As at December 31, 2017 and December 31, 2016, the fair values relating to transactions involving derivative financial instruments to protect the Company’s risk exposure were using observable inputs such as quoted prices in active markets, or discounted cash flows based on market curves, and are presented below:
| Notional | Fair value | |||||||||||||||
| December 31, 2017 |
December 31, 2016 |
December 31, 2017 |
December 31, 2016 |
|||||||||||||
|
Exchange rate derivatives |
||||||||||||||||
|
Forward agreements |
494,302 | 438,689 | (457 | ) | (14,983 | ) | ||||||||||
|
Interest rate and exchange rate risk |
||||||||||||||||
|
Swap agreements (interest rate) |
2,446,369 | 1,988,540 | 330,712 | 104,491 | ||||||||||||
|
Swap agreements (exchange and interest rate) |
7,217,792 | 4,315,575 | 716,873 | 365,728 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 9,664,161 | 6,304,115 | 1,047,585 | 470,219 | |||||||||||||
|
Total financial instruments |
1,047,128 | 455,236 | ||||||||||||||
|
|
|
|
|
|||||||||||||
|
Assets |
1,162,213 | 751,080 | ||||||||||||||
|
|
|
|
|
|||||||||||||
|
Liabilities |
(115,085 | ) | (295,844 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||