XML 122 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Investments | 12 Months Ended
--- | ---
Dec. 31, 2013
Investments Debt And Equity Securities [Abstract] |
Investments | 8. INVESTMENTS
[a] | At December 31, 2013, the Company held Canadian third party ABCP with a face value of Cdn$107 million [2012 - Cdn$107 million]. These investments did not settle at the scheduled maturity during the third quarter of 2007 due to ABCP market liquidity issues, and as a result the Company reclassified its ABCP to long-term investments from cash and cash equivalents.
On January 16, 2009, a restructuring plan was finalized and restructuring Notes [the “Notes”] were issued in exchange for existing investments. The Notes issued included: [i] notes in a Master Trust (MAV2 - A Notes), which were rated A by DBRS with a face amount value of Cdn$102 million; [ii] subordinate notes (MAV2 - B and C Notes) which were unrated with a face amount value of Cdn$9 million; and [iii] various tracking notes which were issued in exchange for assets deemed ineligible for inclusion in the Master Trust with a face amount value of Cdn$23 million. The criteria for eligibility into the Master Trust included credit quality, an expected return of the assets and arrangements with individual asset providers. The performance of the tracking notes is tied directly to actual performance of the specific assets. The following is a continuity of the Company’s investment in ABCP:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Balance, beginning of year |  | $ | 90 |  |  | $ | 82 |  |  | $ | 84 |
Valuation adjustment [i] |  |  | 8 |  |  |  | 15 |  |  |  | 0 |
Cash receipts |  |  | 0 |  |  |  | (9 | ) |  |  | 0 |
Foreign exchange and other |  |  | (6 | ) |  |  | 2 |  |  |  | (2 | )
|  | $ | 92 |  |  | $ | 90 |  |  | $ | 82 |
[i] | The carrying value of this investment was based on a valuation technique estimating the fair value from the perspective of a market participant. During the year ended December 31, 2013, the Company recorded an $8 million [2012 - $15 million] increase in the carrying value of its investment in ABCP in selling, general and administrative expense, due to a reduction of the spread between the anticipated return on the restructured notes and current market indices.
[b] | The Company’s net income includes the proportionate share of net income or loss of its equity method investees. When a proportionate share of net income is recorded, it increases equity income in the consolidated statements of income and the carrying value of those investments. Conversely, when a proportionate share of a net loss is recorded, it decreases equity income in the consolidated statements of income and the carrying value of those investments. The following is the Company’s combined proportionate share of the major components of the financial statements of the entities in which the Company accounts for using the equity method:
Balance Sheets
|  | 2013 |  |  | 2012 |
Current assets |  | $ | 373 |  |  | $ | 344 |
Long-term assets |  | $ | 82 |  |  | $ | 74 |
Current liabilities |  | $ | 167 |  |  | $ | 150 |
Long-term liabilities |  | $ | 76 |  |  | $ | 60 |
Statements of Income
|  | 2013 |  |  | 2012 |  |  | 2011 |
Sales |  | $ | 1,013 |  |  | $ | 967 |  |  | $ | 881 |
Cost of goods sold, expenses and income taxes |  |  | 839 |  |  |  | 814 |  |  |  | 805 |
Net income |  | $ | 174 |  |  | $ | 153 |  |  | $ | 76 |
Sales to equity method investees were approximately $144 million, $171 million and $76 million in 2013, 2012 and 2011, respectively.

X
- Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration