16. Securities

In total, the Beiersdorf Group holds €3,955 million (previous year: €4,553 million) in listed government and corporate bonds, commercial paper, near-money market retail funds, equities, and equity funds. Securities with a carrying amount of €3,184 million (previous year: €3,937 million) are expected to be realized more than 12 months after the reporting date. Non-current securities have a term of up to eight years.

Impairments on securities measured at amortized cost and at fair value through other comprehensive income are recognized based on expected credit losses over the next 12 months. At the end of the period, total impairment was €7 million. Please refer to Note 29 “Additional Disclosures on Financial Instruments, Financial Risk Management, and Derivative Financial Instruments.”