Derivatives and Hedging Activities and Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

The following tables present information about the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (except Long-term debt, see (b) and (c) below) at March 31, 2022 and December 31, 2021, in accordance with the accounting standards for fair value measurements and disclosures and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.

Fair Value of financial instruments at:	March 31, 2022		Quoted prices in active markets for identical assets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)			Balance sheet classification
	$		$		$		$
Derivatives designated as hedging instruments:
Asset derivatives
Currency derivatives		17		—		17		—	(a)	Prepaid expenses
Natural gas swap contracts		16		—		16		—	(a)	Prepaid expenses
Natural gas swap contracts		3		—		3		—	(a)	Other assets
Total Assets		36		—		36		—

Liabilities derivatives
Currency derivatives		1		—		1		—	(a)	Trade and other payables
Total Liabilities		1		—		1		—

Other Instruments:
Long-term debt due within one year		7		—		7		—	(b)	Long-term debt due within one year
Long-term debt		1,643		—		1,643		—	(c)	Long-term debt

Fair Value of financial instruments at:	December 31, 2021		Quoted prices in active markets for identical assets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)			Balance sheet classification
	$		$		$		$
Derivatives designated as hedging instruments:
Asset derivatives
Currency derivatives		18		—		18		—	(a)	Prepaid expenses
Natural gas swap contracts		6		—		6		—	(a)	Prepaid expenses
Natural gas swap contracts		2		—		2		—	(a)	Other assets
Total Assets		26		—		26		—

Liabilities derivatives
Currency derivatives		1		—		1		—	(a)	Trade and other payables
Currency derivatives		1		—		1		—	(a)	Other liabilities and deferred credits
Total Liabilities		2		—		2		—

Other Instruments:
Long-term debt due within one year		259		—		259		—	(b)	Long-term debt due within one year
Long-term debt		1,682		—		1,682		—	(c)	Long-term debt

(a)	Fair value of the Company’s derivatives are classified under Level 2 (inputs that are observable; directly or indirectly) as it is measured as follows:

For currency derivatives: Foreign currency forward and option contracts are valued using standard valuation models. Interest rates, forward market rates and volatility are used as inputs for such valuation techniques.

For natural gas contracts: Fair value is measured using the discounted difference between contractual rates and quoted market future rates.

(b)

Fair value of the Company’s long-term debt is measured by comparison to market prices of its debt. The Company’s long-term debt is not carried at fair value on the Consolidated Balance Sheets at March 31, 2022 and December 31, 2021. The carrying value of the Company’s long-term debt due within one year is $7 million and $259 million at March 31, 2022 and December 31, 2021, respectively.

(c)	The carrying value of the Company’s long-term debt is $1,682 million and $1,643 million at March 31, 2022 and December 31, 2021, respectively.