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FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2019
FAIR VALUE MEASUREMENT  
Assets (liabilities) measured at fair value on a recurring basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate

 

    

Level 1

    

Level 2

    

Level 3

    

Fair Value

Equity investments at FVOCI

 

$

126.2

 

$

 —

 

$

 —

 

$

126.2

Derivative contracts:

 

 

  

 

 

  

 

 

  

 

 

  

Foreign currency forward and collar contracts

 

 

 —

 

 

3.9

 

 

 —

 

 

3.9

Energy swap contracts

 

 

 —

 

 

4.0

 

 

 —

 

 

4.0

Total return swap contracts

 

 

 —

 

 

(1.3)

 

 

 —

 

 

(1.3)

 

 

$

126.2

 

$

6.6

 

$

 —

 

$

132.8

 

Summary of information about derivative contracts outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

December 31, 2018

 

    

Asset / (Liability)

    

 

 

    

Asset / (Liability)

 

 

 

 

 

Fair Value

 

AOCI

 

Fair Value

 

AOCI

Currency contracts

 

 

  

 

 

  

 

 

  

 

 

  

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

 

$

3.9

 

$

2.6

 

$

(21.8)

 

$

(15.8)

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

 

  

 

 

  

 

 

  

 

 

  

Energy swap contracts (b)  (ii)

 

 

4.0

 

 

3.2

 

 

(8.6)

 

 

(7.5)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other contracts

 

 

  

 

 

  

 

 

  

 

 

  

Total return swap contracts (iii)

 

 

(1.3)

 

 

 —

 

 

3.2

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

Total all contracts

 

$

6.6

 

$

5.8

 

$

(27.2)

 

$

(23.3)

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized fair value of derivative assets

 

 

  

 

 

  

 

 

  

 

 

  

Current

 

$

7.2

 

 

  

 

$

3.8

 

 

  

Non-current

 

 

4.5

 

 

  

 

 

0.8

 

 

  

 

 

$

11.7

 

 

  

 

$

4.6

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized fair value of derivative liabilities

 

 

  

 

 

  

 

 

  

 

 

  

Current

 

$

(4.3)

 

 

  

 

$

(22.2)

 

 

  

Non-current

 

 

(0.8)

 

 

  

 

 

(9.6)

 

 

  

 

 

$

(5.1)

 

 

  

 

$

(31.8)

 

 

  

Total net fair value

 

$

6.6

 

 

  

 

$

(27.2)

 

 

  

(a)

Of the total amount recorded in AOCI at December 31, 2019, $0.7 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, 2019, $2.5 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

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

    

2020

    

2021

    

2022

Brazilian real zero cost collars (in millions of U.S. dollars)

 

$

116.0

 

$

64.0

 

$

13.2

Average put strike (Brazilian real)

 

 

3.76

 

 

4.11

 

 

4.20

Average call strike (Brazilian real)

 

 

4.23

 

 

4.71

 

 

4.78

Canadian dollar forward buy contracts (in millions of U.S. dollars)

 

$

31.2

 

$

12.0

 

$

 —

Average rate (Canadian dollar)

 

 

1.32

 

 

1.33

 

 

 —

Russian rouble zero cost collars (in millions of U.S. dollars)

 

$

47.7

 

$

25.2

 

$

 —

Average put strike (Russian rouble)

 

 

65.3

 

 

65.8

 

 

 —

Average call strike (Russian rouble)

 

 

77.6

 

 

84.2

 

 

 —

 

Summary of energy swap contracts outstanding

The following table provides a summary of energy swap contracts outstanding at December 31, 2019 and their respective maturities:

 

 

 

 

 

 

 

 

 

 

 

Energy

    

2020

    

2021

    

2022

WTI oil swap contracts (barrels)

 

 

946,800

 

 

609,000

 

 

74,100

Average price

 

$

54.43

 

$

52.79

 

$

50.21