Derivatives used for hedge as of December 31, 2016 and 2017, are as follows:
| 2016 | 2017 | |||||||||||||||
| (in millions of Korean won) | Assets | Liabilities | Assets | Liabilities | ||||||||||||
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Interest rate swap1 |
￦ | — | ￦ | 3,278 | ￦ | — | ￦ | 2,633 | ||||||||
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Currency swap2 |
214,648 | 11,650 | 7,389 | 81,300 | ||||||||||||
|
Currency forwards3 |
12,670 | — | — | 9,837 | ||||||||||||
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Total |
227,318 | 14,928 | 7,389 | 93,770 | ||||||||||||
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Less: non-current |
(97,220 | ) | (14,695 | ) | (4,675 | ) | (56,547 | ) | ||||||||
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Current |
￦ | 130,098 | ￦ | 233 | ￦ | 2,714 | ￦ | 37,223 | ||||||||
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| 1 | The interest rate swap contract is to hedge the risk of variability in future fair value of the bond. |
| 2 | The currency swap contract is to hedge the risk of variability in cash flow from the bond. In applying the cash flow hedge accounting, the Group hedges its exposures to cash flow fluctuation until September 7, 2034. |
| 3 | The currency forward contract is to hedge the risk of variability in cash flow from transactions in foreign currencies due to changes in foreign exchange rate. |