6 NOTE 19. Borrowings and debt L’Oréal obtains financing through medium-term bank loans and issues short-term marketable instruments in France and the United States. The amounts of the programmes are €5,000   million and $5,000  million respectively. None of the Group’s borrowings or debt contains an early repayment clause linked to financial ratios (covenants). Liquidity on the short-term marketable instruments issues is provided by confirmed undrawn short-term credit facilities with banks, which amounted to €5,000 million at 31 December 2021, compared to €5,363  million at 31  December  2020 and €3,801 million at 31 December 2019. Issuance costs of borrowings are expensed immediately in the year in which they are incurred. All borrowings and debt are denominated in euros and can be broken down as follows: BREAKDOWN BY TYPE OF DEBT € millions 31.12.2021 31.12.2020 31.12.2019 Bonds - - - Short-term marketable instruments (1) 2,507.0 360.0 200.0 Bank overdrafts and financing with the Group’s cash pool - - - Other borrowings and debt (2) 2,439.5 9.3 7.5 TOTAL 4,946.50 369.3 207.5 To finance the repurchase of its own shares from Nestlé, the Group: (1) issued commercial paper (€2,300  million) and (2) took out a bridging loan (€1,904 million). BREAKDOWN BY MATURITY DATE € millions 31.12.2021 31.12.2020 31.12.2019 Less than 1 year 4,939.8 361.7 200.9 1 to 5 years 6.7 7.6 6.6 More than 5 years - - - TOTAL 4,946.50 369.3 207.5 EFFECTIVE INTEREST RATE AND AVERAGE INTEREST RATE ON BORROWINGS AND DEBT The fall in euro interest rates is now reflected by drawdowns of short-term marketable instruments with negative interest rates. The average interest rate on short-term marketable instruments denominated in euros was -0.51% in 2021, compared with -0.31% in 2020 and -0.45% in 2019. NOTE 20. Maturity of payables € millions 1 year or less More than 1 year Total Trade accounts payable 994.7 994.7 Other current liabilities, of which 1,096.2 138.6 1,234.8 Tax and employee-related payables 572.5 - 572.5 Payables related to non-current assets (1) 77.4 138.6 216.0 Other payables 446.3 - 446.3 (1) Non-current payables relate to earn-out clauses on acquisitions. Accrual accounts included in trade accounts payable and other current liabilities are as follows: € millions 31.12.2021 31.12.2020 31.12.2019 Trade accounts payable 542.4 482.0 369.3 Payables related to non-current assets 168.1 230.2 315.4 Tax and employee-related payables, of which 486.9 442.4 391.2 Provision for employee Profit Sharing 29.2 28.5 45.5 Provision for incentives 135.2 122.1 103.6 Other payables 199.9 179.6 64.6 TOTAL 1,397.3 1,334.2 1,140.5 L ’ ORÉAL I UNIVERS AL REGISTRATION DOCUMENT 2021 361 PARENT COMPANY FINANCIAL STATEMENTS Notes to the financial statements of L’Oréal SA