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CAPITAL AND FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2018
Capital and financial risk management |
Schedule of target total debt to total debt and common shareholders' equity ratio |
|  | December 31, |  | December 31, |
|  | 2018 |  | 2017 |
Long-term debt |  | $ | 1,735.0 |  | $ | 1,732.6 |
Current portion of long-term debt |  |  | — |  |  | — |
Total debt |  |  | 1,735.0 |  |  | 1,732.6 |
Common shareholders’ equity |  |  | 4,506.7 |  |  | 4,583.6 |
Total debt / total debt and common shareholders’ equity ratio |  |  | 27.8 | % |  | 27.4 | %
Company target |  |  | 0 – 30 | % |  | 0 – 30 | %
Currency risk |
Capital and financial risk management |
Schedule of risk management |
|  |  |  | 10% strengthening in |  | 10% weakening in
|  |  |  | U.S. dollar |  | U.S. dollar
|  | Foreign currency net |  | Effect on earnings before |  | Effect on earnings before
|  | working capital |  | taxes, gain (loss) (a) |  | taxes, gain (loss) (a)
Canadian dollars |  | (13.9) |  | 1.3 |  | (1.5)
Brazilian reais |  | (41.8) |  | 3.8 |  | (4.6)
Chilean pesos |  | (32.1) |  | 2.9 |  | (3.6)
Russian roubles |  | 22.2 |  | (2.0) |  | 2.5
Mauritanian ouguiya |  | (27.6) |  | 2.5 |  | (3.1)
Other (b) |  | (2.0) |  | 0.2 |  | (0.2)
| (a) |  | As described in Note 3(ii), the Company translates its monetary assets and liabilities into U.S. dollars at the rates of exchange at the consolidated balance sheet dates. Gains and losses on translation of foreign currencies are included in earnings.
| (b) |  | Includes Euros, Ghanaian cedi, British pounds, Australian dollars and South African rand.
At December 31, 2018, with other variables unchanged, the following represents the effect of the Company’s foreign currency hedging contracts on OCI before taxes from a 10% change in the exchange rate of the U.S. dollar against the Canadian dollar, Brazilian real and Russian rouble.
|  | 10% strengthening in |  | 10% weakening in
|  | U.S. dollar |  | U.S. dollar
|  | Effect on OCI before |  | Effect on OCI before
|  | taxes, gain (loss) (a) |  | taxes, gain (loss) (a)
Canadian dollars |  | $ | (6.1) |  | $ | 7.6
Brazilian reais |  | $ | (18.9) |  | $ | 21.8
Russian roubles |  | $ | (4.0) |  | $ | 3.5
| (a) |  | Upon maturity of these contracts, the amounts in OCI before taxes will reverse against hedged items that the contracts relate to, which may be to earnings or property, plant and equipment.
Energy price risk |
Capital and financial risk management |
Schedule of risk management |
|  | 10% increase in |  | 10% decrease in
|  | price |  | price
|  | Effect on OCI before |  | Effect on OCI before
|  | taxes, gain (loss) (a) |  | taxes, gain (loss) (a)
WTI oil |  | $ | 7.5 |  | $ | (7.5)
| (a) |  | Upon maturity of these contracts, the amounts in OCI before taxes will reverse against hedged items that the contracts relate to, which will be to earnings.
Liquidity risk |
Capital and financial risk management |
Schedule of contractual cash flow requirements for financial liabilities |
|  |  |  |  | 2019 |  | 2020, 2021 |  | 2022, 2023 |  | 2024+
|  | Total |  | Within 1 year (b) |  | 2 to 3 years |  | 4 to 5 years |  | More than 5 years
Long-term debt (a) |  | $ | 2,588.4 |  | $ | 95.1 |  | $ | 690.1 |  | $ | 138.9 |  | $ | 1,664.3
| (a) |  | Includes long-term debt, interest and the full face value of the senior notes.
| (b) |  | Represents interest on long-term debt, due within the next 12 months.

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