In 2015 and 2014, respectively, a change in fair value of € - 0.2 million and € - 0.8 million was recognized in other comprehensive income. Additionally, in 2015 and 2014, expenses amounting to € 0.6 million and € 0.5 million were recognized in the financial result. Fair Value Hedges Hedging of Contracted Sales Denominated in Foreign Currencies: At December 31, 2015 and 2014, ALTANA entered into forward foreign exchange contracts with a nominal value of U.S. Dollar 8.6 million and U.S. Dollar 7.4 million and of Japanese Yen 803.0 million and Japa- nese Yen 840.0 million, respectively. These contracts relate to sales transactions denomi- nated in U.S. Dollar and Japanese Yen with subsidiaries and are classified as fair value hedges. At December 31, 2015 and 2014 the fair values are as follows: Positive fair value Negative fair value Total fair value U.S. Dollar Dec. 31, 2014 0 (614) (614) Dec. 31, 2015 11 (963) (952) Japanese Yen Dec. 31, 2014 293 (117) 176 Dec. 31, 2015 9 (292) (283) In 2015 and 2014, the effect of the fair value hedge on profit or loss amounted to € 5.5 mil- lion and € - 4.6 million, respectively, and thereby offset the effect of the measurement of the hedged transactions. Hedging of Intercompany Foreign Currency Loans In 2015, ALTANA entered into forward foreign exchange contracts with a nominal value of U.S. Dollar 173.5 million (2014: U.S. Dollar 191.3 million), of Japanese Yen 1.4 billion (2014: Japanese Yen 1.0 billion), of Swiss Franc 8.5 million (2014: none) and of British Pound 1.0 million (2014: British Pound 3.0 million), to hedge intercompany foreign currency loans for which no offsetting items existed. These forward foreign exchange contracts which serve as economic hedge of the foreign currency exchange rate risk are not designated in a hedging relationship that qualifies for hedge accounting and consequently, changes in their fair values are recognized in the financial result. Positive fair value Negative fair value Total fair value Forward foreign exchange contracts Dec. 31, 2014 2,795 (11,665) (8,870) Dec. 31, 2015 1,778 (8,194) (6,416) 134 Notes to Consolidated Financial Statements
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