Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about financial instruments [abstract]

The following table outlines the carrying amounts and classificationts of the financial assets and liabilities:



Carrying value as at Dec. 31, 2017
	Derivatives used for hedging	Derivatives classified as held for trading	Loans and receivables	Other financial liabilities	Total
Financial assets
Cash and cash equivalents⁽¹⁾	—	—	314	—	314
Restricted cash	—	—	30	—	30
Trade and other receivables	—	—	933	—	933
Long-term portion of finance lease receivables	—	—	215	—	215
Risk management assets
Current	82	137	—	—	219
Long-term	638	46	—	—	684
Other assets	—	—	33	—	33
Financial liabilities
Accounts payable and accrued liabilities	—	—	—	595	595
Dividends payable	—	—	—	34	34
Risk management liabilities
Current	8	93	—	—	101
Long-term	2	38	—	—	40
Credit facilities, long-term debt and finance lease obligations⁽²⁾	—	—	—	3,707	3,707

(1) Includes cash equivalents of nil.

(2) Includes current portion.



Carrying value as at Dec. 31, 2016
	Derivatives used for hedging	Derivatives classified as held for trading	Loans and receivables	Other financial liabilities	Total
Financial assets
Cash and cash equivalents⁽¹⁾	—	—	305	—	305
Trade and other receivables	—	—	703	—	703
Long-term portion of finance lease receivables	—	—	719	—	719
Other assets	—	—	116	—	116
Risk management assets
Current	192	57	—	—	249
Long-term	749	36	—	—	785
Financial liabilities
Accounts payable and accrued liabilities	—	—	—	413	413
Dividends payable	—	—	—	54	54
Risk management liabilities
Current	1	65	—	—	66
Long-term	4	44	—	—	48
Credit facilities, long-term debt and finance lease obligations⁽²⁾	—	—	—	4,361	4,361

Disclosure of financial liabilities

The following table outlines the carrying amounts and classificationts of the financial assets and liabilities:



Carrying value as at Dec. 31, 2017
	Derivatives used for hedging	Derivatives classified as held for trading	Loans and receivables	Other financial liabilities	Total
Financial assets
Cash and cash equivalents⁽¹⁾	—	—	314	—	314
Restricted cash	—	—	30	—	30
Trade and other receivables	—	—	933	—	933
Long-term portion of finance lease receivables	—	—	215	—	215
Risk management assets
Current	82	137	—	—	219
Long-term	638	46	—	—	684
Other assets	—	—	33	—	33
Financial liabilities
Accounts payable and accrued liabilities	—	—	—	595	595
Dividends payable	—	—	—	34	34
Risk management liabilities
Current	8	93	—	—	101
Long-term	2	38	—	—	40
Credit facilities, long-term debt and finance lease obligations⁽²⁾	—	—	—	3,707	3,707

(1) Includes cash equivalents of nil.

(2) Includes current portion.



Carrying value as at Dec. 31, 2016
	Derivatives used for hedging	Derivatives classified as held for trading	Loans and receivables	Other financial liabilities	Total
Financial assets
Cash and cash equivalents⁽¹⁾	—	—	305	—	305
Trade and other receivables	—	—	703	—	703
Long-term portion of finance lease receivables	—	—	719	—	719
Other assets	—	—	116	—	116
Risk management assets
Current	192	57	—	—	249
Long-term	749	36	—	—	785
Financial liabilities
Accounts payable and accrued liabilities	—	—	—	413	413
Dividends payable	—	—	—	54	54
Risk management liabilities
Current	1	65	—	—	66
Long-term	4	44	—	—	48
Credit facilities, long-term debt and finance lease obligations⁽²⁾	—	—	—	4,361	4,361

Disclosure for sensitivity ranges for the base fair value

Sensitivity ranges for the base fair values are determined using reasonably possible alternative assumptions for the key unobservable inputs, which may include forward commodity prices, commodity volatilities and correlations, delivery volumes, and shapes.



As at Dec. 31	2017			2016
Description	Base fair value		Sensitivity	Base fair value		Sensitivity
Long-term power sale - US	853		+130 -130	907		+76 -69
Long-term power sale - Alberta	(1	)	+2 -2	(3	)	+5 -5
Unit contingent power purchases	44		+7 -9	13		+2 -4
Structured products - Eastern US	17		+8 -7	24		+8 -8
Others	5		+9 -9	6		+3 -3

Disclosure of risk management strategy related to hedge accounting

The following tables summarize the key factors impacting the fair value of the Level III commodity risk management assets and liabilities by classification level during the years ended Dec. 31, 2017 and 2016, respectively:



	Year ended Dec. 31, 2017						Year ended Dec. 31, 2016
	Hedge		Non-hedge		Total		Hedge		Non-hedge		Total
Opening balance	726		32		758		640		(98	)	542
Changes attributable to:
Market price changes on existing contracts	100		(2	)	98		163		13		176
Market price changes on new contracts	—		33		33		—		29		29
Contracts settled	(57	)	(10	)	(67	)	(50	)	88		38
Change in foreign exchange rates	(50	)	(2	)	(52	)	(27	)	—		(27	)
Transfers into Level III	—		1		1		—		—		—
Net risk management assets at end of period	719		52		771		726		32		758
Additional Level III information:
Gains recognized in other comprehensive income	50		—		50		136		—		136
Total gains included in earnings before income taxes	57		29		86		50		42		92
Unrealized gains (losses) included in earnings before income taxes relating to net assets held at period end	—		19		19		—		130		130

Disclosure of fair value measurement of liabilities

The fair value of financial assets and liabilities measured at other than fair value is as follows:



	Fair value				Total carrying
	Level I	Level II	Level III	Total	value
Long-term debt⁽¹⁾ - Dec. 31, 2017	—	3,708	—	3,708	3,638
Long-term debt⁽¹⁾ - Dec. 31, 2016	—	4,271	—	4,271	4,221

(1) Includes current portion. 2016 excludes $67 million of debt measured and carried at fair value.

Disclosure of difference between transaction price and the fair value determined using valuation model

The difference between the transaction price and the fair value determined using a valuation model, yet to be recognized in net earnings, and a reconciliation of changes is as follows:



As at Dec. 31	2017		2016		2015
Unamortized net gain at beginning of year	148		202		188
New inception gains	12		10		28
Change in foreign exchange rates	(7	)	(4	)	28
Amortization recorded in net earnings during the year	(48	)	(60	)	(42	)
Unamortized net gain at end of year	105		148		202