income statement Forward foreign exchange contracts 16 16 Swaps (hedge accounting) 37 37 Corporate owned life insurance 45 45 Equity securities 113 19 107 239 Debt securities 17 17 Total assets 113 134 107 354 Financial liabilities at fair value through income statement Forward foreign exchange contracts 37 37 Swaps (hedge accounting) 61 61 Total liabilities 98 98 2020 in millions of Swiss francs Level 1 Level 2 Level 3 Tot al Financial assets at fair value through income statement Forward foreign exchange contracts 54 54 Swaps (hedge accounting) 65 65 Corporate owned life insurance 37 37 Equity securities 109 17 4 130 Debt securities 17 17 Total assets 109 190 4 303 Financial liabilities at fair value through income statement Forward foreign exchange contracts 19 19 Swaps (hedge accounting) 133 133 Total liabilities 152 152 66 Givaudan — 2021 Governance, Compensation and Financial Report Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix Notes to the consolidated financial statements