Financial instruments (Tables)

12 Months Ended

Dec. 31, 2019

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 2019		Dec 31 2018
Financial assets:
Financial assets measured at fair value:
Derivative instruments designated as cash flow hedges¹	$	10	$	327
Financial assets not measured at fair value:
Cash and cash equivalents	416,763		256,077
Trade and other receivables, excluding tax receivable	473,980		504,661
Restricted cash included in other assets	39,413		18,545
Restricted cash and cash equivalents for vessels under construction included in other assets	—		66,452
Total financial assets²	$	930,166	$	846,062
Financial liabilities:
Financial liabilities measured at fair value:
Derivative instruments designated as cash flow hedges¹	$	195,504	$	105,721
Financial liabilities not measured at fair value:
Trade, other payables and accrued liabilities, excluding tax payable	406,260		523,965
Long-term debt, including current portion	1,768,853		1,458,286
Total financial liabilities	$	2,370,617	$	2,087,972


¹	The Geismar 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 2019		Dec 31 2018
Within one year	$	17,620	$	6,679
1-3 years	45,432		35,551
3-5 years	56,887		40,130
More than 5 years	124,365		40,928
	$	244,304	$	123,288

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, 2019				December 31, 2018
	Carrying value		Fair value		Carrying value		Fair value
Long-term debt excluding deferred financing fees	$	1,786,025	$	1,831,292	$	1,472,117	$	1,442,046

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 2019		Dec 31 2018
Financial assets:
Financial assets measured at fair value:
Derivative instruments designated as cash flow hedges¹	$	10	$	327
Financial assets not measured at fair value:
Cash and cash equivalents	416,763		256,077
Trade and other receivables, excluding tax receivable	473,980		504,661
Restricted cash included in other assets	39,413		18,545
Restricted cash and cash equivalents for vessels under construction included in other assets	—		66,452
Total financial assets²	$	930,166	$	846,062
Financial liabilities:
Financial liabilities measured at fair value:
Derivative instruments designated as cash flow hedges¹	$	195,504	$	105,721
Financial liabilities not measured at fair value:
Trade, other payables and accrued liabilities, excluding tax payable	406,260		523,965
Long-term debt, including current portion	1,768,853		1,458,286
Total financial liabilities	$	2,370,617	$	2,087,972


¹	The Geismar 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.