Note I: Financial instruments

At year-end 2022, Akzo Nobel N.V. had outstanding foreign exchange contracts to buy currencies for a total of €1.7 billion (year-end 2021: €1.7 billion), while contracts to sell currencies totaled €1.5 billion (year-end 2021: €1.2 billion). The contracts mainly relate to US dollars, pound sterling and Chinese Yuan, and all have maturities within one year. These contracts offset the foreign exchange contracts concluded with the subsidiaries, and the fair value changes are recognized in the statement of income to offset the fair value changes on the contracts with the subsidiaries, or recognized in other in case hedge accounting is applied. For information on risk exposure and risk management, see Note 27 of the Consolidated financial statements.

Comprehensive income

The change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with shareholders in their capacity as shareholders.