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Financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial Instruments [Abstract] |
Fair value measurement of assets | The following table provides the carrying value of each category of financial assets and liabilities and the related balance sheet item:
As at | Dec 31 2017 |  | Dec 31 2016 |
Financial assets: |  |
Financial assets measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | — |  | $ | 7,024 |
Financial assets not measured at fair value: |  |
Cash and cash equivalents | 375,479 |  | 223,890 |
Trade and other receivables, excluding tax receivable | 527,084 |  | 479,272 |
Project financing reserve accounts included in other assets | 27,863 |  | 35,386 |
Total financial assets 2 | $ | 930,426 |  | $ | 745,572 |
Financial liabilities: |  |
Financial liabilities measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 91,014 |  | $ | 68,664 |
Financial liabilities not measured at fair value: |  |
Trade, other payables and accrued liabilities, excluding tax payable | 528,182 |  | 449,213 |
Long-term debt, including current portion | 1,502,271 |  | 1,556,206 |
Total financial liabilities | $ | 2,121,467 |  | $ | 2,074,083 |
1 | The Geismar 2 and Medicine Hat natural gas hedges and euro foreign currency hedges designated as cash flow hedges are measured at fair value based on industry accepted valuation models and inputs obtained from active markets.
2 | The carrying amount of the financial assets represents the maximum exposure to credit risk at the respective reporting periods.
Fair value measurement of liabilities | The carrying values of the Company’s financial instruments approximate their fair values, except as follows:
As at | December 31, 2017 |  | December 31, 2016 |
| Carrying value |  | Fair value |  | Carrying value |  | Fair value |
Long-term debt excluding deferred financing fees | $ | 1,515,544 |  | $ | 1,561,392 |  | $ | 1,568,822 |  | $ | 1,538,543 |
The following table provides the carrying value of each category of financial assets and liabilities and the related balance sheet item:
As at | Dec 31 2017 |  | Dec 31 2016 |
Financial assets: |  |
Financial assets measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | — |  | $ | 7,024 |
Financial assets not measured at fair value: |  |
Cash and cash equivalents | 375,479 |  | 223,890 |
Trade and other receivables, excluding tax receivable | 527,084 |  | 479,272 |
Project financing reserve accounts included in other assets | 27,863 |  | 35,386 |
Total financial assets 2 | $ | 930,426 |  | $ | 745,572 |
Financial liabilities: |  |
Financial liabilities measured at fair value: |  |
Derivative instruments designated as cash flow hedges 1 | $ | 91,014 |  | $ | 68,664 |
Financial liabilities not measured at fair value: |  |
Trade, other payables and accrued liabilities, excluding tax payable | 528,182 |  | 449,213 |
Long-term debt, including current portion | 1,502,271 |  | 1,556,206 |
Total financial liabilities | $ | 2,121,467 |  | $ | 2,074,083 |
1 | The Geismar 2 and Medicine Hat natural gas hedges and euro foreign currency hedges designated as cash flow hedges are measured at fair value based on industry accepted valuation models and inputs obtained from active markets.
2 | The carrying amount of the financial assets represents the maximum exposure to credit risk at the respective reporting periods.
Maturity profile of fair value liabilities | The table below shows net cash outflows for derivative hedging instruments including natural gas forward contracts and forward exchange contracts, excluding credit risk adjustments, based upon contracted payment dates. The amounts reflect the maturity profile of the fair value liabilities and are subject to change based on the prevailing market rate at each of the future settlement dates. Financial asset derivative positions, if any, are held with investment-grade counterparties and therefore the settlement day risk exposure is considered to be negligible.
As at | Dec 31 2017 |  | Dec 31 2016 |
Within one year | $ | 7,114 |  | $ | — |
1-3 years | 17,057 |  | 8,481 |
3-5 years | 28,864 |  | 18,962 |
More than 5 years | 52,085 |  | 56,029 |
| $ | 105,120 |  | $ | 83,472 |

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