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FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2017
FAIR VALUE MEASUREMENT  
Assets (liabilities) measured at fair value on a recurring basis

 

Assets (liabilities) measured at fair value on a recurring basis as at December 31, 2017 include:

 

 

Level 1

 

Level 2

 

Level 3

 

Aggregate
Fair Value

 

Available-for-sale investments

 

$
188.0

 

$

—

 

$

—

 

$
188.0

 

Derivative contracts:

 

 

 

 

 

 

 

 

 

Foreign currency forward and collar contracts

 

—

 
6.1

 

—

 
6.1

 

Energy swap contracts

 

—

 
12.9

 

—

 
12.9

 

Total return swap contracts

 

—

 
0.6

 

—

 
0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

$
188.0

 

$
19.6

 

$

—

 

$
207.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of information about derivative contracts outstanding

 

 

December 31, 2017

 

December 31, 2016

 

 

 

Asset / (Liability)
Fair Value

 

AOCI

 

Asset / (Liability)
Fair Value

 

AOCI

 

Currency contracts

 

 

 

 

 

 

 

 

 

Foreign currency forward and collar contracts (a) (i)

 
6.1

 
4.4

 
8.9

 
5.9

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

 

 

 

 

 

 

 

 

Energy swap contracts (b) (ii)

 
12.9

 
9.8

 
12.3

 
9.6

 

 

 

 

 

 

 

 

 

 

 

Other contracts

 

 

 

 

 

 

 

 

 

Total return swap contracts (iii)

 
0.6

 

—

 
(6.2

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total all contracts

 

$
19.6

 

$
14.2

 

$
15.0

 

$
15.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized fair value of derivative assets

 

 

 

 

 

 

 

 

 

Current

 
17.0

 

 

 
16.1

 

 

 

Non-current

 
3.9

 

 

 
6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$
20.9

 

 

 

$
22.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized fair value of derivative liabilities

 

 

 

 

 

 

 

 

 

Current

 
(1.1

)

 

 
(7.1

)

 

 

Non-current

 
(0.2

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$
(1.3

)

 

 

$
(7.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net fair value

 

$
19.6

 

 

 

$
15.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Of the total amount recorded in AOCI at December 31, 2017, $4.2 million will be reclassified to net earnings within the next 12 months as a result of settling the contracts.

 

(b)

Of the total amount recorded in AOCI at December 31, 2017, $7.3 million will be reclassified to net earnings within the next 12 months as a result of settling the contracts.

 

 

Summary of foreign currency forward and collar contracts outstanding

 

The following table provides a summary of foreign currency forward and collar contracts outstanding at December 31, 2017, maturing in 2018 and 2019:

Foreign currency

 

2018

 

2019

 

2020

 

Brazilian real forward buy contracts

 

 

 

 

 

 

 

(in millions of U.S. dollars)

 

$
69.6

 

$

—

 

$

—

 

Average price (Brazilian reais)

 
3.32

 

—

 

—

 

Brazilian real zero cost collars

 

 

 

 

 

 

 

(in millions of U.S. dollars)

 

$
25.2

 

$
60.0

 

$

—

 

Average put strike (Brazilian reais)

 
3.75

 
3.45

 

—

 

Average call strike (Brazilian reais)

 
4.12

 
3.64

 

—

 

Canadian dollar forward buy contracts

 

 

 

 

 

 

 

(in millions of U.S. dollars)

 

$
40.5

 

$
18.0

 

$

—

 

Average rate (Canadian dollars)

 
1.35

 
1.28

 

—

 

Russian rouble zero cost collars

 

 

 

 

 

 

 

(in millions of U.S. dollars)

 

$
24.0

 

$

—

 

$

—

 

Average put strike (Russian roubles)

 
60.0

 

—

 

—

 

Average call strike (Russian roubles)

 
71.2

 

—

 

—

 

 

Summary of energy swap contracts outstanding

 

The following table provides a summary of energy swap contracts outstanding at December 31, 2017, maturing in 2018 to 2020:

 

 

Energy

 

2018

 

2019

 

2020

 

WTI oil swap contracts (barrels)

 
907,482

 
594,451

 
90,000

 

Average price

 

$
48.48

 

$
49.86

 

$
52.40