|WESTLAKE CHEMICAL CORP filed this Form 10-Q on 05/03/2018|
WESTLAKE CHEMICAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—Continued
(in millions of dollars, except share amounts and per share data)
6. Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2018 and 2017 were as follows:
7. Derivative Instruments
In January 2018, the Company entered into cross-currency swaps with an aggregate notional value of 220 million euros to reduce the volatility in stockholders' equity from changes in currency exchange rates associated with the Company's net investments in foreign operations. These cross-currency swaps were designated in a net investment hedge relationship. The Company assesses hedge effectiveness of these cross-currency swaps by comparing the spot rate change in the swaps to the spot rate change in the designated net investment. For the three months ended March 31, 2018, there was no ineffectiveness recorded with regard to the Company's qualifying net investment hedges.
The fair values of derivatives designated as hedging instruments in the Company's consolidated balance sheets were as follows:
The following table summarizes the effect of foreign exchange derivative instruments designated as net investment hedges in the consolidated statements of operations.