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Accounting for derivative instruments and hedging activities (Tables)
9 Months Ended
Sep. 30, 2017
Accounting for derivative instruments and hedging activities  
Schedule of notional volumes of forecasted transactions

 

 

 

 

 

 

 

 

 

    

 

    

September 30, 

    

December 31, 

 

 

 

Units

 

2017

 

2016

 

Natural gas swaps

 

Natural Gas (Mmbtu)

 

9.0

 

4.9

 

Gas purchase agreements

 

Natural Gas (Gigajoules)

 

10.5

 

11.3

 

Interest rate swaps

 

Interest (US$)

 

434.6

 

506.9

 

Foreign currency forward contracts

 

Dollars (Cdn$)

 

35.0

 

-

 

 

Schedule of fair value of derivative instruments

 

 

 

 

 

 

 

 

 

 

September 30, 2017

 

 

 

Derivative

 

Derivative

 

 

 

Assets

 

Liabilities

 

Derivative instruments designated as cash flow hedges:

    

 

    

    

 

    

 

Interest rate swaps current

 

$

 —

 

$

0.7

 

Interest rate swaps long-term

 

 

 —

 

 

1.8

 

Total derivative instruments designated as cash flow hedges

 

 

 —

 

 

2.5

 

Derivative instruments not designated as cash flow hedges:

 

 

 

 

 

 

 

Interest rate swaps current

 

 

1.4

 

 

8.8

 

Interest rate swaps long-term

 

 

2.6

 

 

 —

 

Natural gas swaps current

 

 

0.4

 

 

0.1

 

Natural gas swaps long-term

 

 

 —

 

 

 —

 

Gas purchase agreements current

 

 

0.7

 

 

3.3

 

Gas purchase agreements long-term

 

 

 —

 

 

17.7

 

Foreign currency forward contracts current

 

 

 —

 

 

0.6

 

Total derivative instruments not designated as cash flow hedges

 

 

5.1

 

 

30.5

 

Total derivative instruments

 

$

5.1

 

$

33.0

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

 

 

Derivative

 

Derivative

 

 

 

Assets

 

Liabilities

 

Derivative instruments designated as cash flow hedges:

    

 

    

    

 

    

 

Interest rate swaps current

 

$

 —

 

$

0.8

 

Interest rate swaps long-term

 

 

 —

 

 

2.0

 

Total derivative instruments designated as cash flow hedges

 

 

 —

 

 

2.8

 

Derivative instruments not designated as cash flow hedges:

 

 

 

 

 

 

 

Interest rate swaps current

 

 

0.4

 

 

1.9

 

Interest rate swaps long-term

 

 

4.5

 

 

6.5

 

Natural gas swaps current

 

 

3.9

 

 

0.8

 

Natural gas swaps long-term

 

 

0.1

 

 

 —

 

Gas purchase agreements current

 

 

 —

 

 

4.5

 

Gas purchase agreements long-term

 

 

 —

 

 

12.7

 

Total derivative instruments not designated as cash flow hedges

 

 

8.9

 

 

26.4

 

Total derivative instruments

 

$

8.9

 

$

29.2

 

 

Schedule of changes in OCI attributable to derivative financial instruments

 

 

 

 

 

 

 

Interest Rate

 

Three Months Ended September 30, 2017

    

Swaps

 

Accumulated OCI balance at June 30, 2017

 

$

0.8

 

Change in fair value of cash flow hedges

 

 

 —

 

Realized from OCI during the period

 

 

0.1

 

Accumulated OCI balance at September 30, 2017

 

$

0.9

 

 

 

 

 

 

 

 

Interest Rate

 

Three Months Ended September 30, 2016

    

Swaps

 

Accumulated OCI balance at June 30, 2016

 

$

(0.1)

 

Change in fair value of cash flow hedges

 

 

 —

 

Realized from OCI during the period

 

 

0.2

 

Accumulated OCI balance at September 30, 2016

 

$

0.1

 

 

 

 

 

 

 

 

Interest Rate

 

Nine Months Ended September 30, 2017

    

Swaps

 

Accumulated OCI balance at January 1, 2017

 

$

0.7

 

Change in fair value of cash flow hedges

 

 

(0.3)

 

Realized from OCI during the period

 

 

0.5

 

Accumulated OCI balance at September 30, 2017

 

$

0.9

 

 

 

 

 

 

 

 

Interest Rate

 

Nine Months Ended September 30, 2016

    

Swaps

 

Accumulated OCI balance at January 1, 2016

 

$

0.2

 

Change in fair value of cash flow hedges

 

 

(0.6)

 

Realized from OCI during the period

 

 

0.5

 

Accumulated OCI balance at September 30, 2016

 

$

0.1

 

 

Summary of realized loss (gain) for derivative instruments not designated as cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classification of loss (gain)

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

 

 

 recognized in income

 

2017

 

2016

 

2017

 

2016

 

Gas purchase agreements

    

Fuel

    

$

3.1

    

$

12.4

    

 

7.9

    

$

36.4

    

Natural gas swaps

 

Fuel

 

 

(0.7)

 

 

0.6

 

 

(1.2)

 

 

4.0

 

Interest rate swaps

 

Interest, net

 

 

0.9

 

 

1.0

 

 

2.6

 

 

2.7

 

 

Summary of the unrealized gain (loss) resulting from changes in the fair value of derivative financial instruments that are not designated as cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classification of gain (loss)

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

 

 

recognized in income

 

2017

 

2016

 

2017

    

2016

 

Natural gas swaps

    

Change in fair value of derivatives

    

$

0.2

    

$

0.2

    

$

(0.3)

 

$

6.0

    

Gas purchase agreements

 

Change in fair value of derivatives

 

 

(1.3)

 

 

5.6

 

 

(4.3)

 

 

16.8

 

Interest rate swaps

 

Change in fair value of derivatives

 

 

(0.8)

 

 

3.2

 

 

(1.2)

 

 

(2.8)

 

 

 

 

 

$

(1.9)

 

$

9.0

 

$

(5.8)

 

$

20.0

 

Foreign currency forwards

 

Foreign exchange loss

 

$

(0.2)

 

$

 —

 

$

(0.7)

 

$

 —