Financial instruments - Risk management and fair value (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Foreign Currency Risk Exposure

The following chart summarizes the Company’s foreign currency risk exposure (assets and liabilities denominated in foreign currency) as of December 31:


	2017		2016
Assets
Cash and cash equivalents	$	25,189	$	51,718
Investments		277		276
Accounts receivable, net		75,769		69,460
Prepaid expenses		32,045		34,635
Other assets		29,459		35,343

Total assets	$	162,739	$	191,432
Liabilities
Accounts payable		37,186		32,098
Taxes payable		39,559		55,060
Other liabilities		25,471		40,342

Total liabilities	$	102,216	$	127,500

Net position	$	60,523	$	63,932

Summary of Financial Liabilities According to Maturity Date

The table below summarizes the Company’s financial liabilities according to their maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant.

December 31, 2017


	Note	Carrying amount		Contractual cash flow		Less than twelve months		Between 1 and 4 years		More than 4 years
Non-derivative financial liabilities
Debt	18	$	1,174,581	$	1,313,191	$	329,284	$	549,726	$	434,181
Account payable	19		116,554		116,554		116,554		—		—
Account payable to related parties	19		12,880		12,880		12,880		—		—

		$	1,304,015	$	1,442,625	$	458,718	$	549,726	$	434,181

December 31, 2016


	Note	Carrying amount		Contractual cash flow		Less than twelve months		Between 1 and 4 years		More than 4 years
Non-derivative financial liabilities
Debt	18	$	1,184,132	$	1,334,816	$	252,680	$	616,031	$	466,105
Account payable	19		104,174		104,174		104,174		—		—
Account payable to related parties	19		8,681		8,681		8,681		—		—

			1,296,987		1,447,671		365,535		616,031		466,105
Derivative financial liabilities
Fuel derivative instrument	19		2,801		2,801		2,801		—		—

		$	2,801	$	2,801	$	2,801	$	—	$	—

Summary of Gearing Ratio

The Company’s gearing ratio (unaudited) is a follows:


	2017			2016
Total debt (note 18)	$	1,174,581		$	1,184,132
Less: non-restricted cash and cash equivalents and short-term investments		(943,900	)		(814,689	)

Net debt		230,681			369,443
Total equity		1,905,612			1,636,753

Total capitalization		2,136,293			2,006,196

Gearing ratio		10.8	%		18.4	%

Summary of Carrying Amount and Fair Values of Financial Assets and Financial Liabilities

The following table shows the carrying amount and fair values of financial assets and financial liabilities as of December 31:


		Carrying amount				Fair Value
	Note	2017		2016		2017		2016
Financial assets
Cash and cash equivalents	8	$	238,792	$	331,687	$	238,792	$	331,687
Short-term investments	9		705,108		483,002		705,108		483,002
Account receivable	10		118,085		116,100		118,085		116,100
Long-term investments	9		65,953		953		65,953		953
Financial liabilities
Debt	18		1,174,581		1,184,132		1,053,070		1,062,952
Account payable	19		129,434		112,857		129,434		112,857
Fuel derivative instruments	19		—		2,801		—		2,801

Summary of Financial Instruments Measured at Fair Value

The following chart summarizes the Company’s financial instruments measured at fair value, classified according to the valuation method:


	Fair value measurement as of reporting date
	2016		Level 1		Level 2		Level 3
Liabilities
Fuel derivatives		2,801		—		2,801		—

Total liabilities	$	2,801	$	—	$	2,801	$	—