17. Derivative instruments
2017 2017 2017 2016 2017 2016
Positive
fair value
Negative
fair value
Fair
value net
Fair
value net
Nominal
value
Nominal
value
Interest rate derivatives 3 816 -10 222 -6 406 -8 543 65 238 70 937
matured in 2016 - - - -251 - 5 234
matures in 2017 - - - -754 - 15 703
matures in 2018 672 -672 - - - -
matuers in 2019 - - - - - -
matures in 2020 - -2 840 -2 840 - 25 000 -
matures in >2020 3 144 -6 710 -3 566 -7 539 40 238 50 000
of which defined as cash flow hedging instruments - -6 406 -6 406 -8 543 65 238 70 937
Foreign exhange derivatives 125 -231 -107 -59 29 318 30 398
of which defined as net investment hedging instruments - - - - - -
Commodity derivatives 859 -859 - - - -
matured in 2016 - - - - - -
matures in 2017 401 -401 - - - -
matures in 2018 333 -333 - - - -
matuers in 2019 126 -126 - - - -
matures in 2020 - - - - - -
of which defined as cash flow hedging instruments - - - - - -
Nominal values of external derivatives that are eliminated due to intercompany derivatives are netted to zero in the table above. The nominal values are EUR 12 131 (13 162) thousand foreign exchange derivatives, EUR 7 355 (7 271) thousand commodity derivatives, EUR 55 317 (55 937) thousand interest rate derivatives.
Fair value hierarchy
31 Dec. 2017 Level 1 Level 2 Level 3
Derivatives, positive fair value
Interest rate swaps 3 816 - 3 816 -
Foreign exchange derivatives 125 - 125 -
Commodity derivatives 859 - 859 -
Total 4 800 - 4 800 -
Derivatives, negative fair value
Interest rate swaps -10 222 - -10 222 -
Foreign exchange derivatives -231 - -231 -
Commodity derivatives -859 - -859 -
Total -11 313 - -11 313 -
31 Dec. 2016 Level 1 Level 2 Level 3
Derivatives, positive fair value
Interest rate swaps 4 891 - 4 891 -
Foreign exchange derivatives 304 - 304 -
Commodity derivatives 1 135 - 1 135 -
Total 6 330 - 6 330 -
Derivatives, negative fair value
Interest rate swaps -13 434 - -13 434 -
Foreign exchange derivatives -363 - -363 -
Commodity derivatives -1 135 - -1 135 -
Total -14 933 - -14 933 -
The fair values of Level 1 instruments are based on prices quoted on the market. The fair values of Level 2 instruments are, to a significant degree, based on inputs other than the quoted prices included in Level 1 but nonetheless observable for the relevant asset or liability either directly or indirectly (derived from prices). In determining the fair value of these instruments, the company uses generally accepted measurement models, the inputs of which are nonetheless to a considerable degree based on observable market information. The fair values of Level 3 instruments are based on inputs which are not based on observable market information; rather to a significant degree on Management estimates and measurement models generally acceptable for their use.