BASF Report 2021 Consoli dated Financial Statements – Notes 247 18 Receivables and miscellaneous assets The changes in noncurrent loans and interest receivables were predominantly due to reimbursements of loans to nonconsolidated subsidiaries. Current loan receivables increased because of the sale Other receivables and miscellaneous assets of assets to a joint venture partner in North America. Million € December 31, 2021 December 31, 2020 The rise in noncurrent derivatives with positive fair values primarily Noncurrent Current Noncurrent Current affected the market valuation of combined interest rate and currency Loans and interest receivables 93 149 127 123 swaps. The change in current derivatives with positive fair market Derivatives with positive fair values 335 610 105 414 values was largely attributable to the increase in fair values of Receivables from finance leases 40 4 41 3 commodity derivatives for precious metals. Receivables from capital equipment of nonconsolidated subsidiaries – 167 – 122 Bank acceptance drafts are used as an alternative form of payment Receivables from bank acceptance drafts – 387 – 288 in China. Bank acceptance drafts are issued at a discount from their Other 270 376 287 261 par value. They can be held to maturity, traded or redeemed Other receivables and assets that qualify as financial instruments 738 1,692 560 1,211 prematurely at a discount. If BASF discounts a bank acceptance Prepaid expenses 77 327 79 257 draft with recourse, a liability toward the credit institution is Defined benefit assets 661 – 126 – recognized in the amount of the payment received. The increase Tax refund claims 198 1,610 104 1,158 relates to higher sales and broader use of this form of payment. Employee receivables 0 24 0 21 Prepaid expenses in 2021 mainly included prepayments of Precious metal trading items – 1,554 – 1,604 €41 million related to operating activities compared with €28 million Other 48 361 43 422 in 2020, as well as €93 million in prepayments for insurance in 2021 Other receivables and assets that do not qualify as financial instruments 984 3,876 352 3,462 compared with €79 million in 2020. Prepayments for license costs Other receivables and miscellaneous assets 1,722 5,568 912 4,673 decreased from €70 million in 2020 to €49 million in 2021. Prepaid expenses in 2021 included higher advance payments for received precious metal catalysts to be refurbished. As in the previous year, defined benefit assets were recognized in 2021 mainly at Group companies in Switzerland and the United Kingdom. The change in current tax refund claims was largely attributable to the rise in value-added tax receivables in Germany as well as the rise in income tax/other tax receivables at South American Group companies.