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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENT

Summary of assets (liabilities) measured at fair value on a recurring basis

Aggregate

Level 1

Level 2

Level 3

Fair Value

Equity investments at FVOCI

$

116.9

$

—

$

—

$

116.9

Derivative contracts:

Foreign currency forward and collar contracts

—

2.8

—

2.8

Energy swap contracts

—

21.5

—

21.5

Total return swap contracts

—

1.9

—

1.9

$

116.9

$

26.2

$

—

$

143.1

Summary of information about derivative contracts outstanding


		December 31, 2022						December 31, 2021
		Asset / (Liability)						Asset / (Liability)
		Fair Value			AOCI			Fair Value			AOCI
Currency contracts
Foreign currency forward and collar contracts⁽ⁱ⁾(a)		$	2.8		$	1.3		$	(4.5)		$	(3.5)

Commodity contracts
Energy swap contracts⁽ⁱⁱ⁾(b)			21.5			16.2			40.4			30.4

Other contracts
Total return swap contracts (c)			1.9			—			1.7			—
Total all contracts		$	26.2		$	17.5		$	37.6		$	26.9

Unrealized fair value of derivative assets
Current		$	25.5					$	30.0
Non-current⁽ⁱⁱⁱ⁾			1.5						15.1
		$	27.0					$	45.1

Unrealized fair value of derivative liabilities
Current^(iv)		$	(0.8)					$	(4.0)
Non-current		$	—						(3.5)
		$	(0.8)					$	(7.5)
Total net fair value		$	26.2					$	37.6

(i)	Of the total amount recorded in AOCI as at December 31, 2022, $0.4 million will be reclassified out of AOCI within the next 12 months as a result of settling the contracts.

(ii)	Of the total amount recorded in AOCI as at December 31, 2022, $16.2 million will be reclassified out of AOCI within the next 12 months as a result of settling the contracts.

(iii)

See Note 7vii.

(iv)	See Note 7ix.

Summary of foreign currency forward and collar contracts outstanding


Foreign currency		2023			2024
Brazilian real zero cost collars (in millions of U.S. dollars)		$	98.4		$	27.6
Average put strike (Brazilian real)			5.15			5.55
Average call strike (Brazilian real)			7.06			9.01
Canadian dollar forward buy contracts (in millions of U.S. dollars)		$	41.4		$	—
Average rate (Canadian dollar)			1.33			—
Chilean peso zero cost collars (in millions of U.S. dollars)		$	42.0		$	—
Average put strike (Chilean peso)			810			—
Average call strike (Chilean peso)			1,040			—

Summary of energy swap contracts outstanding


Energy		2023
WTI oil swap contracts (barrels)			565,200
Average price ($/barrel)		$	39.58